It was in Mumbai this Friday that Global Fintech Festival (GFF) organizers cheered to raise USD 10 million in funding at an event due in India’s financial district.
The bigger objective of such scheduled funding is to goad start-ups while growth-stage companies fall outside the funding bubble but the latter will be allowed to try their luck by interacting with the investors.
The GFF will be a lively event of three days and will begin on September 05.
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In the words of Naveen Surya, a member of its advisory board, “In the start-up category, about USD 10-20 million funding will happen at the event itself.”
According to him, 50 fintech businesses will pitch to around 200 investors who are projected to attend the event. The average amount invested in startups is estimated to be about $1 million.
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Over 50,000 people are expected to attend the third GFF, which will also feature 5,000 exhibitors selling their wares and over 800 speakers from 100 different nations.
Truly, such would be a ceremonious occasion where several big and high-profile minds will mingle.
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For instance, Union Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, RBI Governor Shaktikanta Das, Sebi chairperson Madhabi Puri Buch, Irdai chairman Debasish Panda and SBI chairman Dinesh Khara will address the event.
According to BCG consultant Yashraj Erande, the event will try to impact how billions of dollars are invested in fintech companies and how some rules are implemented.
As per the conference organizer, there will be country delegations from the UK, Israel, Australia, Brazil, and Germany.
Legal-tech Startup LegalPay Establishes Online Dispute Resolution Platform
Bharat Dispute Settlement (BDR) is an online dispute settlement platform that was introduced by the legal technology firm LegalPay, based in New Delhi.
The firm is concentrating on fintech, banks, as well as non-banking financial organizations (NBFCs) to settle disputes through online methods and collect their dues effectively and manage their portfolio with greater efficiency.
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In the capacity of CEO and founder, Kundan Shahi addressed the media by saying,
“BDR is a digital platform that leverages artificial intelligence, data analytics and legal expertise to resolve disputes and recover dues in a fast, cost-effective, and hassle-free manner.”
“The platform expects to manage 1,00,000 cases by the end of December this year.”
According to information gathered by the National Judicial Data Grid (NJDG), more than 4.44 crore cases, including around 1.10 crore civil cases, are currently pending in different courts throughout the nation.
The breakthrough coincides with the recent launch of Smart ODR by the capital markets regulator Securities & Exchange Board of India (Sebi).
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To resolve disputes in the securities market, the regulator indicated in its exchange notice that it aims to combine online conciliation and online arbitration.
LegalPay was established in 2019 and has funded over 30,000 cases in industries like manufacturing, e-commerce, fintech, healthcare, and logistics.
The company now has claims of over Rs 2,600 crore under control.
Presently The Users of YouTrip Can Connect Their Cards to Apple Devices:
Your Trip is a renowned e-wallet which honours multiple currencies and recently it has declared to integrate with Apple Pay consumers enjoy multiple options to spend online and offline and this can even help them in public transport.
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Users will now be able to link their YouTrip cards to their iOS devices, making transactions quicker, more secure, and hassle-free, according to the enterprise.
Soon after YouTrip 2.0 was released in June and an update to the app’s UI and card design was made, the brand integrated Apple Pay.
Fintech news updates in India to keep you in the knowledge bubble. You Trip eyes Google Pay integration later as 2023 would end.
Caecilia Chu, CEO and Co-Founder of YouTrip said, “YouTrip started as a travel wallet 5 years ago and has now become the go-to payment option not only for foreign currency transactions but also for everyday transactions for different purposes.
We are excited to launch Apple Pay as part of our anniversary celebration to make the YouTrip payment experience even more seamless.”
PayPal Unveils Stablecoin Which U.S. Dollar Guarantees:
International payment behemoth PayPal recently revealed the launching of a stablecoin with a U.S. dollar value that would enable users, businesses, and developers to connect fiat and virtual currencies with ease.
The U.S. dollar deposits, short-term U.S. Treasury bonds, and other monetary assets serve as the security for PayPal USD (PYUSD).
The stablecoin can be transferred between PayPal and compatible third-party wallets by eligible U.S. PayPal customers who buy PayPal USD (PYUSD).
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Additionally, they will be able to convert any of PayPal’s approved cryptocurrencies into and out of PYUSD, fund purchases with it at the point of sale, and transmit payments between individuals using PYUSD.
The firm that issues PayPal USD is Paxos Trust firm, a limited-purpose trust company with a full license that is regulated by the New York State Department of Financial Services. After receiving a conditional BitLicense first, in June 2022, NYDFS granted PayPal a full BitLicense.
Starting in September 2023, Paxos will make available a Reserve Report for PayPal USD that lists the instruments that make up the reserves every month.
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A public third-party attestation of the value of PayPal USD reserve assets will also be made available by Paxos.
Speaking to media, Dan Schulman, President and CEO, PayPal, said, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar.
Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”
