Fintech firms need to be self-regulated: Rabi Sankar

Self-regulation is the way to regulate fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. Speaking at the Global Fintech Fest on Tuesday, Sankar said that fintech companies are not strictly financial entities and, therefore, the current model of regulation may not apply to these companies. “Regulators and fintech firms … Read more

Goldman Sachs Considers To Exit Partnership With Apple

Goldman Sachs Group Inc. (GS) is considering exiting its partnership with Apple Inc. (AAPL), the Wall Street Journal reported, citing sources familiar with the matter. The report stated that the bank is in talks with American Express Co. (AXP) to take over its Apple credit card and other services with Apple Inc. The iPhone-maker and … Read more

Fintech companies need a self-regulatory body: RBI deputy governor MK Jain

Reserve Bank of India (RBI) has said that the financial technology, or fintech, sector should organise itself under a self-regulatory organisation that can monitor the conduct of member fintech entities. Addressing an international research conference on fintechs on Friday, co-organised by IIM-Ahmedabad, RBI deputy governor MK Jain said that a self-regulatory approach could also help … Read more

Revolut Posts First Annual Profits As It Targets UK Banking License

London-based fintech Revolut posted its first annual profit for the year ending 2021. The neo-bank almost tripled its revenue in 2021 amid a boom in cryptocurrency trading. Despite repeatedly missing reporting deadlines, Revolut could soon cinch a UK banking license. Revolut, the London-based fintech firm, has posted its first annual profit after missing multiple deadlines … Read more

UPI linked to Singapore’s PayNow for fast transfers

India and Singapore on Tuesday linked their quick payment systems, Unified Payments Interface (UPI) and PayNow, easing the process of fund transfers between individuals in the two Asian nations. Initially, the UPI-PayNow link will feature only a handful of banks and can be used only for person-to-person transactions. Customers of State Bank of India, Indian … Read more

PhonePe raises $350 mn from General Atlantic; now bigger than Swiggy, Paytm

Payments and financial services unicorn PhonePe has raised $350 million in funding from General Atlantic — a leading global growth equity firm — at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India.   The investment is the first tranche of the company’s latest fundraise that … Read more

Jack Ma to cede control of Ant Group following China’s tech crackdown

Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following the country’s unprecedented tech crackdown. The company will give 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s voting control of Ant, according to an announcement on Saturday. The … Read more

Paytm announces buyback. Controversial step.

Paytm has announced buyback totalling maximum of Rs 850 crore @ maximum price of Rs 810/ share. Buyback price is at 57% premium to the closing price on December 13, 2022 (before the announcement); It will be an open market buyback; Will be executed over a maximum period of 6 months; Company’s directors and Key … Read more