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We have updated our terms and conditions and privacy policy Click "Continue" to accept and continue with ET BFSI ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * LEARNFEST * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * NATIONAL COOPERATIVE SUMMIT * FINANCIAL INCLUSION & PAYMENT SUMMIT * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x * BFSI News * Latest BFSI News * Fintech 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 * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech Budget News Union Budget Today Budget News MSME LendingKart Harshvardhan Lunia FinTech News ECLGS COVID-19 Budget 2022 Read on App Read on App SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. 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 BFSI VIDEOS * COMPLETE DEARTH OF INVESTMENTS IN INDIA SINCE 10 YEARS: JM FINANCIAL MD SINHA Dhananjay Sinha, managing director and chief – strategist of JM Financial Institutional Securities Ltd, believes that for 10 odd years, there has been 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, upcoming Union Budget, and state of the Indian economy. * 6 days ago UIDAI EYES SMARTPHONES AS UNIVERSAL AUTHENTICATORS: CEO SAURABH GARG * 13 days ago TECH, COLLABORATIONS, PERSONALISATION TO DRIVE CUSTOMER EXPERIENCE: BANKERS * 17 days ago DATA-DRIVEN LENDING IS THE “NEED OF THE HOUR”, SAY LEADERS View More 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 * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech UPI rupay Payments Council of India mdr digital payment debit cards Read on App Read on App 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 * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech budget 2022 crypto Budget news sharan nair pm narendra modi nirmala sithataman cryptocurrency bill cryptocurrency coinswitch kuber coindcx Read on App Read on App 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 * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech shekhar sharma paytm new delhi mobikwik diwali covid 19 Read on App Read on App 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 Click Here to Read This Story * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech global crypto market ethereum dogecoin digital currency cryptocurrency bitcoin Read on App Read on App 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 Click Here to Read This Story * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech Crypto price crash crypto selloff bitcoin Russian central bank crypto market Bitcoin crash Read on App Read on App 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 Click Here to Read This Story * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech Robinhood news Robinhood investment Robinhood cryptocurrency Robinhood crypto wallet Robinhood app Robinhood Read on App Read on App 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 Click Here to Read This Story * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech RBI fringe FACE digital lending Read on App Read on App 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. * ETBFSI Click Here to Read This Story * * * * * * * * 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. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Fintech mastercard rajesh mani nicole turner india tech hub Read on App Read on App 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 Click Here to Read This Story * * * * * * * * 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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