Last week we learned that Kabbage was expanding internationally to India; they have set up an office in Bengaluru and...
According to the bank statement, “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”; the government had previously issued warnings about risks around trading cryptocurrencies; the Reserve Bank of India is more open to the development of blockchain technology. Source
Paytm Payments Bank is aiming to have 500 million accounts offering a wide range of financial services products; the bank launched officially on Tuesday; they are unveiling their money market fund, launching a debit card and will have the capabilities for businesses to open up accounts. Source
All P2P lenders will now be known as non-banking financial companies (NBFC-P2P); all p2p lenders will also have to receive a certificate of registration; companies will go through a 12 month period before getting final approval; under the rules a p2p firm can’t raise deposits or lend on its own; other details of the guidelines including loan caps for borrowers are outlined in the article. Source
The company provides cloud-based integrated receivables software and is based in India; originally founded in 2006, this is the first external funding round for the company which boasts clients such as Adidas, Starbucks, Proctor & Gamble and more; Susquehanna Growth Equity participated in the funding; Sashi Narahari, Founder and CEO of HighRadius shares their story in the article. Source
When we talk to domestic fintech companies and ask them about international expansion the response most often is that they...
Recently Morgan Stanley published research sharing that digital payments penetration in India could increase from 5% today to 20% in 2027; the e-commerce market could reach $200 billion with 475 million shoppers by this time; the author delves deep into the Chinese and Indian payments markets, sharing why America could miss out on India’s fintech revolution. Source
Indian banks are working with fintech startups to develop technology similar to what is used in markets like Africa and China; the banks hope to use social data and online shopping habits to underwrite borrowers; FICO recently began to offer credit scores in India using alternative data and there are many startups working on similar efforts. Source
The Reserve Bank of India will begin regulating p2p lending firms; the government of India released a notification on Wednesday; the platforms will be treated as non-banking financial companies (NBFCs); article shares the suggested regulatory framework from a paper released in 2016. Source
The deputy governor of the Reserve Bank of India recently said at an event that currently there are different regulations for various categories of non-banking financial companies (NBFCs) which could lead to regulatory arbitrage, and that the central bank is moving in the direction of harmonizing some of the regulations, and they will get clarity on this sooner than later. Source