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Financial Technology In India
Financial technology (also called FinTech) is an industry composed of companies that use technology to offer financial services. Early Fintech companies such as KFinTech and CAMS originated in late 1970's and early 1980's.These companies operate in insurance, asset management and payment, and numerous other industries.The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and the rise of FinTech in the country According to a report by Ernst & Young (EY), India is one of the largest and fastest-growing FinTech ecosystems in the world. It stands second after China in terms of the FinTech adoption index with an adoption rate of 87%. The overall estimation of the FinTech market in 2021 for India has co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Technology
Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Financial technology companies include both startup company, startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services. Evolution The evolution of financial technology spans over a century, marked by significant technological innovations that have revolutionized the financial industry. While the application of technology to finance has deep historical roots, the term "financial technology" emerged in the late 20th century and gained prominence in the 1990s. The earliest documented use of the term dates back to 1967, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mumbai Fintech Hub
The Mumbai Fintech Hub is an investment platform, which was started by the Government of Maharashtra in the Mumbai Metropolitan Region. It is an initiative by the Government of Maharashtra to promote the fintech ecosystem in the state of Maharashtra. History and overview Mumbai Fintech Hub was founded in 2018 as an initiative to promote fintech startups by the Government of Maharashtra. The accelerator programme was inaugurated by CM Devendra Fadnavis. The programme was launched in a partnership with National Payments Corporation of India (NPCI), PayU, Fino Payments Bank, IndusInd Bank, IndiaFirst Life Insurance Company, SBI General, HannoveRe, Swiss Global Enterprise, CRIF High Mark, Microsoft, HDFC Bank, British High Commission and Monetary Authority of Singapore, PwC, NASSCOM {{Infobox organization , logo = Nasscom-logo-svg.svg , alt = NASSCOM , logo_caption = NASSCOM's New logo , formation = {{s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NBFC And MFI In India
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 (originally Companies Act, 1956) of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the Reserve Bank of India Act, 1934 (Chapter III-B) and the directions issued by it. On 9 November 2017, Reserve Bank of India (RBI) issued a notification outlining norms for outsourcing of functions/services by Non-Bank Financial Institution (NBFCs). As per the new norms, NBFCs cannot outsource core management functions like internal audit, management of investment p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Experian
Experian plc is a multinational corporation, multinational data broker and consumer credit reporting company headquartered in Dublin, Ireland. Experian collects and aggregates information on more than 1 billion people and businesses including 235 million individual U.S. consumers and more than 25 million U.S. businesses. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. Experian is a partner in United States Postal Service, USPS address validation. It is one of the "Big Three" credit-reporting agencies, alongside TransUnion and Equifax. In addition to its credit services, Experian also sells decision analytic and marketing assistance to businesses, including individual fingerprinting and targeting. Its consumer services include online access to credit history and products meant to protect from fraud and identity theft. Like all credit reporting agencies, the company is required by U.S. law to provide consumers with one free credit report ever ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MSME
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs outnumber large companies by a wide margin and also employ many more people. On a global scale, SMEs make up 90% of all companies and more than 50% of all employment. For example, in the EU, 99% of all businesses are SMEs. Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zeta (company)
Zeta is a banking software company that was founded by Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, core banking and "mobile experiences". Zeta provides its products to banks and fintechs. The company achieved unicorn status in 2021. History The company was founded in April 2015 by Bhavin Turakhia and Ramki Gaddipati. Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting, and digital payments. In 2016, Bhavin Turakhia invested around $19 million into Zeta. Initially, Zeta payments were only supported by the MasterCard network, but later the company also tied up with the National Payments Corporation of India's RuPay. In June 2017, the company invested 5–10 crore to buy a minority stake in an HR company called ZingHR. Zeta bought a minority stake in PeopleStrong in January 2018. In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pine Labs
Pine Labs is an Indian company that provides point of sales systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion. The company makes Android-based point of sale (PoS) machines and has more than 70,000 retailers across India, including retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside. It also has a presence in other countries, primarily in Asia, such as India, UAE, Singapore and Malaysia. On 21 May 2024 Pine Labs got approval from Singapore Court to dissolve its Singapore branch. Some of its notable investors include LonePine, PayPal, Temasek Holdings, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital. History The company was founded in 1998. The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India. In 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PhonePe
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. It was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface, went live in August 2016. The PhonePe app is accessible in 11 Indian languages. It enables users to perform various financial transactions such as sending and receiving money, recharging mobile and DTH, making utility payments, conducting in-store payments. History PhonePe was incorporated in December 2015. In April 2016, the company was acquired by Flipkart and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe's co-founder Sameer Nigam was appointed as the CEO of the company. In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform. In 2022, they were launching internatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paytm
Paytm (an acronym for "Pay Through Mobile") is an Indian Multinational corporation, multinational Fintech, financial technology company, that specializes in digital wallet, digital payments and financial services, based in Noida, India. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, PayTM also offers financial services such as microcredit and buy now, pay later to its consumers and merchants. Apart from E-commerce payment system, bill payments and Instant payment, money transfer, the company also provides Electronic ticket, ticketing services, Broker, retail brokerage products and online games. PayTM's parent company One97 Communications was listed on the Indian stock exchanges on 18-November-2021 after an initial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cred (company)
Dreamplug Technologies Pvt. Ltd. d/b/a CRED is an Indian fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. CRED also allows users to make house rent payments and provides short-term credit lines. As of 2022, the company was valued at around $6.4 billion. History Cred was started in 2018 by Kunal Shah. Cred posted losses of ₹360.31 crore in fiscal year 2020, caused primarily due to high expenditure on marketing and advertising. By 2021, the company reported having 5.9 million users. In 2021, Cred acquired expense management startup Happay and a liquor delivery startup HipBar. In December 2022, Cred acquired a 100% stake in CreditVidya that offers lending as a service to customers who do not have a credit score. In July 2023, Cred acquired savings and investment platform Spenny. In February 2024, Cred acquired online wealth management and mutual funds startup Kuvera for an undisclosed amount. In June 2024, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BillDesk
BillDesk is an Indian online payment gateway company based in Mumbai. The company provides an online payment platform for its clients which enables banking and merchant website transactions. History BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000. The three previously worked at American accounting firm Arthur Andersen LLP. See also * Infibeam Avenues * e-commerce in India *Payment and settlement systems in India A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. ... References External links * {{FinTech in India Financial services companies established in 2000 Internet properties established in 2000 Online payments Payment service providers Mobile payments in India Indian companies established in 2000 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
