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News on Medial
ONDC Bolsters Fintech Play, Sees First Mutual Fund Transaction On The Network
Inc42
·
10m ago
Medial
- First transaction of INR 100 made in partnership with AMC Nippon India Mutual Fund and Appreciate - Investment platforms ATX Labs and AssetPlus to join as buyer apps - ONDC aims to make mutual fund investments more accessible through its network
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DSP Asset Managers partners with Cybrilla to bring Mutual Funds to more Indians via ONDC
IndianStartupNews
·
23d ago
Medial
DSP Asset Managers has partnered with Cybrilla to become the first mutual fund company to go live on the Open Network for Digital Commerce (ONDC). This initiative aims to expand mutual fund access to underserved individuals, particularly in areas with limited banking services, by offering low-cost, simple investment options. The collaboration facilitates decentralized distribution, enabling local distributors and fintech startups to reach a wider audience, promoting disciplined, long-term investment strategies, and exploring innovations like Central Bank Digital Currency (CBDC).
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Fintech players in various stages of onboarding: ONDC’s Koshy
Economic Times
·
1y ago
Medial
Fintech players like Aditya Birla Finance, Karnataka Bank, Tata Capital, Canara Bank, and Bajaj Finserv are integrating with the government-backed Open Network for Digital Commerce (ONDC), according to the CEO T Koshy. ONDC has specified protocols for financial sector players to onboard the network. The initial pilot involved providing small loans to individuals or proprietary concerns, with DMI Finance as the lender and Easypay as the buyer. Now, the entities are refining and scaling up operations, with more transactions expected in February. Other enterprises, including insurers and mutual fund companies, are also integrating with ONDC.
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ONDC To Launch Insurance, Mutual Fund Products In Two Months
Inc42
·
11m ago
Medial
The network, ONDC, plans to launch credit card offerings in partnership with Mastercard but has not set a specific timeframe. Their mutual fund offering is set to go live next month. Additionally, ONDC has partnered with nine lending service providers to offer digital loans to users in just six minutes.
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Cross-border trades to be a game-changer for ONDC: CEO T Koshy
Livemint
·
1y ago
Medial
The Indian government's Open Network For Digital Commerce (ONDC) is set to boost e-commerce penetration in India to 25% from the current 4-5%, according to ONDC CEO T Koshy. The network aims to reach 900 million buyers and 1.2 million sellers, with a potential gross merchandise value of $48 billion. Additionally, ONDC is expanding into the mobility sector, integrating multiple transport modes for seamless travel. It has conducted its first international transaction with a Singapore-based business network, Proxtera. ONDC aims to be an enabler for innovation and complement existing platforms rather than compete with them.
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Women-Focused Investment Platform Fikaa Appoints India's First Virtual Superstar, Naina, As Brand Ambassador
OutlookIndia
·
1y ago
Medial
AI-powered investment app Fikaa has appointed Naina, India's first virtual superstar, as its brand ambassador. Fikaa aims to empower women in financial decision-making and offers advanced financial tools and AI algorithms to curate mutual fund baskets tailored to investor preferences. The app also provides education on personal finance and allows women to network with like-minded individuals. Fikaa recently added Digital Gold as an investment product. Naina, with over 70 million views on her videos and 158,000 Instagram followers, sees her association with Fikaa as empowering women financially.
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ONDC postpones network charges implementation
Economic Times
·
6m ago
Medial
The government-backed Open Network for Digital Commerce (ONDC) postponed its network infrastructure fee implementation from January to April 1, following participant feedback. This fee aims to make ONDC financially sustainable. The fee, Rs 1.5 per transaction over Rs 250, will impact seller apps like logistics and financial service providers. Firms are concerned about the fee affecting conversion rates, with discussions on potentially passing costs to customers. ONDC aims to sustain and grow digital commerce infrastructure.
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ONDC to add banks, fintechs to take credit services to last mile
Economic Times
·
1y ago
Medial
Open Network for Digital Commerce (ONDC) is set to integrate banks such as HDFC Bank, IDFC First Bank, and Karnataka Bank, as well as fintech firms like Fibe, to offer unsecured personal loans and invoice loans targeting small merchants in underserved areas of India. ONDC is also piloting credit disbursals through partnerships with Tata Neu, Paisabazaar, DMI Finance, and Aditya Birla Finance. Additionally, ONDC plans to introduce business-to-business credit services and explore small ticket, short tenure loans based on alternative data. ONDC is also expanding into insurance and investments segments.
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ONDC May Start Levying Small Fee On Each Transaction From This Fiscal : CEO Koshy
Inc42
·
1y ago
Medial
The government-run Open Network for Digital Commerce (ONDC) is considering implementing transaction charges in order to cover its operating expenses. The exact fee amount has not been determined yet, but it is expected to be minimal and applied to each transaction. The move is aimed at improving revenue for ONDC and ensuring its financial sustainability.
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IndusInd, Invesco sign mutual fund JV
Livemint
·
1y ago
Medial
IndusInd International Holdings Ltd (IIHL), a Mauritius-based investment firm led by the Hinduja brothers, has acquired a 60% stake in Invesco Asset Management India Ltd, a subsidiary of Invesco Ltd. The deal aims to capitalize on the increasing trend of equity investments in India, particularly through mutual funds. Invesco will retain a 40% stake in the asset management joint venture. The transaction is subject to regulatory approval from Sebi. The collaboration will allow Invesco Mutual Fund to benefit from IIHL's distribution network and customer base. The Indian mutual fund industry is expected to see significant growth due to favorable demographics and increasing retail investor interest.
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After 6-minute loans, ONDC to offer sachetised insurance, micro-investments services | Mint
Livemint
·
11m ago
Medial
The Open Network for Digital Commerce (ONDC) plans to expand its services by offering sachetised insurance and investment products to users. ONDC, an interoperable network launched by the Indian government, recently entered the financial services sector offering digital loans. The network aims to provide insurance and micro-investment products, including mutual funds, in the near future. ONDC has already begun transactions in health and marine insurance and is also developing a protocol for life insurance products. The company expects to launch these services officially once they reach 100 transactions each.
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