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  • user 12:18 pm on April 6, 2018 Permalink | Reply
    Tags: , , , , , , India, ,   

    Reserve Bank of India Bans All Indian Banks and FIs From Handling Cryptocurrency 

    The of (RBI) strikes again. This time India’s central bank issued a statement today banning all entities that fall under its regulation, dealing with any cryptocurrencies. Since RBI is India&;s central bank that means all the country&8217;s and FIs fall under RBI&8217;s authority. Today’s statement read: Technological innovations, including [&;]
    Bank Innovation

     
  • user 12:18 am on March 6, 2018 Permalink | Reply
    Tags: , , India, , , ,   

    Europe, India Are Ready for Biometric Payments, Mastercard Says 

    EXCLUSIVE — As hacks and other methods of digital fraud rise with the adoption of mobile , companies and consumers continue to search for better ways to authenticate and identity users making payments. For certain markets, adoption could come more quickly than others, Bob Reany, executive vice president, global products and services, identity solutions for …Read More
    Bank Innovation

     
  • user 12:19 am on January 12, 2018 Permalink | Reply
    Tags: , , , India, , ,   

    German Online Lender Kreditech Heads to India 

    EXCLUSIVE &; is making its way to , Bank Innovation has learned. For this expedition, the has teamed up with SaaS banking platform Mambu for providing short-term lending products specifically tailored to local consumers. Kreditech’s entry into the Indian market comes because of payment processor PayU’s involvement in the company [&;]
    Bank Innovation

     
  • user 12:18 pm on September 17, 2017 Permalink | Reply
    Tags: , Google’s, India, , , Tez”   

    Google’s New Payment App “Google Tez” to Launch in India 

    Internet giant will release a mobile service in , according to reports. The Unified Payments Interface (UPI) app is called Google Tez, according to The IndianExpress. &;Tez,&; in Hindi (India&8217;s national language) means fast. The app will be launched as a part of the &;Make in India&; government initiative, which aims to encourage [&;]
    Bank Innovation

     
  • user 7:36 pm on October 27, 2016 Permalink | Reply
    Tags: , , India, , peer-to-peer,   

    5 Reasons Peer-to-Peer Lenders in India could attract poor credit quality 

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    Lending is emerging in and will be successful if the Credit quality on these platforms have a reasonable default rate and provide good returns to the lenders.

    Peer-to-Peer Lending is a new asset class and it is important to create Awareness, Education and Understanding for lenders on how to proceed further to add in your investment portfolio.

    At Citibank Consumer Bank, where I worked for close to 20 years, I learnt a concept of “Negative Self Select”.

    In simple terms “Negative Self Select” means customers who choose your product and brand have poor credit track record. If most of the poor credit profile are choosing your product or brand your portfolio quality is bound to perform poorly over time compared to the industry peers.

    Then the question arises, What leads to “Negative Self Select” ?

    As a Bank, we used to have 3 key criteria to understand if we were a potential target of “Negative self select”.

    They were:

    1. Heavy documentation / Cumbersome Application – asking for more information or documents then the industry.
    2. Slow process – if the industry is processing a loan in 7 days your process take 10+ days or more.
    3. Higher interest rate – if you price your credit product higher than others and information is seamlessly available then a good customer will choose the loan which costs them lower.

    These 3 criteria could work in combination or stand alone. It is quite logical that the best customer would not want to be inconvenienced by Heavy documentation, wait for long or pay higher cost for borrowing until and unless s/he does NOT have a choice.

    Only, poor credit quality customers would go through these inconvenience as they do NOT have a choice.

    However, for Peer-to-Peer Lending platform there are 2 more challenges:

    1. Brand Awareness: The belief that borrowers do not care about the brand from which they borrow – is not correct. A good borrower does not want to borrow from an unknown brand. They care about their personal information, kind of practices the borrowers adopt post disbursal of loan and how will they get serviced during the loan period.
    2. Confidentiality of the transaction: Most cars and houses in India are sold with financing however no one puts a sign on the car or house the name of the bank they took financing from. Similarly, the good borrowers do not expect finance company to publish their name of their website.

    At Monexo (http://www.monexo.co/in), we have solved for all of them before we launched our platform, namely:

    • our process is digital and fast. Approvals are given the same day and we can 100% guarantee disbursal once the loan is committed by our lenders. Monexo is the only company which can give this guarantee. This is NOT possible on other P2P platforms as they rely on lenders to transfer funds to borrowers. Lenders may forget, get busy or even change their mind. We are making the loan process “paperless”.
    • we rely on Data Science and ask for minimal documents on our platform. More documents does not mean better credit – it means more inconvenience to borrower and good ones will leave.
    • we price our loans across the spectrum of 13% to 30% which allows us to play across and NBFC pricing. We also have launched 20% Interest Discount offer for Personal Loan Transfer – this could save customers as much as Rs. 20,000 over 3 years. Visit us at – https://www.monexo.co/in/campaigns/personal-loan
    • yes we are young company however are trustworthy. Our Founders have 70+ years of Financial Service and experience with Global Brands. Further, we believe in Education, Awareness and Understanding of our product and services is critical rather than selling. Every customer can connect with us as and listen to our Free Webinar https://www.monexo.co/in/webinar.
    • finally, we respect our borrowers privacy and do not put their pictures or name on our website. We share the borrowers profile, Credit Score, Monexo rating and other key demographic and income details for lenders to make decision.

    We are building a new paradigm for borrowers and lenders with our 3D’s – Digitial, Data Science and Democratisation of Finance at Monexo (http://www.monexo.co/in). Visit us, talk to us and engage with us in our vision of “making borrowing more affordable and investing more rewarding.”


      is Founder at Monexo Pvt. Limited
     
  • user 12:20 pm on July 19, 2016 Permalink | Reply
    Tags: cracking, , , India, , , , ,   

    India may take the lead in mobile payments by cracking the digital ID problem 

    A lot has changed since the Global Tour went to in January 2015, when the action looked uninteresting. Days later we discovered Paytm and digging into that story we could see how India is leapfrogging the West in . Later that year we looked at the PaymentRead More
    Bank Innovation

     
  • user 5:33 pm on May 3, 2016 Permalink | Reply
    Tags: , , fastestgrowing, , India, , ,   

    India emerging as fastest-growing market for fintech software products 

    as fastest-growing for
    Powered by innovation in payment processing, the fintech software products segment is expanding at a rapid pace in India, according to the National Association of Software and Services Companies (Nasscom), which represents country&;s IT industry.
    Read more on ZDNet

    Payment startup Zooz raises million as global fintech looks for standards
    As payment solutions proliferate and calls for standardization mount, Israel-based payment platform startup Zooz said it has closed a $ 24 million led by Target Global Ventures, to expand globally and bolster its products and services. Zooz&39;s series C …
    Read more on TechCrunch

    Australia&39;s fintech industry gets a sandbox in the budget
    The federal budget acknowledges the growth of Australia&39;s growing fintech industry disrupting the financial services sector. And $ 200,000 has been budgeted to promote Australia as a fintech development centre. Another measure is starting a regulatory …
    Read more on Business Insider Australia

     
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