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Exploring the Future of Financial Services with Varun Dua

StartupTalkyStartupTalky · 1y ago
Exploring the Future of Financial Services with Varun Dua
Medial

Varun Dua, the CEO and co-founder of insurtech company Acko, has disrupted the Indian insurance landscape. Acko started as an auto insurance company but has expanded to offer a range of financial products and services. The company has embraced embedded insurance by partnering with platforms like Ola and Zomato, and also diversified its product portfolio to include micro-loans, travel insurance, and gadget protection plans. Acko's expansion strategy is driven by factors such as digital penetration, untapped potential in the Indian insurance market, data-driven insights, and a focus on transparency. Although Acko faces challenges in a competitive landscape, its emphasis on innovation and customer-centricity positions it well for future success. Acko's success has influenced the Indian financial landscape, spurring innovation and promoting financial inclusion. Aspiring entrepreneurs can learn from Acko's journey by identifying market gaps, embracing technology, prioritizing customer centricity, and being adaptable.

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Govt forms Inter-ministerial committee to strengthen fintech ecosystem

EntrackrEntrackr · 3m ago
Govt forms Inter-ministerial committee to strengthen fintech ecosystem
Medial

The Government of India has constituted an Inter-Ministerial-Industry Committee on Fintech (IMICF) to address key issues in the fintech sector and recommend measures to enhance its ecosystem, according to a government order reviewed by Entrackr. The decision has been taken with the approval of the Hon’ble Finance Minister. The newly formed committee will be chaired by the Secretary, Department of Financial Services (DFS) and will include representatives from the Ministry of Electronics & Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Department of Economic Affairs (DEA), NITI Aayog, Reserve Bank of India (RBI), and Securities Exchange Board of India (SEBI). Additionally, industry experts such as Ajay Kaushal (Bill Desk), Jitendra Gupta (Jupiter), Varun Dua (Acko General Insurance), Lalit Keshre (Groww), Vishnu Pillai (KPMG), and Ashish Garg (McKinsey) will also be part of the committee. The newly constituted committee has been tasked with assessing the growth of the fintech sector and its contribution to the broader Banking, Financial Services, and Insurance (BFSI) industry. It will examine challenges faced by fintech companies, review existing policies and regulations, and analyze global best practices in fintech governance. Based on these insights, the committee will develop a long-term vision strategy and propose recommendations to enhance the fintech ecosystem in India. The committee is expected to submit its report within three months from the date of its first meeting. The CS&FT section of the Department of Financial Services (DFS) will act as the secretariat for the committee.

RBI approves Jio Financial Services' conversion to core investment company

YourStoryYourStory · 1y ago
RBI approves Jio Financial Services' conversion to core investment company
Medial

The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.

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