Narendra Nandal

The Middle East is quietly leading the way on instant payments. The region has seen some of the fastest transformations to instant real-time transfer systems in the world. Witnessing the success of community driven instant payments, like UPI in India, and infrastructural instant schemes, like Faster Payments in the UK, has allowed most of the markets in MENA to skip a few generations. 🇦🇪 The UAE 👉🏻 The Funds Transfer System has been “near instant” for years now - with 75% of all transactions processing in under 30 seconds. Some banks are still manually processing payments with the Central Bank and so can take longer to settle. 👉🏻 In 2023, Al Etihad Payments announced Aani - a payment scheme modelled off of UPI in India - to settle payments of up to 50,000 AED (c. $13.6k USD) instantly 24/7 peer to peer using QR codes, request-to-pay payment links, and split payments. 🇸🇦 Kingdom of Saudi Arabia 👉🏻 In 2021, Saudi implemented Sarie which, amongst many other things, introduced instant 24/7 payments to the Kingdom. The service operates on both IBANs and NationalID, Phone Numbers, and Email Addresses. It’s a cool hybrid of UPI and Faster Payments. 🇪🇬 Egypt 👉🏻 The Instant Payment Network launched in 2022 to enable instant transfers on weekdays between all regulated banks. Interestingly, IPN also links mobile money and wallets to the national payment systems - massively reducing reliance on cash. 🇧🇭 Bahrain 👉🏻 Last year Bahrain was ranked 2nd globally for its real time payment systems. This year, Bahrani citizens are expected to each make over 83 instant payments per month. 🇴🇲 Oman 👉🏻 Last year Oman launched a new Real-time-gross-settlement system that operates 24/7 - allowing all national banks to settle to eachother instantly. Even in the UK, the RTGS system (CHAPS) doesn’t run 24/7. 🌍 Another really exciting payment rail is AFAQ, an instant payment scheme for cross border payments around the gulf region - allowing funds to move between each country in the GCC instantly even when not transacting in the same currency. These are just a few examples of MENA driving payment innovation! 🚀 #instantpayments #mena #crossborder

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Suvendu Pati Chief General Manager, FinTech Department, Reserve Bank of India (RBI) said, "At the core of our efforts is the drive to bring efficiency to CBDCs, particularly in addressing the high costs and lack of transparency in cross-border remittances." He identified four key areas of CBDC ripe for innovation, the speed of money transfers, the high costs associated with cross-border remittance, transparency issues, and time zone challenges. He also shared RBI aspects on future of asset tokenisation said already see use cases for asset tokenisation emerging quickly. Imagine a ledger where assets and funds are centralised, with the potential to revolutionise capital and insurance markets. #tokenization #cbdc #assettokenization #assettokenization #fintech CrowdInvest FSV Capital FSV Labs Ryzer Xaults Prasanna Lohar India Blockchain Forum Global Fintech Fest https://lnkd.in/dcZKbBkJ

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🚀 Exciting news! Fi has just secured a coveted NBFC license from the RBI, a significant milestone in our journey towards financial empowerment! 💼 With this license, we're poised to offer innovative products & services directly to customers, furthering our mission to revolutionize Fintech Space in India. Stay tuned for more updates as we continue to innovate and expand our services! 🌟 #Fi #NBFC #FintechRevolution 📈🔑 #startups #fintech #nbfc

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🚨 Newsbreak🚨 Venture capital investors are betting on banks 💰 🏦 Lightspeed India and Sorin Investments are leading the $11.5 mn round in Shivalik Small Finance Bank This comes after Accel and Quona also invested in Shivalik, which has focused on Uttar Pradesh and Madhya Pradesh markets Shivalik got RBI approval in 2020 to convert from a cooperative bank to a small finance bank The Arc More 👇 #banking #finance #investment #smallfinance #lending #rbi #shivalik

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Beyond OTP: RBI proposes new authentication measures to make digital payments more secure #rbi #digitalpayments #authentication #security https://lnkd.in/diSS-CGz

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Now to India

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The Gurugram-based startup also received board nod to acquire 100% stake in UAE-based Genesis Group in a cash deal of INR 8.8 Cr PB Fintech also received board approval to divest 29.3% stake, or 2.93 Lakh shares, in Visit Health Private Limited (VHPL) for INR 76 Cr PB Fintech turned profitable in Q3 FY24 with a PAT of INR 37.2 Cr while operating revenues jumped 43% YoY to INR 871 Cr during the quarter #startupnews #indianstartupnews #fundingalert #Acquisitionalerts #funding #startupsucess #startupbusiness #startupchallenge #startup

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Our Founder & Chief Product Officer, Mr. Sandeep Ghule, shared insights on the ever-evolving credit card landscape of the country in light of the recent directives from the RBI. He emphasized on the strategies that fintech companies can adopt and drive India towards a more inclusive and innovative financial future. Read the full article here: https://lnkd.in/dXMdYqak  

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Financial inclusion is a critical enabler of economic development, ensuring that all individuals and businesses, regardless of their financial status, have access to essential financial services. In India, financial exclusion has long been a significant barrier to economic progress, particularly in rural areas. However, digital payment systems are now playing a pivotal role in addressing this issue, bringing millions of unbanked and underbanked individuals into the formal financial system. https://lnkd.in/g-h8h3ss

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🚨 Kerala Banker Absconds with ₹30 Crore in Massive Financial Fraud In a shocking case of financial fraud, Dhanyamohan, an Assistant General Manager at Walapad Financial Institution in Kerala's Thrissur district, has absconded with ₹30 crore. This case highlights significant lapses in internal controls and the importance of robust financial oversight. Key Details: - Dhanyamohan, a Kollam native, employed at the institution for 18 years. - Systematic transfers from digital personal loan accounts to unauthorized destinations, including fake accounts under her father’s and brother’s names, since 2019. - The discrepancies were uncovered during an audit, prompting an investigation. - Upon realizing the audit's findings, Dhanyamohan feigned a medical emergency and fled the premises. - The misappropriated funds were allegedly used to purchase luxury items, land, and a house. - The Walapad police have filed a case and are intensifying efforts to locate Dhanyamohan and recover the stolen money. This incident underscores the critical need for stringent auditing practices and internal controls within financial institutions. 🔗 Sources: https://lnkd.in/dXWqYxU6 #FinancialFraud #Kerala #Banking #InternalControls #Auditing #FinancialCrime #FraudPrevention #Compliance #India

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TIFIN, a leading AI and innovation platform for wealth, makes its international debut with the launch of TIFIN India. The launch of TIFIN India represents an important milestone in TIFIN’s vision to take its expertise in both direct-to-consumer (DTC) and business-to-business (B2B) AI for wealth applications to global markets. The Indian market is unique in its potential for impact. As it stands today, the penetration of wealth management in India is only 8% (compared to 72% in the U.S. and 44% in China). With a population of more than 1.4 billion individuals, TIFIN expects over 500 million individuals to access wealth and asset management services in the next seven years. TIFIN India will be organized into two main verticals, MyFi, an AI assistant to help individuals towards better wealth outcomes, and TIFIN India Enterprise, which will build AI native products for financial services firms. TIFIN India Enterprise was launched in partnership with the DSP family group, one of the oldest and most respected financial services firms in India. In addition to an investment from the DSP family group, Aditi Kothari Desai, vice chairperson of the DSP Mutual Fund company, will serve on the board of directors for TIFIN India Enterprise with TIFIN Founder & CEO Dr. Vinay Nair.

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Ever wondered how India went from cash to becoming a global leader in digital payments? In our latest episode on The Compounding Network, Vijay Rajagopal breaks down the evolution of payments in India- from Credit Cards to Digital Wallets to #UPI- through the eyes of both #customers and #merchants. If you’re curious about the WHY and HOW behind India’s digital payment revolution, this episode is a must-watch! Packed with insights for anyone who wants to understand the big picture of payments and fintech, it’s like the “Tell Me Why” series for today’s financial ecosystem. Please head over, subscribe, and let’s dive into this journey together! Watch here: https://lnkd.in/dmCybbXH Some of the questions which Vijay tried to address are: 1. Why is the #MDR such a crucial factor in the adoption of digital payments among businesses? 2. Why are #digital wallets and UPI seen as game-changers in the Indian payment ecosystem? 3. Why do #smaller merchants adopt digital payment methods differently than #large businesses, and what drives this difference? 4. Why is #trust important in the digital payments landscape, and how do fintechs build trust with both merchants and consumers? #Fintech #Payments #TheCompoundingNetwork #DigitalTransformation #UPI #Learning

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BharatPe was an underdog in the crowded offline payments space in 2019 but thanks to Karan Khanna, we managed to onboard lakhs of merchants rapidly. Merchants had many options for UPI accepting payments, so we kept merchants engaged by offering cashbacks on an ad hoc basis. These bumped up our transactions but their effect was short-lived and transactions dropped when the cashback stopped. It became clear that we needed an organised loyalty program to drive sustainable engagement. Enter BharatPe Runs, which quickly became a hit among our merchants. Our own currency to reward their loyalty was a success because of: 1. Inclusivity: We rewarded everyone, from paan-waalas and sabzi-waalas to big retail stores. 2. Gamification: The currency had a gamified nature, rewarding all merchant activities in the BharatPe app—from taking loans to buying insurance, and of course, accepting payments. The chase for milestones was the ultimate hook. 3. Recall & Gratitude: This 'earn and burn' model fostered a deep sense of gratitude as well as brand recall. Merchants appreciated us when they earned Runs and loved us even more when they redeemed Runs for goodies. BharatPe Runs laid the foundation for my journey in the world of Loyalty and Rewards. Pawan Pathak, Gagandeep Arora, Abhishek Sharma, Subhasis Beura, Abhishek Shah, Arjun Juneja #Loyalty #BharatPe #Rewards #UPI #Cashback

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Our article on innovative financing solutions for MSMEs is featured in CXOToday, many thanks! Customers (Retail and Wholesale) are increasingly discerning and platforms need to keep pace to ensure that they can provide top-notch credit solutions to their clients. #india #msme #msmeindia #loans #credit #innovation #interfaceventures #indirow

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The Future is FinTech! India's FinTech sector is leading the charge with 30 startups poised to become unicorns, boasting a combined valuation of $11.4 billion, as highlighted in the ASK Private Wealth Hurun India Future Unicorn Index 2024. Consumer lending is emerging as a dominant subcategory, representing over half of these future unicorns. 🔹Key Highlights: - FinTech startups represent 20% of the total value of future unicorns. - Money View stands out as the most valuable FinTech Gazelle (expected to become unicorns within the next three years). - JustPay leads as the most valuable FinTech Cheetah (expected to become unicorns within the next five years). Collectively, these 30 FinTech startups have secured investments totaling $5.7 billion. FinTech is followed closely by SaaS with 20 companies and e-commerce with 15 companies, together representing 43% of the featured companies in the index. This underscores the significant role these sectors play in the Indian startup ecosystem. Exciting times ahead for the Indian startup landscape! Resource From https://lnkd.in/giK9PcS3 #FinTech #Startups #FutureUnicorns #ASKPrivateWealth #HurunIndia #Innovation #Investment #IndiaStartups

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Credit card payments need to go through a single digital framework called Bharat Bill Payment System (#BBPS). What’s this BBPS about ? Why is there a regulatory nudge by Reserve Bank of India (RBI) to move the #payments sector towards a centralised system ? What’s in it for the consumers ? Is there a fear that such an #openbanking move could increase #competition ? What’s behind the stand-off and why won’t the RBI budge? My oped in The CapTable https://lnkd.in/dcKBVzrp (Behind a paywall)

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Beware the enticing headline. It can take you down a rabbit hole. I have heard on the grapevine that 'fraud is booming' since UPI was brought in to enable account-to-account and online payments in India. Now I read that 'Online Payment Frauds Jump Over 400% in India, RBI Data Shows'. Worrying news, for sure. But when you look at the quantum, online fraud is still very low per head of population in India compared to the UK. Here, total payments-related fraud (online and other, covering both scheme and bank rail payments) is about £1.2bn per year, of which online fraud is £250m for payments on card rails and £150m for payments on bank rails (APP) based on my understanding of the recent annual fraud report from UK Finance. This is an average of £5.60 per person. It looks like India is catching up, with $175m (£138m) of fraud from online payments alone, a 400% growth rate. But India has a population of 1.2bn or so. So this represents only 11.5p per head of population. So should India be worried about having online fraud levels at 2% of the levels in the UK? It hardly seems to be a damming indictment of UPI. Or maybe I am missing something, and have disappeared down another rabbit hole altogether. Comments welcome. Yash Khanna Sriram Chatty Jane Jee Jana Mackintosh Paul Horlock Akhil Rao Neil Harris Mitch (Munish) Trehan Tom Brewin Riccardo Tordera-Ricchi Bloomberg Robert Courtneidge https://lnkd.in/gzqGF7rZ

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The rise of quick commerce in India has led to the shuttering of around 200,000 traditional kirana stores, as per a recent report by the retailers' association. Quick commerce platforms, offering rapid delivery and a vast product selection, have reshaped how consumers shop, with many opting for the ease of digital purchases over neighbourhood kirana outlets. These family-run stores, with slim profit margins, find it challenging to compete with the resources of e-commerce giants that utilize robust supply chains and discounts. The closure of these stores has far-reaching implications, including job losses, shifts in consumer habits, and the future of conventional retail in India's economy. This transition emphasizes the critical necessity for local retailers to adapt and receive support to coexist successfully with contemporary commerce advancements. https://lnkd.in/gztJnW65

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