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News on Medial
Will India stack enable a global fintech superpower?
Medial
·
1y ago
Medial
The article discusses India Stack, a digital infrastructure project that has laid the foundation for India's fintech revolution. It highlights the key components of India Stack, including Aadhar (digital identity), UPI (Unified Payments Interface), and OCEN (Open Credit Enablement Network), and how they have enabled the rapid growth of fintech startups in the country. The article also explores the challenges and opportunities that come with India Stack, as well as its potential to transform other sectors like healthcare and commerce. Overall, India Stack has positioned India as a global leader in digital finance and has the potential to make the country a fintech powerhouse.
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Global powers will bully India unless it becomes most unapologetic superpower: Eternal CEO - The Economic Times
Economic Times
·
1d ago
Medial
Eternal CEO Deepinder Goyal emphasizes that global powers will continue to bully India unless the nation asserts its position as a superpower. In response to increased tariffs on Indian goods by the US, Goyal stresses the need for India to excel in economy, technology, defense, and ambition to secure its destiny. He advocates for India to collectively aim to be the world's most unapologetic superpower to avoid international intimidation and assertions over its economic positioning.
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Infibeam and Primechain collaborate to run blockchain API tools
Entrackr
·
1y ago
Medial
Pune-based blockchain startup Primechain Technologies and country’s first listed e-commerce and digital payment company Infibeam Avenues are joining hands to develop cross border blockchain invoicing platform for global trade finance. This collaboration will enable Infibeam to target $12 trillion global trade finance market. The Primechain API & technology stack for blockchain will exclusively run on Infibeam’s state of art integrated Datacenter along with LinuxOne platform.
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Paytm To Lead India’s Growth As A Superpower In The Artificial General Intelligence Realm: Vijay Shekhar Sharma
Inc42
·
1y ago
Medial
During Paytm's annual general meeting (AGM), founder and CEO Vijay Shekhar Sharma emphasized the company's commitment to becoming a global superpower in artificial general intelligence (AGI). Sharma highlighted the potential of Paytm's AGI stack to lower costs, enhance financial system security, and serve the needs of India's financial services ecosystem for decades. Paytm aims to serve half a billion Indians with technology and achieve free cash flow positivity despite significant investments in product development and distribution expansion. The company has been actively launching new products and reducing losses while navigating regulatory challenges.
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Agri Stack to cover six crore farmers by end of the year
Economic Times
·
1y ago
Medial
Agri Stack, a database of farmers in India, aims to cover 60 million farmers by the end of the financial year. Each farmer will receive a unique identification number, with linkages to government benefits. The Agri Stack will provide data through the Unified Farmer Service Interface (UFSI), offering information for various applications such as the Kisan credit card. The database will also enable digital crop surveys and the issuance of Jan Samarth-based Kisan credit cards. The goal is to provide farmers with easier access to credit and social benefits through a digital public infrastructure.
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Zeta launches new stack for banks to power credit transactions on UPI
Economic Times
·
1y ago
Medial
Fintech startup Zeta has introduced a new technology stack to support credit line-based transactions on the Unified Payments Interface (UPI). The company aims to process 50% of the anticipated trillion-dollar credit disbursals on UPI by 2030. As a technology service provider, Zeta plans to collaborate with major banks to enable consumer loans, personal loans, and EMI loans on UPI. With $340 million in equity funding from investors including SoftBank and Mastercard, Zeta is on track to achieve global break-even soon. The company already powers HDFC Bank's PayZapp mobile app and has worked with lenders in the US and other countries.
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PayGlocal gets RBI nod to operate as online merchant payments company
Economic Times
·
11m ago
Medial
Tiger Global-backed payments startup PayGlocal has received an online payment aggregator license from the Reserve Bank of India (RBI). This license will enable PayGlocal to offer payment services to e-commerce merchants. PayGlocal has also applied for a cross-border payments license, which is currently being processed. The company has raised $17 million in funding from investors including Tiger Global Management. The RBI has already licensed 37 entities in the online merchant payments sector and has granted operating licenses to four fintech companies in the cross-border payments space.
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Mobility fintech startup Moove raises $10 million in debt from Stride Ventures
IndianStartupNews
·
1y ago
Medial
Indian mobility fintech firm Moove has secured $10 million in debt funding from Stride Ventures. The funding will enable Moove to expand its operations across new cities in India, such as Delhi, Pune, and Kolkata, and increase its fleet size to over 5,000 vehicles. Moove aims to transform global mobility by offering financial services to traditionally excluded individuals through alternative credit-scoring technology. The startup has facilitated over 30 million trips, with over 4.2 million of those in India. This marks Moove's first external debt funding in India.
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With new licence, Policybazaar targets reinsurance market
The Arc Web
·
1y ago
Medial
PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained a composite insurance-broker license from IRDAI, allowing it to enter the reinsurance broking segment. This move will enable PB Fintech to provide reinsurance coverage, protecting insurers from customer claims. PB Fintech aims to introduce technology, process control, and data analytics-based innovation in the reinsurance capacity. The reinsurance sector is currently dominated by global giants such as Munich Re and Berkshire Hathaway. PB Fintech reported strong financial results for the nine months ending December 31, 2023, with revenues rising by 39% and a net profit of Rs 4 crore.
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Africa-focused PE firm Helios leads $102 mn funding in India’s M2P Fintech
VCCircle
·
10m ago
Medial
Indian banking technology infrastructure provider, M2P Fintech, has raised $102 million in a recent funding round led by Africa-focused private equity firm Helios Investment Partners. The funds will be used to strengthen M2P's market leadership in India and expand its international franchise, particularly in Africa. M2P plans to enhance its technology stack, leverage AI, and develop advanced data capabilities to scale its partnerships with financial institutions. The funding round valued the firm at $783.6 million. M2P Fintech operates in over 30 markets and provides services to more than 200 banks and 800 fintech companies.
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NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions
Economic Times
·
1y ago
Medial
NPCI International Payments Ltd is set to sign an agreement with Al Etihad Payments in Abu Dhabi to enable cross-border transactions. The memorandum of understanding aims to develop the UAE's domestic card scheme based on India's RuPay debit and credit card stack. The agreement will be signed in the presence of India's commerce and industry minister, Piyush Goyal, during his visit to Abu Dhabi, where he will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments.
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