India

MUFG’s Investment in HDFC’s Consumer Lending Arm Faces Uncertainty

Mitsubishi UFJ Financial Group Inc.’s (MUFG) plans to acquire a stake in HDFC Bank Ltd.’s consumer lending arm, HDB Financial Services Ltd., have hit a snag due to disagreements over the Japanese lender’s influence on business strategy, according to Bloomberg.

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Indian Fintech Fibe Secures US$90 Million in Series E Funding to Fuel Expansion

Fibe, an Indian consumer lending fintech formerly known as EarlySalary, has raised US$90 million in a Series E funding round. The round was led by TR Capital, Trifecta Capital, and Amara Partners, with participation from TPG’s Rise Fund, Norwest Venture

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RBI Unveils New Digital Tools for Regulatory Applications, Boost Fintech Insights

Governor of the Reserve Bank of India, Shri Shaktikanta Das, announced the launch of three significant initiatives: the PRAVAAH portal, the Retail Direct Mobile App, and a Fintech Repository. These initiatives, previously announced in the RBI’s bi-monthly Development and Regulatory

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Pine Labs Gets Singapore Court Approval to Shift Domicile to India

Pine Labs, a merchant commerce startup, has received the green light from a Singapore court to merge its local entity with its Indian unit. The fintech will merge its entities in both countries, effectively transferring all of its assets and

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Binance and Kucoin Approved to Provide Virtual Asset Services in India by FIU

The Financial Intelligence Unit (FIU) of India has granted approval to the cryptocurrency exchanges Binance and Kucoin to operate as Virtual Asset Service Providers (VASPs) in the country, according to the Economic Times. Vivek Aggarwal, Director of FIU-IND, confirmed the

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Thailand-India QR Payment Link to Launch by Q3 2024

The Bank of Thailand is gearing up to introduce a QR code-based cross-border payment system between Thailand and India, anticipated to be operational by the third quarter of 2024, according to Bangkok Post. Announced by Dr Daranee Saeju, Assistant Governor,

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VC Funding to Indian Fintech Companies Drops 57.6% YoY

In Q1 2024, venture capital (VC) funding for fintech companies in India declined substantially, falling by a staggering 57.6% year-over-year (YoY), a new report by private market data platform Tracxn shows. During the quarter, Indian fintech companies secured only US$550.8

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Revolut India Secures In-Principle Approval for Prepaid Cards and Wallets

Global neobank Revolut announced that its Indian entity has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), such as prepaid cards and wallets. This new approval complements their existing authorisation to operate

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DBS India Commits to Offer US$250 Million in Loans for Local Startups

DBS Bank India has announced a commitment of US$250 million to provide loans to startups across the country, according to Tech in Asia report. This commitment by DBS India is aimed at bolstering startups that are leveraging advanced technologies to

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RBI Grants Payment Aggregator License to Amazon Pay in India

Amazon Pay has been granted a payment aggregator (PA) license by the Reserve Bank of India (RBI), marking a pivotal milestone for the digital payments arm of the e-commerce firm, Amazon India. This approval by RBI is not the first

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