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Big Tech Major Launches Gold-Backed Loans On Google Pay
Inc42
ยท
9m ago
Medial
- New partnership with Muthoot Finance to provide loans against gold for Google Pay users - Introduction of AI-powered support guide to assist users in understanding credit products - Collaboration with EkStep Foundation to export India's DPI stack to other countries - Google Pay users can now avail loans by pledging gold - AI technology will help users navigate and understand different credit products - Partnership with EkStep Foundation to expand India's DPI stack globally.
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Gold loan sees fastest growth in overall securitisation volume in June quarter
Economic Times
ยท
20d ago
Medial
In the June quarter, gold loan securitisation marked the fastest growth in overall securitisation volumes, reaching Rs 5,390 crore, or 11% of the total Rs 49,000 crore securitisation volume, according to CRISIL Ratings. This surge followed the lifting of regulatory restrictions on a major originator. Meanwhile, the share of vehicle loans held steady at 41%, while mortgage-backed and microfinance loans saw declines due to lower origination volumes and rising delinquencies.
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Fintech majors are counting on co-branded cards in returns play - The Economic Times
Economic Times
ยท
12d ago
Medial
Google Pay plans to launch a co-branded credit card with Axis Bank, marking its entry into regulated financial products in India. This move follows its previous gold loans partnership with Muthoot Finance. Indian fintechs, including Google Pay and PhonePe, are enhancing their credit offerings to generate steady revenue, especially since UPI payments remain free. These collaborations allow fintechs to engage customers and earn commissions while maintaining stringent applicant checks for financial safety.
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RBI cautions banks on gold loan disbursals through fintech startups
Economic Times
ยท
1y ago
Medial
The Reserve Bank of India (RBI) has issued a warning to banks about gold loans disbursed through fintech startups. The central bank expressed concerns over the evaluation process, particularly when gold is sourced through field agents. Major players like Rupeek, IndiaGold, and Oro Money are involved. The cautionary measures may involve temporary pausing of business to ensure compliance. The RBI's scrutiny follows recent regulatory action on IIFL Finance's gold loan business. Gold loans have seen significant growth, with retail gold loans reaching Rs 1 lakh crore in March 2024.
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British regulators look into Big Tech and digital wallets
Economic Times
ยท
1y ago
Medial
The UK Financial Conduct Authority and Payments Systems Regulator are investigating the use of digital wallets by Big Tech companies, such as Apple Pay, Google Pay, and PayPal. They are examining potential concerns regarding competition, consumer protection, and market integrity. Digital wallets have become increasingly popular among UK adults and serve as an important connection between Big Tech firms and consumers. Regulators aim to understand the benefits and risks associated with digital wallets and their impact on payment options at checkout. They plan to provide an update on this issue by Q1 2025.
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Why constant job cuts could be the new normal for Big Tech
Business Insider
ยท
1y ago
Medial
Google is undergoing a wave of layoffs, following major cuts last year. Google CEO Sundar Pichai has stated that the cuts are being made to free up resources for new investments and to simplify execution. This trend of job cuts is not unique to Google, as other Big Tech companies like Amazon and Meta have also made significant cuts in recent times. This could become the new normal due to investors' increasing focus on profits rather than growth in the post-zero-interest-rate-policy era. Additionally, as Big Tech companies age, it becomes harder for them to generate new growth stories, making periodic layoffs more common.
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Australia plans new rules forcing Big Tech to continue paying news outlets
Economic Times
ยท
7m ago
Medial
Australia's government is set to introduce new rules that could result in fines for Big Tech companies if they refuse to pay Australian media companies for hosting news content on their platforms. The proposed rules would require internet companies to negotiate with publishers and pay them even if they remove news from their platforms. The move follows 2021 legislation that required tech giants like Google and Meta (formerly Facebook) to compensate media companies for driving traffic and advertising revenue to their platforms. Meta has already stated that it will not renew its agreements with Australian media organizations beyond 2024.
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Startups Mull Google Tax To Build Public Opinion Against Tech Giantโs Hefty Commissions
Inc42
ยท
1y ago
Medial
Indian startup founders are considering implementing a 'Google Fee' or 'Google Tax' on their customers as a response to the hefty commissions charged by the tech giant. The move comes after Google delisted the apps of several Indian startups for not complying with its new billing policy. Founders want to build public opinion against Google's billing system and push for government intervention. The startups claim that Google's commissions, ranging from 11-26%, are exorbitant and harm their businesses. Indian startups are also calling for the creation of a state-backed app marketplace to counter the dominance of big tech companies.
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Fintech startup Yenmo secures $500,000 in funding round led by Y Combinator
Economic Times
ยท
1y ago
Medial
Fintech platform Yenmo has raised $500,000 in seed funding led by Y Combinator. Yenmo offers instant loans against mutual funds at a flat 10.5% interest rate. Users can borrow against their investments, pay only interest during the loan tenure, and repay the principal amount when funds are available. Yenmo plans to launch new products, such as loans against stocks, insurance, digital gold, and land, and offers a full-stack API solution for other companies to integrate loans against mutual funds.
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Gold loan risks: RBI exposes irregularities, borrowers beware
Money Control
ยท
9m ago
Medial
- The Reserve Bank of India (RBI) has identified irregularities in granting gold loans, including lack of transparency during auction on default and inadequate due diligence. - The gold loan segment has experienced significant growth, with public sector banks accounting for a majority of the loans in recent years. - Borrowers should conduct research and verification, understand loan terms, and be aware of red flags when availing gold loans. - Essential precautions to take include studying loan offers, comparing interest rates and charges, and being cautious of unsolicited offers with hidden terms. - Lenders have been given three months to review their policies and practices related to gold loans and take corrective measures. Non-compliance may result in supervisory action from the RBI.
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NPCI, startups brainstorm on ways to mitigate concentration risk on UPI
Economic Times
ยท
1y ago
Medial
During a recent meeting between the National Payments Corporation of India (NPCI) and the payments industry, ideas were discussed to enable smaller apps to grow on the Unified Payments Interface (UPI). One suggestion included implementing a supporting scheme similar to the government-backed zero MDR support scheme on RuPay debit cards. The aim is to distribute the load from big players like PhonePe and Google Pay to other apps on UPI and break the duopoly of American payment giants Mastercard and Visa. NPCI also plans to hold more meetings to address concentration risk on UPI.
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