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The Great Crypto Re-Banking Has Begun

Wired · 5m ago

The Great Crypto Re-Banking Has Begun

Under the Trump administration, U.S. fintechs are actively providing banking services to crypto firms, ending years of "debanking" where banks refused crypto businesses. Although firms like Meow, Mercury, and Brex offer digital banking solutions, they rely on partner banks that ultimately control client acceptance. The policies remain politically volatile, with laws still inadequate for long-term guarantees amid fears of potential political shifts. Crypto firms continue to manage risk by diversifying banking across global institutions.

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Trump orders crypto working group to draft new regulations, explore national stockpile

Economic Times

Economic Times · 11m ago

Trump orders crypto working group to draft new regulations, explore national stockpile

President Donald Trump has ordered the creation of a working group to propose new cryptocurrency regulations and explore a national crypto stockpile, aiming to revamp U.S. crypto policy. The order also bans U.S. central bank digital currencies and protects banking services for crypto firms. This move, welcomed by the crypto industry, shifts the U.S. digital asset policy and could mainstream cryptocurrencies. Trump’s administration seeks to foster digital asset innovation, contrasting previous regulatory crackdowns.

With the new IRDAI license, Policybazaar eyes re-insurance market

The Arc Web

The Arc Web · 1y ago

With the new IRDAI license, Policybazaar eyes re-insurance market

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained a Composite Insurance Broker license from the IRDAI. This new license will allow PB Fintech to enter the re-insurance broking market and introduce technology-driven innovations. Reinsurance broking offers a highly profitable business model with lower capital requirements. PB Fintech reported a net profit of Rs 4 crore for the nine months ending in December 2023, marking a substantial improvement from the previous year. The company's share price has risen, and investors have begun to realize profits.

Now a believer, Trump hosts White House crypto summit

Economic Times

Economic Times · 10m ago

Now a believer, Trump hosts White House crypto summit

Donald Trump hosted a cryptocurrency summit at the White House, aiming to boost legitimacy for the industry and gather feedback from key players like Cameron and Tyler Winklevoss, Brian Armstrong, and Michael Saylor. This move aligns with Trump’s financial ties to crypto and his campaign promise to bolster the sector by establishing a Strategic Bitcoin Reserve. Critics remain skeptical, seeing cryptocurrencies as speculative assets, but Trump's administration has begun removing regulatory hurdles.

Grapevine: Sumitomo Mitsui, YES Bank, KKR and Avaada Group in news

VCCircle

VCCircle · 8m ago

Grapevine: Sumitomo Mitsui, YES Bank, KKR and Avaada Group in news

Japan's Sumitomo Mitsui Banking Corp. (SMBC) is reportedly near acquiring a significant stake in YES Bank. Meanwhile, private equity firm KKR is attempting to restart the sale of its portfolio company RE Sustainability. Avaada Group is also preparing for an initial public offering.

Financial inclusion is about literacy, not just access: RBI Deputy Governor

Economic Times

Economic Times · 4m ago

Financial inclusion is about literacy, not just access: RBI Deputy Governor

RBI Deputy Governor Swaminathan Janakiraman highlighted the significance of financial literacy in financial inclusion, emphasizing that it's not just about access to banking but empowering individuals. Speaking at an Indian Bank event, he praised initiatives like Re-KYC camps for their role in simplifying banking processes and promoting schemes like PMJJBY and PMSBY. The event, attended by over 2,000 community members, focused on enhancing accessibility and participation in financial systems.

Crypto platform FalconX partners with Standard Chartered

Economic Times

Economic Times · 7m ago

Crypto platform FalconX partners with Standard Chartered

Crypto prime broker FalconX has partnered with Standard Chartered to serve institutional crypto investors, marking FalconX's first collaboration with a global traditional bank. The partnership aims to fulfill growing demand for digital assets through traditional finance channels. FalconX will use Standard Chartered's banking and foreign exchange services to enhance fiat currency settlements. The collaboration will begin in Singapore, expanding across Asia and the U.S. Standard Chartered sees this as a response to increasing digital asset adoption by institutional clients.

UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

Inc42 · 1y ago

UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

UK-based crypto firm Cashaa is set to launch a new crypto wallet in seven markets, including India, aiming to increase adoption of its native token, CAS. The wallet will allow users in these markets to buy, store, earn, and take loans against their cryptocurrency deposits in their local currencies. Cashaa founder Kumar Gaurav believes that 2024 will be the year of mainstream adoption of crypto, with major institutions entering the space. Cashaa is discontinuing its banking services for crypto and other high-risk businesses, with all operations related to these services set to cease by May 30, 2024.

RBI caps investment by a bank in AIF scheme at 10 per cent

Economic Times

Economic Times · 5m ago

RBI caps investment by a bank in AIF scheme at 10 per cent

The Reserve Bank of India (RBI) has imposed a 10% cap on the investment by a single regulated entity (RE), such as banks and non-banking financial companies (NBFCs), in an Alternative Investment Fund (AIF) scheme. Additionally, collective contributions by all REs in an AIF scheme are capped at 20%. These revised guidelines, considering industry feedback and Sebi regulations, aim to strengthen the regulatory framework related to investments in AIF schemes.

Swiggy tests bundling for ‘One’ subscriptions, experiments with pricing tiers

Economic Times

Economic Times · 2y ago

Swiggy tests bundling for ‘One’ subscriptions, experiments with pricing tiers

Food delivery giant Swiggy is collaborating with banking and telecom companies to offer bundled plans that include its Swiggy One subscriptions. These subscriptions will be part of telecom and banking packages under a B2B initiative called Swiggy One Lite. The move comes in response to competitor Zomato's re-introduction of its "Gold" subscriptions. Swiggy is also planning to experiment with different pricing tiers for its Swiggy One subscriptions, with a higher-priced tier offering discounts across various services. Swiggy is seeking to boost its subscription base and compete for market share with Zomato.

Binance coins a new phase in India

Economic Times

Economic Times · 1y ago

Binance coins a new phase in India

Binance, the world's largest crypto exchange, is set to make a comeback in India after being banned earlier this year. In order to re-enter the market, Binance will pay a penalty of approximately $2 million and register with the Financial Intelligence Unit (FIU). The FIU is responsible for regulating trade in virtual digital assets. Binance has committed to complying with all applicable laws, including anti-money laundering regulations and the virtual digital asset taxation framework. Indian authorities have made it clear that cryptocurrency exchanges must adhere to all laws to operate in the country.

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