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BUDGET 2022: GOVT MUST CONTINUE WITH MSME SCHEMES INTRODUCED IN FIRST WAVE, SAYS
LENDINGKART CEO

Harshvardhan Lunia, chief executive officer and co-founder of LendingKart, urged
the government to focus on MSMEs and FinTechs in the upcoming Union Budget.
Lunia shed light on the importance of continued financing for MSMEs amid
COVID-19, and investment in technology for the FinTech sector. Here’s what he
told ETBFSI.

 * Nidhi S Chugh
 * ETBFSI
 * January 24, 2022, 08:00 IST

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Harshvardhan Lunia, CEO and co-founder, LendingKart

The government should continue with the initiatives and schemes it introduced
for micro, small and medium enterprises in the first wave of COVID-19, said
Harshvardhan Lunia, chief executive officer and co-founder of LendingKart.

“My recommendations for the Union Budget would be that the initiatives that the
government had taken during first wave, the targeted long-term repo operations
(TLTRO) or overall giving them (MSMEs) additional financing in terms of
Emergency Credit Line Guarantee Scheme (ECLGS), I think that should be
continued. Similarly, I think the Credit Guarantee Fund Trust for Micro and
Small Enterprises scheme, where the government was providing support to small
businesses, should be continued,” Lunia said.



MSMEs share to the GDP currently stands at around 30%, and this sector is
expected to increase its share of the GDP above the 50% mark, Lunia said.

“One large aspect is that I think if you look at our ecosystem, there is a
technical change - the offline businesses... One of the initiatives the
government is picking up and should pick up in the coming years, should be to
equip them digitally. Both online and offline businesses should continue for
MSMEs. In the sense that if there is a kirana store, by equipping it with
digital infrastructure, and other infrastructure like roads, and other
logistics, the government can help those sectors and allow such stores to
operate offline as well,” Lunia said.

FinTechs

For FinTechs, Lunia urged to further incentivise partnership between the banking
sector and FinTechs on various risk-sharing co-lending models to extend capital
support to MSMEs, and simplify and standardise financing norms.

“For FinTechs, my suggestion would be that RBI is already doing it's own work of
making collaborations possible, and the government should also support them… and
FinTechs are heavily investing in technology. If we could get some government
SOPs or some additional benefits in taxes or income through that, it should be
very helpful. Similarly, the government, through regulators like RBI and
nationalised banks, are sitting on piles and piles of funds.. if that could be
made available to FinTechs at lower costs, it could be transferred to borrowers
or small MSMEs at lower costs,” Lunia said.



Overall, Lunia urged the government to allocate budgetary support for
development of new technologies, giving impetus to paperless digital lending and
stronger collaboration within the lending ecosystem.



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FINTECH

 * 1 hr ago
   
   BUDGET 2022: GOVT MUST CONTINUE WITH MSME SCHEMES INTRODUCED IN FIRST WAVE,
   SAYS LENDINGKART CEO

 * 1 hr ago
   
   DIGITAL PAYMENT SECTOR WANTS MDR TO BE BACK

 * 1 hr ago
   
   BUDGET 2022: CRYPTO PLAYERS URGE GOVT TO CLEAR UNCERTAINTY, INTRODUCE NORMS

 * 20 hrs ago
   
   MOBIKWIK EXPECTS TO DOUBLE REVENUE THIS FISCAL, STAYS CAUTIOUS ON IPO LAUNCH

View More


EDITOR'S PICK

 * 1 hr ago
   
   BUDGET 2022: GOVT MUST CONTINUE WITH MSME SCHEMES INTRODUCED IN FIRST WAVE,
   SAYS LENDINGKART CEO

 * 1 hr ago
   
   RUB-OFF EFFECT: LIC LISTING SET TO RAISE GOVERNANCE, TRANSPARENCY IN
   INSURANCE SECTOR

 * 1 hr ago
   
   BUDGET 2022: CRYPTO PLAYERS URGE GOVT TO CLEAR UNCERTAINTY, INTRODUCE NORMS

 * 1 day ago
   
   KEEPING ALIVE THE SPIRIT OF INDIA’S SMALL BUSINESSES DIGITALLY

 * 1 day ago
   
   KEEPING ALIVE THE SPIRIT OF INDIA’S SMALL BUSINESSES DIGITALLY


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   a complete dearth of investments in India, which is the longest decline in
   the country's investment cycle. Though there are phases where there is high
   level of enthusiasm from the private sector, but overall the private capex
   has been on a decline for a long period of time. Tune into the interview,
   where Sinha shares his views with Amol Dethe, editor of ETBFSI, on FY23,
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DIGITAL PAYMENT SECTOR WANTS MDR TO BE BACK

The Payments Council of India (PCI), the industry body for the digital payments
ecosystem in the country, has written to the government urging it to roll back
the zero MDR regime for UPI and Rupay debit cards transactions.

 * Atmadip Ray
 * ET Bureau

Click Here to Read This Story
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The digital payment sector is seeking reintroduction of MDR (merchant discount
rate) charges in the union budget as the absence of it is crippling the
homegrown payment service providers while multinational companies benefit from
levying those charges.

The Payments Council of India (PCI), the industry body for the digital payments
ecosystem in the country, has written to the government urging it to roll back
the zero MDR regime for UPI and Rupay debit cards transactions.

PCI in its request to the ministry of finance suggested either reinstating the
MDR charges or incentivizing the industry with an amount of Rs 4000 crore. The
payments industry hopes to have some relief which can then be used by them to
further expand the digital payments infrastructure, it said.



The industry anticipates a loss of Rs 5500 crore on account of this zero MDR
regime. "With zero MDR, the government has taken away the ability of the payment
service providers to invest in and maintain the financial infrastructure they
have built," PCI said.

“We request the government to consider a roll back of the zero MDR, with a view
to broaden and significantly grow the merchant acceptance base particularly in
the MSME space and also to facilitate the deployment of payments infrastructure
by non-bank players who have been the biggest deployers of capital in this area
for the past few years,” said PCI chairman Vishwas Patel.


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BUDGET 2022: CRYPTO PLAYERS URGE GOVT TO CLEAR UNCERTAINTY, INTRODUCE NORMS

In the upcoming Union Budget, cryptocurrency players have urged the government
to fine-tune the definition of income and gains for crypto assets. Here’s what
leading industry players have told ETBFSI.

 * Sheersh Kapoor
 * ETBFSI

Click Here to Read This Story
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India has had a topsy turvy relationship with cryptocurrency, and players have
urged the government to consider the currency as an asset class, and introduce
norms for the same during the Union Budget 2022.



The cryptocurrency industry, which has been under the radar, has put forth its
demands amid talks of a regulation bill.



The bill, which was to be introduced during the Winter Session of the Parliament
in 2021, has gone from being a “complete ban” to being more of a "regulated
asset" now, according to reports. However, the bill is still facing uncertainty,
and has been kept aside for the time being.

Clarity



Sumit Gupta, Co-Chair of the Blockchain and Crypto Assets Council (BACC) and
Co-founder and CEO, CoinDCX feels that based on the nature of transactions where
crypto is involved in commercial transactions, appropriate GST as per the
underlying GST on goods and services involved can be levied. However, where it
is an investment and trade-related to investment appropriate long term or short
term capital tax can be levied in line with other investment transactions.

"Further there needs to be provision for capturing profits from trading
transactions as business income wherever relevant. In case transactions involve
a party from beyond the Indian geography appropriate reporting to RBI under FEMA
can be done similar to investment under LRS as well," he said.

Crypto adoption in India



Sharan Nair, chief business officer of CoinSwitch Kuber, highlighted that
various macroeconomic developments in India and the world over the last year
have accelerated crypto adoption in India. Today, leading crypto exchanges
follow strict self-regulatory practices to ensure customer protection.



"We hope the upcoming Union Budget will bring in regulatory clarity and help
standardize best practices and address misconceptions around this emerging asset
class. A regularised environment will encourage more Indians to start their
crypto investing journey, promoting financial inclusion in line with the
government's vision," he said.

According to a recent report by market research firm Chainalysis, cryptocurrency
is witnessing adoption at the grassroot level in Central and Southern Asia, and
Oceania (CSAO) countries, driving quick expansion of the emerging digital
financing space.

India ranks second on the Global Crypto Adoption Index, and 42% of the crypto
transactions were hefty and institutional-sized, amounting to over $10 million
(roughly Rs 74 crore).

WEB 3.0



Vikas Ahuja, member of BACC and CEO, CrossTower India, is of a strong opinion
that India has the potential to become the world leader in WEB 3.0, and
regulations by the government will help expedite growth.

"With the right policies, India will rapidly adapt to the revolution in
information technology and this, we believe, will improve Indian citizens'
quality of life, creating jobs, reinvigorating the economy. Meanwhile, by
self-regulating and enabling KYC and AML policy, members of crypto exchanges in
India have been playing a critical role, in the absence of regulations in
India," he said.

Over the months, Finance Minister Nirmala Sithataman and Prime Minister Narendra
Modi have also talked about crafting a cryptocurrency framework, with a view to
establish global standards of digital assets.


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MOBIKWIK EXPECTS TO DOUBLE REVENUE THIS FISCAL, STAYS CAUTIOUS ON IPO LAUNCH

The company, which posted a narrowing of loss to Rs 111.3 crore and revenue of
Rs 302.25 crore in the financial year 2021, expects to double the revenue by the
end of current financial year.

 * PTI

Click Here to Read This Story
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New Delhi, IPO-bound fintech firm Mobikwik is expecting to close the current
financial year with 100 per cent revenue growth, a top company official said.
Mobikwik chairperson and chief operating officer Upasana Taku told PTI that the
company's initial public offer (IPO) is a monumental opportunity for the company
and will not like to hit the market when it is behaving erratically but wait for
the market condition to stabilise.

The company, which posted a narrowing of loss to Rs 111.3 crore and revenue of
Rs 302.25 crore in the financial year 2021, expects to double the revenue by the
end of current financial year.

Talking about the path to profitability of the company, Taku did not mention any
definite timeline but said that if the company is able to increase revenue and
keep control on the cost then losses can be covered over in a few quarters.



"In just two quarters we have already achieved the revenue number of last year.
Any investor can calculate what will be business performance for the full year.
It will look like that the company has doubled the revenue and EBITDA losses are
the same or lower. If you have crossed Rs 300 crore till Diwali, then you have a
clue on where you are going to land," Taku said.

She said that the company has been doubling revenue every year since the last 4
years and has been controlling losses.

The company in its draft document for IPO mentioned that it was hit by the
Covid-19 pandemic and the BNPL (Buy Now Pay Later) segment gross merchandise
value decreased by 38.22 per cent to Rs 299.94 crore in 2020-21 from Rs 4,85.49
crore in 2019-20.

Taku said the business has now crossed to pre-Covid levels and the company has
had good performance during the current financial year.

"Our BNPL business has grown 22 times compared to last year and the payments
business has grown three times," she said.

The company plans to raise Rs 1,500 crore from the IPO.

When asked about the timelines for the launch of IPO, Taku said the company has
permission to hit the market till November 2022 and it will go for listing once
the market conditions become stable.



"I think that it is common sense that if the markets are acting erratically then
why do you want to risk the outcome of something for which you worked so hard?
We have been working very hard for the last 12 years to get to this stage. I
cannot think of any internet company which has reached over 10 crore users,
having spent only Rs 700 crore. We have reached this stage after hard work so
the IPO should be a bumper. We will fight for this only," Taku said.

Mobikwik's competitor in the payments segments, Paytm's shares hit an all time
low of Rs 952.95 and closed at Rs 959.90 apiece on Friday. The closing price of
Paytm shares was about 55 per cent lower than the subscription price of Rs 2,150
apiece.

Paytm's Founder Vijay Shekhar Sharma during a webinar last week said that shares
of the global peers of the company declined in the range of 38-51 per cent in
the last six months and South American firms have seen up to 70 per cent dip.

Taku said that the company will wait for the market to become stable for the IPO
and till that time it will communicate to people about capital efficiency, the
company and other unique selling propositions of Mobikwik.

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GLOBAL CRYPTO MARKET SUFFERS $1 TRILLION LOSS AS BITCOIN CRASHES

Bitcoin, along with other digital cryptocurrencies, crashed to its lowest level
on Saturday and the continuing meltdown has wiped out over $1 trillion from the
global crypto market value.

 * IANS

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New Delhi: Bitcoin, along with other digital cryptocurrencies, crashed to its
lowest level on Saturday and the continuing meltdown has wiped out over $1
trillion from the global crypto market value.

Bitcoin was hovering at $35,000 per coin and the largest digital asset by market
value has lost more than 40 per cent since reaching its peak in November 2021.

Bitcoin hit an all-time high of roughly $69,000 in November.



The crypto crash came as the US Federal Reserve raised the possibility of
boosting interest rates as soon as March and withdrawing stimulus from the
market.

Other digital currencies, Ethereum, Finance Coin and Cardano also witnessed
similar meltdowns. Solana, Dogecoin and Shiba Inu also saw massive drops.

Bitcoin has crashed below $36,000 -- a level below which "there is not much
support until the $30,000 level," Edward Moya, senior market analyst at Oanda,
said in a note.

Bitcoin's decline since that November has wiped out more than $600 billion in
its market value.

Crypto assets such as Bitcoin have matured from an obscure asset class with few
users to an integral part of the digital asset revolution, raising financial
stability concerns.

Given their relatively high volatility and valuations, cryptocurrencies'
increased co-movement could soon pose risks to financial stability especially in
countries with widespread crypto adoption, according to IMF research.

It is, thus, time to adopt a comprehensive, coordinated global regulatory
framework to guide national regulation and supervision and mitigate the
financial stability risks stemming from the crypto ecosystem.

The market value of these novel assets rose to nearly $3 trillion in November
from $620 billion in 2017, on soaring popularity among retail and institutional
investors alike, despite high volatility.


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IS CRYPTO MARKET IN FOR LONG WINTER AFTER LATEST BOUT OF SELLING?

Bitcoin has breached the $39,000 level, dropping more than 11 per cent from its
peak. Its counterpart Ethereum tanked 14 per cent to test $2,800 levels. The
pain in altcoins has been more severe as BNB, Cardano, Polkadot have tanked up
to 18 per cent in the last 24 hours, the data from Coinmarketcap shows.

 * Pawan Nahar
 * ETMarkets.com

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New Delhi: The cryptocurrency market has been facing selling pressure, with
major crypto coins losing about 25 per cent of their value in just about four
days. Most of the tokens have posted double-digit cuts in the last seven
sessions.

The latest bout of selling ensued after Russia's central bank called for a
crackdown on cryptos. Its central bank on Thursday proposed banning the use and
mining of cryptocurrencies on Russian territory, citing threats to financial
stability, citizens' wellbeing and its monetary policy sovereignty.

The move is the most recent in a global cryptocurrency crackdown as governments
from Asia to the United States worry that privately operated and highly volatile
digital currencies could undermine their control of financial and monetary
systems.



The announcement by Russia, one of the largest crypto adopters in the world,
soured the market mood and the digital asset market plunged into the red.

While this may be a cause for concern, the crypto industry has weathered through
multiple bans, restrictions and regulatory scrutiny over the years but have
stood the test of time, said CoinDCX Research Team.

"Looking back at how the sector bounced back shortly after China’s crypto ban,
we can expect the sell-off to have a little long-term impact on crypto’s
performance besides this brief initial dip," it added.

Other factors including sluggish macroeconomic conditions, rise in oil prices
and tapering cues from the Federal Reserve, rising inflation and slump in the
technology market are adding to investors' woes.

Bitcoin has breached the $39,000 level, dropping more than 11 per cent from its
peak. Its counterpart Ethereum tanked 14 per cent to test $2,800 levels.

The pain in altcoins has been more severe as BNB, Cardano, Polkadot have tanked
up to 18 per cent in the last 24 hours, the data from Coinmarketcap shows.

Volatility is one of the most distinctive features of cryptocurrency markets,
while it is also important to understand the market cycle.



Vikas Ahuja, CEO of CrossTower India said that the uncertainty surrounding the
Crypto Bill across the globe is one of the factors that led to a fluctuation in
cryptocurrency prices.

"China shutting down Bitcoin mining in Sichuan province has also led to crypto
market prices going down in market value," he added while being optimistic of a
recovery soon.

On a weekly basis, Bitcoin and Ethereum have lost 10-13 per cent, whereas other
major altcoins including Dogecoins, Solana, Avalanche, Polygon has eroded 16-25
per cent of their value.

The total market capitalization of crypto assets has slipped below $1.9
trillion, thanks to the thin trading volumes which have been around sub-$75
billion a day lately.

In other news, the US Securities and Exchange Commission (SEC) rejected a filing
to list and trade a spot bitcoin exchange-traded fund by First Trust Advisors
and SkyBridge, the hedge fund founded by former White House communications
director Anthony Scaramucci.

The SEC's rejection of the First Trust SkyBridge Bitcoin ETF Trust was the
latest in a succession of vetoes by the regulator around the listing of spot
bitcoin ETFs, which seek to provide easy exposure to the digital currency, said
Nitish Sharma, Global CEO, TP Global FX. "These rejections by regulatory bodies
worldwide have shaken investor confidence in digital assets hence we are seeing
a big selloff," he added.

The downward trend is likely to put investors in a chaotic situation, said Edul
Patel, CEO and Co-founder of Mudrex, adding that the coming week would be vital
for the crypto spectrum.

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ROBINHOOD TO START ROLLING OUT CRYPTO WALLETS

Robinhood, which benefited from a boom in retail trading during the pandemic,
expects to expand the program to 10,000 customers by March.

 * Reuters

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Robinhood Markets Inc is rolling out crypto wallets to a 1,000 users, allowing
them to send and receive cryptocurrencies through their brokerage accounts, the
company said in a blog post on Thursday.

The Menlo Park-based online brokerage had laid out plans to begin testing
cryptocurrency wallets last year, with the aim of a broader rollout in 2022.

Out of nearly 1.6 million people on a waitlist for the crypto wallet, the top
1,000 selected can now exchange their crypto from Robinhood with external crypto
wallets.



The new feature also connects holders of the digital asset to the blockchain
ecosystem.

Beta testers will have a daily limit of $2,999 in total withdrawals and 10
transactions, and will need to enable two-factor authentication, the company
said.

Robinhood, which benefited from a boom in retail trading during the pandemic,
expects to expand the program to 10,000 customers by March.

Its customers have long asked for crypto wallets, which allow broader
participation in blockchain-based ecosystems, such as buying virtual assets like
non-fungible tokens (NTFs) on the Ethereum network.

The company is slated to report fourth-quarter earnings on Jan. 27.


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FINTECHS SEEK SELF-REGULATORY STATUS FROM RBI

The Fintech Association for Consumer Empowerment (FACE) — an industry body with
members that include prominent startup firms — has applied to the Reserve Bank
of India (RBI) to take on the role of a self-regulatory organisation (SRO) in
the digital lending industry.

 * TNN

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MUMBAI: The Fintech Association for Consumer Empowerment (FACE) — an industry
body with members that include prominent startup firms — has applied to the
Reserve Bank of India (RBI) to take on the role of a self-regulatory
organisation (SRO) in the digital lending industry.

According to FACE, its member companies cater to more than half of the consumer
lending market volumes in India. The organisation is already working with
regulators, stakeholders, industry players and other consumer groups on measures
to promote consumer empowerment, including financial literacy and consumer
protection. FACE members came together after digital lending faced a regulatory
backlash in the wake of, what it describes as, “fringe elements hurting consumer
trust in the system”.

The application comes after the RBI sought suggestions from industry groups to
enforce regulations for digital lending platforms to curb illegal apps. “We at
FACE intend to work with the RBI and all official stakeholders to promote
responsible lending, which will uphold ethical lending practices, data security,
cyber security, consumer privacy and to weed out predatory lenders,” said Ram
Rastogi, governance council member at FACE.



“With our expertise and collective addressable market, we believe FACE is well
prepared to take on the task of a formal self-regulatory body, that can promote
and refine practices and streamline the sector, with guidance from the RBI,”
Rastogi added.

FACE was formed as a not-for-profit industry association in September 2020 to
drive ethical lending practices among the Indian fintech sector and establish
thought leadership in consumer finance. According to its website, members
include EarlySalary, Kissht, Loantap, Cashe, KreditBee, PaySense and CredAvenue.



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MASTERCARD APPOINTS RAJESH MANI TAKES AS HEAD OF INDIA TECH HUB

Mani brings more than two decades of experience in the payments and FinTech
sector.

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Mastercard today appointed Rajesh Mani as head of the company’s India Tech Hub,
effective immediately, and he will be based out of Pune.

Mani will collaborate and support the global team in building strategic
engagements with key stakeholders to drive innovation across products and
services. He brings more than two decades of experience in the payments and
FinTech sector.

"Rajesh has a strong track record of consistently cultivating beneficial
partnerships with all stakeholders and building long-standing businesses. His
diverse experience in the financial services sector will be instrumental as
Mastercard continues to focus on providing the infrastructure and innovation
needed to build a vibrant digital payment ecosystem across the globe," said
Nicole Turner, Senior Vice President, Technology Hubs.



Mani was a part of the team that supported digital acceleration in the ASEAN
region, engagement with the domestic switch in Indonesia, as well as
partnerships enabling new payment flows such as white label ATMs.

In his previous position as a country manager of Sri Lanka and Maldives, Mani
focused on strengthening payments infrastructure in both markets through the use
of technology.


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M2P FINTECH RAISES USD 56 MLN FROM INSIGHT PARTNERS, MUFG ARM

The proceeds generated by the Chennai-based company will be deployed for
building technology and team, and also accelerate its plans to expand globally.

 * PTI

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Mumbai, M2P Fintech, which calls itself a financial infrastructure company, on
Thursday announced a USD 56 million (about Rs 409.7 crore) fundraise led by New
York-based private equity fund Insight Partners. Japan's MUFG Innovation
Partners and existing investors Tiger Global and Better Capital also
participated in the funding round, a statement said, adding that the company has
now raised USD 100 million in a year.

The proceeds generated by the Chennai-based company will be deployed for
building technology and team, and also accelerate its plans to expand globally.

The company, which also counts on BEENEXT, Flourish Ventures, Omidyar Network
India, 8i Ventures, and the DMI Group's investment vehicle Sparkle Fund as its
other investors, is an API (Application Programming Interface) infrastructure
company that enables businesses of any scale to embed financial products in
their customer journeys.



Currently, it serves 500 fintechs and dozens of banks in 20 markets in Asia and
North Africa.

It's co-founder and chief executive Madhusudanan R said the pandemic has
accelerated the shift from in-person to digital consumption, forcing businesses
across the globe to move from brick-and-mortar to digital channels and in turn
created an urgency for businesses to adopt API platforms.

"M2P is India's leading FinTech infrastructure-as-a-service company - they knit
together the broadest set of banking and fintech relationships in the market and
have built powerful products," Insight's managing director Nikhil Sachdev said.

"Top startups in India already work with M2P. For financial institutions like
MUFG, M2P unlocks new partnerships possibilities and provides tested technology
for scaling digital offerings efficiently," MUFG Innovation Partners' Vice
President Mayank Shiromani said.

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