Tiger Global-backed neobanking startup Jupiter has received final authorization from the Reserve Bank of India (RBI). This RBI approval allows Jupiter to offer digital wallets to its customers. Jupiter can now issue prepaid payment instruments (PPIs), enhancing its financial services. Expanding Financial Services Jupiter currently offers digital savings accounts in partnership with Federal Bank and CSB Bank. These accounts feature UPI payments, co-branded credit cards, and...

With the Reserve Bank of India (RBI) opening the door for multiple self-regulatory organisations (SROs), various entities are gearing up to seek approval for an SRO license within the fintech sector. This move marks a significant step towards self-governance in the industry, aiming to enhance standards and best practices through collective efforts. Industry Players Eyeing SRO Status Several prominent fintech associations are keen to acquire the...

The rise of neo banking has revolutionized the financial industry, offering a seamless and intuitive digital banking experience. Unlike traditional banks, neo banks operate entirely online, providing customers with unprecedented convenience and accessibility. However, in a highly competitive market, enhancing user engagement and customer experience is crucial for neo banks to thrive. This article explores key strategies neo banks can employ to enhance user...

In a significant development for the banking, financial services, and insurance (BFSI) sector in India, Pine Labs, in collaboration with its API infrastructure subsidiary Setu and Sarvam AI, has launched 'Sesame'. This large language model (LLM) marks the first of its kind developed specifically for the BFSI sector. Sesame promises to bring a new era of digital intelligence to financial services, enhancing everything from...

In a dynamic development within India's online payment sphere, Innoviti Payments and Vegaah, a payment gateway operated by Concerto Software and Systems, have secured the esteemed payment aggregator (PA) license from the Reserve Bank of India (RBI). This milestone underscores the burgeoning activity in the sector and emphasizes a commitment to regulatory compliance and security. Diverse Players Embrace Regulation: CCAvenue Joins the Ranks CCAvenue, under the...

In a significant development, Yenmo secures $500,000 in funding led by Y Combinator, marking a milestone in their mission to democratize financial services. Founded by Aryan Agarwal and Ashutosh Purohit, Yenmo empowers Indian investors to borrow against investments like mutual funds and stocks at a flat 10.5% interest rate. This approach allows immediate financial needs without compromising long-term growth potential. Innovative Solutions for Investors Yenmo's user-friendly platform...

In the ever-evolving financial landscape, Decentralized Finance (DeFi) stands out as a transformative paradigm, leveraging blockchain to create an open, peer-to-peer financial ecosystem. Eliminating intermediaries, DeFi streamlines processes, enhances efficiency, and introduces cost-effectiveness globally. This disruptive force redefines traditional banking, offering strategic opportunities for organizations to adapt and thrive in the decentralized financial realm. Strategic Considerations for C-Suite when applying Decentralized Finance As C-suite executives in...