FINTECH HUB

Mukesh Bansal’s Cultfit gets new CEO; Google unveils Arm-based chip

Cultfit has formally appointed Naresh Krishnaswamy as CEO. Details on this and more in today’s ETtech Top 5.

Norms for swappable e-bus batteries; Avanse, Subko raise funds

The government is framing rules to enhance interoperability for batteries used in electric buses. This and more in today’s ETtech Top 5.

Fintechs see exponential growth in small-ticket loans but need to focus on sustainability: Report

According to a report titled ‘Charting New Horizons for Fintech Lending: Navigating Profitability and Scalability’, Till September 2023, 77% of the loans under Rs 1 lakh were given out by fintech lenders, from around 50% in FY18. In value terms, fintechs accounted for 50% of market share with non-banking lenders making up 25%.

RBI’s action not against Paytm; it is against payment bank; we support fintechs: Shaktikanta Das

Shaktikanta Das, Governor of RBI, clarifies that the RBI's action is against payment banks, not fintech companies like Paytm. Fintechs are free to grow as long as they are not NBFC lenders. The majority of Paytm users are linked to other banks, so only 15-20% of customers are impacted by RBI's restrictions.

London's place as fintech hub under threat: Revolut UK CEO

London took the lead on digital bank launches after the financial crisis, but "something has shifted in the last two or three years," said Carlesi. Still, she suggested the city remains on Revolut's radar for an eventual initial public offering, despite the complaints of co-founder Nik Storonsky about British regulations holding back businesses.

Tide aims to revolutionise SME finance in India, backed by learning & experience from UK

UK fintech platform looks to make it easier for MSMEs to manage financial and administrative functions and take financial inclusion to secluded areas.

RBI's Paytm bank extension with riders; Mumbai a startup hub?

More payment banks are likely to face regulatory action on allegations of money laundering, following the recent RBI crackdown on Paytm. This and more in today's ETtech Top 5.

Colliers bags $10 million project from Infibeam Avenues to construct AI extension hub in Ahmedabad

Real estate consultant Colliers has secured a $10m project to construct an Artificial Intelligence and Technology Extension Hub in Ahmedabad for Infibeam Avenues. The 400,000 sq.ft. facility will facilitate collaboration and innovation for tech companies and is set to be operational in 18 months.

Infibeam Avenues appoints Rajesh Kumar SA as CEO of Phronetic.AI

Infibeam Avenues has appointed Rajesh Kumar SA as CEO of its artificial intelligence business, Phronetic.AI. Kumar has over 16 years of experience in deep-tech AI and machine learning, having previously worked as the director of ML at Meesho and co-founded Streamoid. With four US patents, Kumar holds expertise in deep learning, ML, fashion styling, and analytics. identification.

Udaan’s valuation plummets; draft rules for fintech self-regulatory bodies

Business-to-business (B2B) ecommerce platform Udaan has taken a major hit with its valuation being chopped by nearly half to $1.8 billion in a down round. This and more in today’s ETtech Morning Dispatch.

Use weakness in metal to add 2 stocks; go contra in chemicals: Sanjiv Bhasin

Sanjiv Bhasin says: “Tata Steel and NALCO are both in our portfolio from, of course, much lower levels. If we want to play both the aluminium and the steel cycle, it has to be Tata Steel. Tata Steel has consolidated for over three years after that one-off move to 150 or maybe and now it is looking set to cross that 150-175 mark. Add Tata Steel and NALCO on declines.”

RBI declares formation of repository for fintechs to expand digital payments

The Reserve Bank of India (RBI) has increased the limits on UPI payments to Rs 5 lakh for specific situations and announced the creation of a repository for fintechs. This move aims to expand digital payments and reduce reliance on physical cash or cheques. The limits for UPI transactions made to hospitals and educational institutes have been raised from ₹1 lakh to ₹5 lakh per transaction.

Key takeaways for fintechs from RBI policy meet; ETtech Deals Digest

The Reserve Bank of India has raised payment limits for UPI transactions in hospitals and educational institutions, among a clutch of other measures for the fintech sector, at its monetary policy meeting today. This and more in today’s ETtech Top 5.

RBI to set up a fintech repository to increase transparency in lending by fintech

To help in increasing transparency in fintech lending RBI has proposed to come up with a Fintech Innovation Hub through which fintech would be encouraged to share inflation voluntarily. The central bank has said that it will operationalise this hub by April 2024. While this move by RBI will help an orderly growth of fintech industry but it will also help borrower in the long run.

RBI MPC meeting: Key takeaways for the fintech sector

The RBI has also proposed to set up a fintech repository for better development of the ecosystem.​​

Fintechs’ lending businesses under stress; banks leverage Bharat Billpay

In a pointer to tough times ahead, fintechs are finding credit lines for small-ticket unsecured loans drying up following a recent central bank diktat.

RBI fintech department gets a new boss in P Vasudevan

Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department has retired, said a senior banker in the know. Choudhary has been appointed to the board of RBI Innovation Hub, the person added.

Snap’s Evan Spiegel on growing beyond 200 million users in India; Banks woo fintechs to push gold loans

Snap CEO Evan Spiegel elaborated on his plans for India, his vision for artificial intelligence (AI) and augmented reality (AR) in the days ahead, and much else, in a free-wheeling talk with ET. This and more in today’s ETtech Morning Dispatch.

Frictionless credit initiative slashes operational costs for lenders by 70 pc: RBI official

The Reserve Bank of India's frictionless credit initiative has resulted in a 70% reduction in customer acquisition costs for lenders and a 6% saving for borrowers, according to a senior official. The pilot programme, which began in April with an all-digital kisan credit card lending scheme in Tamil Nadu and Madhya Pradesh, has since been extended to four additional states.

Tata Sons to commit more funds for growth of B2B digital unit

The entity, Tata Business Hub, which offers business solutions under the Nexarc brand, is led by veteran Tata Consultancy Services executive Venguswamy Ramaswamy, the global head of TCS Ion, who has been able to significantly scale the business in this segment, they said.

Fintech City will make Tamil Nadu an unparalleled hub in financial technology: Industries Minister

Tamil Nadu Industries Minister T R B Rajaa has said that the Fintech City being established in Chennai is expected to bring in an investment of Rs 1,000 crore in its first phase. The state's Chief Minister MK Stalin on Saturday laid the foundation stone of the Fintech City and a Fintech Tower, which is expected to create 90,000 jobs in the state.

On academic disciplines, India could take a leaf out of US' book

Traditionally, the Indian education system has been largely compartmentalised into sciences, commerce and arts. Students, often at an early stage, are required to make a choice, a decision that largely dictates their future course of study and, by extension, their career paths. This approach is primarily rooted in colonial administrative needs and the industrial model of the education system, creates silos of learning and often discouraging interdisciplinary understanding.

Dubai Emerges as a Leading Fintech Hub, Attracting Global Investment and Innovation