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<a href="http://www.businessinsider.in/searchresult.cms?query=hitachi+payment+services&amp;sortorder=effectivedate">Hitachi Payments Services </a>has accepted its systems were compromised by a sophisticated malware in 2016, which triggered one of the <a href="http://www.businessinsider.in/searchresult.cms?query=massive+data+breach&amp;sortorder=effectivedate">biggest cyber security breaches in India</a>. 
 
The massive security breach had affected 3.2 million cards. The <a href="http://www.businessinsider.in/searchresult.cms?query=National+Payments+Corporation+of+India+&amp;sortorder=effectivedate">National Payments Corporation of India </a>(NPCI) had stated more than 600 customers had reported losses of at least Rs 1.3 crore due to the breach. 
 <keyword id="3770748" type="UNKNOWN" weightage="100" keywordseo="hitachi-payments-services">Hitachi Payments Services</keyword>, a wholly-owned subsidiary of the Japanese Hitachi, acknowledged the breach after it received final assessment report from payments and information security audit firm SISA Information Security. 
 
In what poses more scope for worries, the company said the amount of data exfiltrated is "unascertainable due to secure deletion by the malware". 
 
"We confirm that our security systems had a breach during mid-2016," its Managing Director Loney Anthony said, adding this happened despite following adequate security measures and adopting the standards of internationally- accepted best practices. 
 
The compromise period has been identified between May 21 and July 11. It had come out in public after a slew of banks, including those not serviced by Hitachi, approached customers making either card replacements or ATM PIN changes compulsory. 
 
"Hitachi Payment Services regrets the inconvenience caused to banks and its customers due to this lapse in its security infrastructure. We assure you of our highest commitment to building a robust infrastructure in our systems and preventing such cyber frauds in future," Anthony said. 
 
Quoting the SISA report, the Hitachi statement said a sophisticated malware (a piece of malicious software code) was injected in Hitachi Payment Services' systems, which led to compromise the details of debit cards. 
 
The malware had been able to "work undetected and had concealed its tracks during the compromise period", it added.

Hitachi Payments Services owns-up to 2016 breach in India, says amount of data exfiltrated “unascertainable”

<ul><li>India's largest bank, the State Bank of India (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) and <keyword id="69870" type="CITY" weightage="20" keywordseo="Hitachi">Hitachi</keyword> Payments are embarking on a <keyword id="6373972" type="UNKNOWN" weightage="20" keywordseo="Joint-venture">joint venture</keyword> that will take on <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> and card acceptance platforms. </li><li>Combining the individual strengths of both, the venture will deliver payment services to the customers and merchants on Quick Response (QR) code acceptance, Unified Payment Interface (UPI) and e-commerce businesses.</li><li>Hitachi manages over 70% of SBI’s current network and this joint venture will further strengthen their partnership.</li></ul>The State Bank of India (SBI), India's largest commercial bank, signed an agreement with the Hitachi Group (Japan) embarking on a joint venture to establish digital payments and a card acceptance platform in the country. While the bank will have a majority stake in the proposed venture, according to its <a href="https://www.hitachi.com/New/cnews/month/2018/10/181029c.html">press release</a>, Hitachi is planning to invest 26% in its subsidiary SBI Payment Services. Both parties will now be proceed to apply for regulatory approvals. In India, SBI's customer base expands to nearly <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">420 million</a> people and is the largest merchant acquirer in the market in terms of terminals through its subsidiary, SBI Payment. So far it has managed to deploy <a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/">1.96 million</a> merchant payment acceptance touch points across the country. But, looking to shift that burden, SBI has initially shortlisted <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">three companies</a> for the joint venture — Hitachi, Worldline and First Data Corporation. Whichever company got shortlisted would then be in-charge of deploying credit card swipe machines. According to SBI’s annual report for the FY18, SBI Payment Services’ total balance sheet equity, including surplus and reserves, was reported to be <a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/">₹38 million</a> while the total balance sheet assets were at<a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/"> ₹56 million</a>. The joint venture blends the distribution network of SBI with Hitachi’s technology and services including big data, artificial intelligence, analysis and digital payments. The venture will deliver payment services to customers and merchants with Quick Response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses. Rajnish Kumar, the Chairman of SBI, said that the penetration of payment acceptance infrastructure is still low, at <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">2500 Point of Sale (PoS) per million</a>. And with the new joint venture, the bank is hoping the numbers will rise. What's in it for Hitachi? Hitachi is all set to expand its footprint in the Indian market by contributing to the development of digital payments services’ business via digital payments platform in order to ensure quality and better convenience. The venture will combine the individual strengths of both subsidiaries. In a conversation with <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-hitachi-payments-form-joint-venture-for-digital-payment-platform/articleshow/66412731.cms">Economic Times</a>, Hitachi India’s Managing Director Bharat Kaushal stated that this mutually benefitting partnership with the financial giant SBI will allow the company to widen their footprint across India. Hitachi manages over <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">70%</a> of SBI’s current network and this decision to create a joint venture is only going to strengthen the partnership. Hitachi Payments manages over<a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html"> 55,000 ATMs</a> in India and has been providing deployment, management services and handling SBI’s digital acceptance payment network since 2011.

India's largest bank and Hitachi are teaming up to enter the country's booming digital payments space

What happened to India’s <a href="http://www.businessinsider.in/searchresult.cms?query=atm%20cards&amp;sortorder=score">debit card</a> fraud is nothing new to the world and for that matter India as well. Each one of us would receive a message from RBI to reset the <a href="http://www.businessinsider.in/searchresult.cms?query=atm%20cards&amp;sortorder=score">ATM card</a> pin at least once in a lifetime. In the US, a similar <keyword id="608402" type="UNKNOWN" weightage="20" keywordseo="data-breach">data breach</keyword> happened at Target, a popular retail chain. It was found that data from up to 40 million credit and debit cards of those who had shopped at Target were stolen by hackers. In most cases, this kind of frauds is committed by people who won’t use the card credentials themselves. Rather they sell the sensitive information to agents who readily buy such data to sell it again to people who would transact. 
 However in India the game was different. The data breach has happened through ATM cards and was detected by <keyword id="4805341" type="UNKNOWN" weightage="20" keywordseo="Hitachi-Payment-Services">Hitachi Payment Services</keyword>, which maintains ATMs and point-of-sale terminals. This kind of <a href="http://www.businessinsider.in/searchresult.cms?query=atm%20cards&amp;sortorder=score">frauds</a> can happen using an extra "mouthpiece, (ATM skimmer), so that when you slide your card in, it first goes through the criminals' device, which skims your data, and then into the <a href="http://www.businessinsider.in/searchresult.cms?query=atm%20cards&amp;sortorder=score">ATM</a>, writes <keyword id="3775461" type="UNKNOWN" weightage="20" keywordseo="hitesh-dharmdasani">Hitesh Dharmdasani</keyword> on The Economic Times. 
 
Now we need to wait till the entire analysis is done as in how the fraudulent activity happened. That will only come next month. Meanwhile there is also a malware or a virus that affects ATM machines directly. In India, most cards are accepted by most machines, which is why a single malware can breach data across whole system in the country. 
 
How can this be prevented? No system can be made foolproof, let alone bank. <keyword id="3775460" type="UNKNOWN" weightage="20" keywordseo="dharmdasani">Dharmdasani</keyword> says, it has to be a cat-rat race where the banks need to be always ahead before the frauds reach them. For banks listed in the data breach incident recently, it is advised to ask for <a href="http://www.businessinsider.in/searchresult.cms?query=atm%20cards&amp;sortorder=score">a new debit card</a> with a new set of pins. This will cost you Rs 100- 300 but your hard-earned money is safe. 
 
From a policy point of view, the ET report says, the government should look at the laws that many countries have for cyber security compliance. If you are accepting information, you need to be held accountable for that. The stringency could depend on the nature of the organisation: whether it's a bank, a healthcare company or a retail establishment. The <a href="http://www.businessinsider.in/searchresult.cms?query=atm%20cards&amp;sortorder=score">advantage</a> we in India have is that models that exist abroad have been tried and tested for 10-15 years. We can look at those models and see what fits into our ecosystem.

Here’s what you need to do if you
are scared about the recent data breach in ATM cards

<keyword id="69870" type="CITY" weightage="20" keywordseo="Hitachi">Hitachi</keyword> owns up to the malware that compromised of 3.2 million debit cards in the month of October of 2016, the audit report has confirmed that the malware that compromised the cards had infected the <keyword id="4157214" type="UNKNOWN" weightage="100" keywordseo="hitachi-atm">Hitachi ATM</keyword> payments network. In a statement to the media, Hitachi Payment Services confirmed the breach and said that they will continue to undertake all mandatory and regulatory security measures to enhance the security of their systems. "We confirm that our security systems had a breach during mid¬2016. As soon as the breach was discovered, we followed due process and immediately informed the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), National Payments Corporation of India (NPCI), banks and card schemes to ensure the safety of their customers’ sensitive data," said loney Antony, managing director, Hitachi Payment Services. 
 The report also confirmed that the malware, had been able to work undetected and had concealed its tracks during the compromise period. While the behaviour of the malware and the penetration into the network has been deciphered, the amount of data compromised during the above period is unascertainable due to secure deletion by the malware, said the report. Bankers say that the malware was so advanced that it could self destruct after the target was accomplished thereby not leaving behind much of trace to be tracked back to its originator. It was one of the biggest cyber attacks on the debit card network in the history of the Indian banking system. Of the cards, 2.6 million were said to be on the Visa and Master¬Card platform and 600,000 on the RuPay platform and the worst hit were ICICI Bank, Yes Bank, <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, HDFC Bank and State Bank of India. SBI even went further to cancel some 6 lakh debit cards and issued them afresh to customers.

A closure to Hitachi ATM payments network that compromised 3.2 million debit cards in 2016

<ul class="summary-list"><li><keyword id="3957064" type="PERSON" weightage="60" keywordseo="britbox">BritBox</keyword> is a subscription <keyword id="1797224" type="PERSON" weightage="60" keywordseo="streaming-service">streaming service</keyword> in the UK and US, focused solely on British <keyword id="406" type="ENTERTAINMENT" weightage="60" keywordseo="Movies">movies</keyword> and TV. </li><li>The BritBox library includes both popular and classic titles, including "Downton Abbey" and "Doctor Who." </li><li>After a 30-day free trial, BritBox is available for $6.99 a month in the US and £5.99 a month in the UK.</li></ul>With <keyword id="572624" type="PERSON" weightage="60" keywordseo="Streaming">streaming</keyword> services becoming the preferred way for <keyword id="4578" type="COMPANY" weightage="60" keywordseo="entertainment">entertainment</keyword> fans to consume their favorite TV shows and movies, these platforms are becoming more and more popular. BritBox, which bills itself as having the "biggest collection of British content on any streaming service" - more than Netflix, Acorn TV, and Hulu - is one such platform that Brits and Anglophiles in the US alike can enjoy. <h2>What is BritBox?</h2>Launched in the US and Canada in March 2017 (and in the UK in November 2019), BritBox is a subscription-based movies and TV service, with <a href="https://www.hollywoodreporter.com/news/britbox-ceo-stepping-down-as-streamer-hits-1-5-million-subs" target="_blank" rel="noopener">roughly 1.5 million subscribers</a> in North America. The service, which is a joint effort of the British TV networks ITV and BBC, is centered entirely around <keyword id="41704" type="ORGANIZATION" weightage="60" keywordseo="British-Television">British television</keyword> and movies. While both the North American and British versions of BritBox are pretty much identical, the key differences lie in the content library and offerings, with a smaller selection available with the US version. Both UK and US subscribers have access to BritBox Originals, however. <div type="image" title="Britbox 2" height="1564" width="2058" msid="82459990" hostid="261"></div>The North American version of BritBox operates mostly as a platform and content library to help expose non-UK audiences to British programming, while the UK version functions more as an archive of shows many subscribers will already know and love.<h2>What BritBox shows and movies are available </h2>BritBox offers a variety of British comedies, mysteries, dramas, lifestyle, and docs both ad-free and on-demand, with many in their entirety. Among the popular BritBox shows available to stream on the platform are "Downton Abbey," "Broadchurch," "Only Fools and Horses," "Doctor Who," and "Spooks."Classic British movies including the "Carry On" films and several Hitchcock thrillers are also available, along with original programming. In total, there are more than 300 titles to choose from, with more being added regularly. <div type="image" title="Britbox 1" height="1350" width="2400" msid="82459994" hostid="261"></div>BritBox shows and movies are also available on the following platforms and devices: <ul><li>iPhone, iPad, and iPod Touch</li><li>Android devices</li><li>Apple TV </li><li>Roku</li><li>Smart TVs from Panasonic, Samsung, JVC, Logik, Polaroid, Sony, Toshiba, LG, Hisense, Hitachi, and Bush</li><li>Google Chromecast</li><li>TalkTalk TV</li><li>Freesat</li><li>BT TV</li><li>Amazon Fire TV</li><li>Mac or PC web browsers</li><li>Netgem</li><li>YouView</li></ul><h2>How much does BritBox cost?</h2>Related Article Module: How much is BritBox? A cost breakdown for the British streaming serviceIf you want to sign up for BritBox, the company offers a free seven-day trial to give you a taste of what's available before committing to a monthly subscription. After the trial period ends, you'll pay $6.99 per month or $69.99 per year for HD video on multiple screens and devices. In the UK, the monthly subscription fee is £5.99 a month or £59.99 per year.<h2>How to sign up for BritBox </h2>Once sign-up for BritBox is completed, you can begin streaming immediately. Additionally, you can cancel your account at any time during the free trial period to avoid being charged. <ol><li>Navigate to the BritBox website and click the "Free Trial" or "Try for Free" option in the upper right-hand corner of the screen. <div type="image" title="Britbox 3" height="1057" width="2239" msid="82459999" hostid="261"></div></li><li>Enter your first and last name, your email address, and a password you'd like to use with your account. </li><li>Now click "Create account and continue." <div type="image" title="Britbox 4" height="810" width="1665" msid="82460007" hostid="261"></div></li><li>Confirm whether you want a monthly or yearly plan. <div type="image" title="Britbox 5" height="1318" width="1965" msid="82460010" hostid="261"></div></li><li>Finally, enter your credit card information. This card payment will be taken after your free trial period ends. <div type="image" title="Britbox 6" height="1261" width="1682" msid="82460015" hostid="261"></div></li></ol>Quick tip: BritBox subscriptions are <a href="https://help.britbox.com/hc/en-us/articles/360043264033-Subscribing-through-Amazon-Prime-Video-or-Apple-TV-Channels" target="_blank" rel="noopener">also available</a> through Amazon Prime Video and the Apple TV app.<a data-type="5fe0dbd5c5e67e56a567ce66">How to get BritBox on your smart TV and binge your favorite British shows</a><a data-type="5fd7d59af41f580c00150604">What is Acorn TV? Everything you need to know about the streaming service that offers international shows</a><a data-type="5fd8f4606226304e94148ffa">How to cancel your Acorn TV subscription no matter how you signed up for it</a><a data-type="601dde1009e96f3044754b37">How to cancel subscriptions you made through Amazon and stop being charged for streaming services and apps</a>

What is BritBox? A brief guide to the British television and movie streaming service

​The growing proficiency of Indian technology companies in building innovative products is drawing a great deal of attention from global corporations eager to acquire fresh ideas and skilled workers. 
 
Applications that help ease online payments, offer security for data stored on multiple devices as well as those that help drive greater advertising revenue on mobile devices are some of the technologies on the shopping list of multinationals scouting for the right startup. In the next five years, experts say at least 40 technology ventures in India could be bought over by large corporations. 
 “Couple of them (startups) will be valued at over $1 billion (Rs 6,200 crore),” said Ravi Gururaj, an angel investor who heads the software product council at industry lobby <keyword id="6372077" type="CITY" weightage="60" keywordseo="Nasscom">Nasscom</keyword>. He expects about half a dozen technology ventures to be valued at around $500 million (Rs 3,100 crore) while <keyword id="818790" type="UNKNOWN" weightage="40" keywordseo="the-rest">the rest</keyword> will likely fetch a price of between $15 million (Rs 93 crore) and $50 million (Rs 311 crore). 
 A handful of such acquisitions has already set the ball rolling. Last November, Japanese engineering and electronics maker <keyword id="69870" type="CITY" weightage="40" keywordseo="Hitachi">Hitachi</keyword> acquired Prizm Payment Services, in a deal estimated at $250 million (Rs 1,547 crore). In mid 2013, South African media conglomerate Naspers bought online bus ticketing firm red-Bus for about $100 million (Rs 618 crore), giving it access to not only the large <keyword id="47445" type="UNKNOWN" weightage="40" keywordseo="Indian-market">Indian market</keyword> but disruptive technology as well. 
 “Multinational companies primarily look for talent and <keyword id="388837" type="UNKNOWN" weightage="40" keywordseo="intellectual-property">intellectual property</keyword> that can compete at global level,” said Prashant Gupta, group manager at Microsoft India (R&amp;D). “There are early signs in India that such companies are emerging that can meet these demands, especially in cloud-driven application lifecycle and big data,” he said. 
 
The global software maker runs an accelerator programme in India for technology startups that has graduated 22 ventures so far and is poised to make its first venture investment this year. 
 Interest from <keyword id="6355311" type="COUNTRY" weightage="40" keywordseo="Japan">Japan</keyword>ese corporations too is growing. Apart from the Hitachi deal, others such as NTT too have been active buyers. In 2012 Japan’s <keyword id="913532" type="ORGANIZATION" weightage="40" keywordseo="NTT-Communications">NTT Communications</keyword> bought a majority stake in technology firm <keyword id="423557" type="COMPANY" weightage="40" keywordseo="Netmagic">Netmagic</keyword> for about Rs 900 crore. “India is becoming the laboratory for products and services for the world,” said Krishnan Ganesh, <keyword id="36740" type="POSITION" weightage="40" keywordseo="founder">founder</keyword> of online tutoring company TutorVista that was bought by the UK’s <keyword id="152222" type="CITY" weightage="40" keywordseo="Pearson">Pearson</keyword> group at an enterprise value of about Rs 1,000 crore. 
 
After the acquisition, the number of students using the services of TutorVista has tripled to four million across both the local and the US market. Pearson now aims to replicate the TutorVista model in emerging markets such as Brazil, China and South Africa. 
 
In 2013, there were 100 merger and acquisition deals across the India’s information technology industry. Of this, 31 whose value was announced were worth $1,906 million (Rs 11,807 crore), according to research firm Venture Intelligence. 
 The trigger for this growing M&amp;A activity is the range of disruptive technology startups emerging out of India. Companies such as advertising network InMobi, data analytics company Mu Sigma and online retailer <keyword id="6354742" type="COMPANY" weightage="40" keywordseo="Flipkart">Flipkart</keyword> have achieved a scale where they are valued at over $1 billion. “This is driven by leading-edge globally competitive technologies,” said Naren Gupta cofounder and managing director of Nexus Venture Partners, an early investor in Netmagic and online retailer <keyword id="541988" type="COMPANY" weightage="40" keywordseo="SnapDeal">Snapdeal</keyword>. 
 For instance, Pune-based <keyword id="741520" type="COMPANY" weightage="40" keywordseo="Druva">Druva</keyword> provides data security and retrieval software to customers such as US space agency <keyword id="6360409" type="ORGANIZATION" weightage="40" keywordseo="NASA">Nasa</keyword>, drug maker <keyword id="44612" type="CITY" weightage="40" keywordseo="Pfizer">Pfizer</keyword> and fashion brand <keyword id="5940" type="PERSON" weightage="40" keywordseo="Louis-Vuitton">Louis Vuitton</keyword>. 
<div style="page-break-after: always;">
	&#xa0;</div> In Chennai, Perfint Healthcare has developed robots that treat cancer by precisely inserting a needle in the affected area to burn or freeze a patient’s tumour, leaving the good tissue alone. The founders, all former employees of <keyword id="166456" type="COMPANY" weightage="40" keywordseo="GE-Healthcare">GE Healthcare</keyword>, quit to launch the firm when they realised the demand for such a product. For global corporations acquiring such game-changing technologies can help them enter new markets and raise barriers against competition. 
 Two years ago, when global software maker <keyword id="183292" type="CITY" weightage="40" keywordseo="Red-Hat">Red Hat</keyword> bought Bangalore-based <keyword id="6373689" type="ORGANIZATION" weightage="40" keywordseo="Cloud-computing">cloud computing</keyword> startup <keyword id="724826" type="COMPANY" weightage="40" keywordseo="Gluster">Gluster</keyword> for around Rs 667 crore, it acquired a storage platform technology which it offered to its customers for the first time. The cost of technology infrastructure to set up such ventures and scale them up for acquisitions has also come down drastically. 
 “A bunch of guys can now launch an application from a garage, keep the tablet or a mobile phone as the front end and the product becomes viral in few weeks,” said Anand Babu Periasamy, cofounder of Gluster. A computer <keyword id="6369183" type="POSITION" weightage="40" keywordseo="Engineer">engineer</keyword> graduate from <keyword id="119675" type="ORGANIZATION" weightage="40" keywordseo="annamalai-university">Annamalai University</keyword>, Periasamy who now works at Red Hat is aiming to build Gluster into a billion dollar business unit. 
 
Experts hope small-size technology ventures in India will also attract the attention of larger firms. “Smaller exits are the life blood for healthy startup ecosystems like in <keyword id="6355882" type="COUNTRY" weightage="40" keywordseo="israel">Israel</keyword> and US,” said Sharad Sharma co founder of software product think-tank iSpirt. Sharma is running an active M&amp;A Connect Program at iSpirt that is curating a list of several dozen companies. 
 Some of those on the radar are retail services software maker Capillary Technologies, healthcare applications provider <keyword id="1165142" type="UNKNOWN" weightage="40" keywordseo="Practo">Practo</keyword> and security software maker <keyword id="171228" type="COMPANY" weightage="40" keywordseo="Quick-Heal">Quick Heal</keyword>. According to Sharma, many of them have shown healthy growth traction and are attractive for strategic partnerships. 
 Sharma of iSpirt is of the view that a larger proportion of bootstrapped companies is stymieing merger activity in India. “It is harder for large corporations when there is no validation from <keyword id="6357097" type="COMPANY" weightage="40" keywordseo="venture-capital">venture capital</keyword> firms,” he said. 
 The other major problem say experts is that large Indian firms such as Infosys, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword> and <keyword id="6357150" type="CITY" weightage="40" keywordseo="TCS">TCS</keyword> have shied away from making any such purchases, despite having huge cash reserves. Infosys has $4 billion (Rs 24,000 crore) cash reserves. 
 
“When Wipro can be in soaps and vegetable oil, why can’t they be in the Flipkarts of the world,” said Ganesh of TutorVista. “They are sitting on a huge cash reserve and not a fraction has been spent on startups. That mentality is not there.” 
 
“Over the next five years, I expect that quantity will dramatically improve and we can be optimistic about merger and acquisition activity out of India,” said Nasscom’s Gururaj.

Indian startups' global competitiveness and innovation make them acquisition targets

Welcome to The Fintech Briefing, a morning email providing the latest news, data, and insight into disruptive fintech in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and Ireland, the Continent, and beyond, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.<form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><label>Email:</label> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></form>FINANCIAL SERVICES FIRMS FEAR FINTECH. The global financial services industry is being disrupted by fintech, and executives at financial institutions fear losing a quarter of their business to new players by 2020, <a href="https://www.pwc.com/gx/en/advisory-services/FinTech/PwC%20FinTech%20Global%20Report.pdf">according to PWC.</a> <ul><li>Financial services executives suspect that they could lose 28% of their payments and transfer business due to fintech challengers. </li><li>Banks risk losing nearly a quarter of their business according to the same group. </li><li>Executives fear that 22% of their asset/wealth management business is under threat and 21% for insurance firms.</li></ul>A key driving force behind this disruption is that at its most basic level financial services is about transferring and storing information, and organizations benefit greatly from transitioning those operations to digital. Another is consumer centricity - offering solutions that better address customer needs. This is something fintechs are mostly better at than incumbents. Disruption isn't the only option for legacy firms. Fintechs often provide a better user experience than legacy players because consumers moving to digital and fintechs are good at tech. Over 80% of fintechs believe they are fully consumer-centric (compared to 53% of incumbents). But they're not necessarily good at the finance aspect of fintech. Further, they often don't have the funding, reach, and licenses necessary to scale quickly. That's where legacy firms have an advantage and a potential point of collaboration. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56eba773dd08952b588b45b2-960/share of business.png"></a>BI Intelligence</div></div></div>INNOVATE FINANCE WANTS TO MAKE IT EASIER FOR FIRMS MOVE ACROSS BORDERS. Differences in financial regulatory approaches between countries create a barrier for fintechs to scale across borders. This week Innovate Finance, which represents the UK's global fintech community, and US lending platform OnDeck, launched the Transatlantic Policy Working Group (TPWG) to try and address those differences between US and UK policy. The TPWG will include stakeholders from fintechs, incumbents, government, trade bodies, think tanks and academia to ensure all aspects of policy relating to fintech are discussed by the group. Opposite ends of the spectrum. Both the UK and US boast thriving fintech communities, but the UK is a long way ahead in its regulatory approach to the industry. The US has traditionally had a more restrictive approach, thanks in part to the heavy involvement of large banks in the development of regulation. The TPWG initiative hopes to improve the environment through dialogue on different global approaches to regulation and how they encourage fintech innovation.SOUTH KOREA WARMS TO FINTECH. The country's economy has recently <a href="http://www.bbc.co.uk/news/business-34612397">suffered</a> as a result of a drop in tourism and falling exports. The government is taking number of actions to recover, including loosening regulation in the financial services industry to encourage the growth of fintechs, <a href="http://english.yonhapnews.co.kr/news/2016/03/15/0200000000AEN20160315004800320.html">according</a> to Yonhap News. In particular, non-banks can now facilitate money transfers, resulting in <a href="http://uk.businessinsider.com/fintech-briefing-uk-regulator-on-robo-advisors-baap-in-germany-2016-3">foreign money transfer</a> firms entering the country. The country also plans to lift restrictive policies <a href="https://www.google.co.uk/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi7g6HlisjLAhVG_A4KHe1QCH4QFggcMAA&amp;url=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fb950264e-3c13-11e5-8613-07d16aad2152.html&amp;usg=AFQjCNGorUe-dqqMOja0n0i_aQcz3TSAnA&amp;bvm=bv.117218890,d.bGs" target="_blank">to allow</a> internet-only banking.The strategy is working. VC firm Altos Ventures has<a href="http://techcrunch.com/2016/03/16/super-hot-korea-gets-a-new-startup-fund/?ncid=rss&amp;ct=t(FinTech_for_RSSFEED_DATE_4_16_2015)"> just raised</a> a £77 million ($110 million) fund to invest in the country and is "very interested" in putting that money into fintech, specifically mobile payment platforms and P2P lending. Permissive regulation and increased funding, combined with South Korea's vibrant technology sector and successful ecommerce industry, could lead the country to become a global fintech hub to rival Singapore and Hong Kong in Asia. Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox.<form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><label>Email:</label> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">SUBSCRIBE</button></form>CROWDFUNDING PLATFORM PARTNERS WITH LONDON STOCK EXCHANGE. It's difficult or impossible for many individuals to buy stock in private companies, or participate in pre-IPOs or discount placings, because brokers usually require a high net-worth in order to participate. UK crowdfunding platform <a href="https://www.syndicateroom.com/press/syndicateroom-brings-crowdfunders-to-ipo-market.aspx">SyndicateRoom</a> wants to change that, by giving individual investors access to these opportunities typically reserved for <a href="http://uk.businessinsider.com/syndicateroom-get-intermediary-status-with-london-stock-exchange-2016-3">professionals</a> (e.g. VCs and Angels). It recently received intermediary status from the London Stock Exchange (LSE) bringing it closer to achieving this goal. This allows it to offer investors access to IPOs of companies listing shares on the London stock market, through its online platform. <form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"></form>MEET US AT MONEY20/20 EUROPE. BI Intelligence analysts will be at Money20/20 Europe. <a href="http://www.businessinsider.com/meet-business-insider-at-money2020-europe-2016-3?IR=T" target="_blank">Sign-up to meet the analysts here</a> and don't forget to attend Managing Analyst John Heggestuen's fireside chat with MoneyGram CEO Alex Holmes.Around the world ...GOLDMAN SACHS BACKS MOBILE WALLET IN VIETNAM. Vietnam-based M-Service, which operates e-wallet MoMo, received a £19.5 million ($28 million) Series B round from Standard Chartered Private Equity and Goldman Sachs, <a href="http://in.reuters.com/article/momo-investment-stanchart-idINL3N16O3JM" target="_blank">according</a> to Reuters. Goldman Sachs had previously funded MoMo in 2013, while Standard Chartered provided the bulk of the funding in the current round. The e-wallet facilities online payments and domestic remittances, as well as in-store payments in select locations. MoMo claims 2.5 million users in Vietnam and a bricks-and-mortar agent network with over 4,000 locations. JPMORGAN HIRES OBAMA-ADMIN ALUM TO LEAD FINTECH STRATEGY. Seth Wheeler, former economic adviser to US President Barack Obama, will join JPMorgan's consumer and community banking team to lead fintech and innovation strategy, <a href="http://qz.com/639818/jpmorgan-chase-appoints-a-former-obama-advisor-to-lead-its-fledgling-fintech-strategy/" target="_blank">according</a> to Quartz. JPMorgan has been an active player in fintech over the past year announcing partnerships with small business lender On Deck, investing in P2P lender Prosper, and testing blockchain transfers between New York and Tokyo. BARCLAYS OPENS FINTECH ACCELERATOR IN INDIA. The Rise fintech accelerator program is coming to Mumbai in the second quarter, <a href="https://www.Finextra.com/newsarticle/28622/barclays-opens-rise-fintech-hub-in-mumbai" target="_blank">according</a> to Finextra. Rise offers physical and virtual workspaces where fintech entrepreneurs can meet and receive guidance from a global network of fintech experts. Rise locations are offered in cities around the world including London, New York, Manchester, Cape Town, and Tel Aviv through a partnership between British bank Barclays and network-provider 91springboard. The news adds to a growing trend of collaboration rather than competition between fintechs and legacy banks.HITACHI ESTABLISHES FINTECH RESEARCH LAB IN SILICON VALLEY. The Japanese conglomerate <a href="http://www.businesswire.com/news/home/20160316005469/en/Hitachi-Establish-FinTech-Research-Organization-North-America" target="_blank">announced</a> yesterday that it will launch the Financial Innovation Laboratory as part of its Silicon Valley-based Global Center for Social Innovation. The aim of the initiative is to "accelerate research &amp; development of blockchain technology, collaborative creation with customers, and development of solutions to support business innovation in financial institutions." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/little-known-google-features-2016-3">5 awesome Google features you didn't know about</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J5Y2U3bzoIG_b9FvwXC1b1SZa9sN8clG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

 FINTECH BRIEFING: Fintechs could take 23% of financial services  - Korea loosens regulations - Crowdfunding platform partners with LSE 

<ul><li>Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) has emerged as one of the most popular modes of payments in India.</li><li>Some new changes have been announced to UPI from January 1, 2024.</li><li>Here are the new rules and features of UPI that you need to be aware about.</li></ul> The year 2024 has begun and with this, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest growing mode of payment has some new rules that you need to keep in mind. To improve UPI and improve user experience, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations that have come into effect from January 1, 2024. In this post, we look at the five new changes in UPI that you need to be aware about – <cmsannotation type="cmsannotation" annotationid="Inactive UPI IDs" comment="subhead" text="Inactive UPI IDs">Inactive UPI IDs</cmsannotation> As per guidelines by the NPCI, payment apps such as PhonePe, Google Pay, PayTM and more are required to verify and maintain active UPI IDs. UPI IDs that haven’t been used for a year will be deactivated. So, if you have a UPI ID that hasn't been used in a long time, it is important to at least make one payment soon to avoid deactivation of that ID. <cmsannotation type="cmsannotation" annotationid="Fraud prevention" comment="subhead" text="Fraud prevention">Fraud prevention</cmsannotation> In a bid to reduce the increasing financial frauds, the central bank has reportedly proposed a 4-hour window for users making a first payment of ₹2,000 or more to a new recipient. During this window, the users will be able to modify or reverse the transaction, if they haven’t transacted with the person before. <cmsannotation type="cmsannotation" annotationid="Increased transaction limit" comment="subhead" text="Increased transaction limit">Increased transaction limit</cmsannotation> To help users making large transactions to hospitals and educational institutions, the transaction limit for such institutions has been increased from the existing INR 1 lakh to INR 5 lakh. This will make it easier for those paying large amounts to such institutions to complete their payment. <cmsannotation type="cmsannotation" annotationid="UPI ATMs" comment="subhead" text="UPI ATMs">UPI ATMs</cmsannotation> In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has started rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. The first ATM has already been launched and more ATMs will be rolled out across the country. <cmsannotation type="cmsannotation" annotationid="UPI for secondary market" comment="subhead" text="UPI for secondary market">UPI for secondary market</cmsannotation> NPCI’s UPI for secondary market project has entered the beta phase, allowing selected users to block funds post-trade confirmation in the secondary market. This enabled settling of funds on T 1 basis via clearing corporations. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-pre-reservation-starts-how-to-pre-book-benefits-and-more/articleshow/106505615.cms">Samsung Galaxy S24 pre-reservation starts – How to pre-book, benefits and more</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-hyundai-sales-rise-maruti-suzuki-reports-a-decline-in-december-2023/articleshow/106474205.cms">Mixed December – While Tata Motors, Hyundai sales rise, Maruti Suzuki reports in the slow lane</a>

UPI in 2024 – Five rule changes that you need to know

<ul><li><keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> relaxed norms in relation to royalties and brand usage payments.</li><li>Payments may be considered material if they exceed 5% of annual income. It was earlier at 2%.</li><li>This is good news for multinational companies who pay large amounts as royalty to their parent companies.</li></ul>The <keyword id="6378893" type="UNKNOWN" weightage="20" keywordseo="market-regulator">market regulator</keyword> <keyword id="6355630" type="UNKNOWN" weightage="20" keywordseo="securities-and-exchange-board-of-india">Securities and Exchange Board of India</keyword> (SEBI) today relaxed norms in relation to royalties and brand usage payments. “Payments made to related parties towards brand usage may be considered material if the transactions exceed 5% of the annual consolidated turnover of the listed entity during a financial year,” SEBI said in a statement released after its board meeting today. If a royalty payment to related party exceeds this specified percentage, it would require shareholders to vote on it, without related parties participating in it. Its regulations earlier had defined material payments at 2% of a listed company’s annual turnover. Royalties paid by companies include technical know-how fees, or brand usage fees and other service related payments. This comes as good news for many multinational companies in India who pay large amounts as royalty to their parent companies. However, India’s largest auto maker Maruti Suzuki and others like General Electric T&amp;D India, Hitachi Air Conditioner India might remain unaffected since their royalty payments well cross the extended five percent. These three companies pay as much as 20% of their pre-tax profits to their parent companies, according to a report by Mint. At least 14 of 27 MNCs paid more than 2% of their income as royalty, it said.

India's markets regulator just made it easier for companies to give away larger royalties

India is facing its biggest ever breaches of financial data. The breach is said to have originated in malware introduced in systems of Hitachi Payment Services, enabling fraudsters to steal information allowing them to steal funds. 
 Following this, banks are going to replace or ask their customers to change security codes. As many as 3.2 million debit cards have been hit and if you are a customer of State Bank of India, <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Bank, ICICI Bank, YES Bank and <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, you should probably speak with the bank representatives. 
 
As per various reports, Several victims have reported unauthorised usage from locations in China. Out of 3.2 million debit cards, 2.6 million are said to be on the Visa and Master-Card platform and 600,000 on the RuPay platform. 
 
Now, Payments Council of India has ordered a forensic audit on Indian bank servers and systems to detect the origin of frauds that might have hit customer accounts. 
 NPCI Managing Director AP Hota told ET, “We have received complaints from banks about debit cards being used in China which aroused suspicion. Though most of the suspected fraudulent transactions happened in the Visa and <keyword id="6368201" type="CITY" weightage="20" keywordseo="MasterCard">MasterCard</keyword> network, we thought a whole a forensic audit of the entire network will help us find out where the compromise happened.” 
 
"Besides advising those customers who we know have used a non-HDFC Bank ATM in the recent past to change (their) ATM PIN, we are advising our customers to use only HDFC Bank ATMs as we believe security controls at some of the other bank ATMs may not be at par with HDFC Bank ATMs," a HDFC spokesperson told ET. 
 
On Wednesday, 600,000 SBI debit cards were hit and the bank has now asked customers to change their PIN numbers as well. 
 
"Based on the complaints we have received, we are suspecting a compromise on the non-SBI ATM network which could include various white-label ATM service providers. Therefore, as a precautionary measure, we have blocked six lakh debit cards. We have assured our customers that there has not been any breach on the ATM network of SBI," SBI Chief Information Officer Mrutyunjay Mahapatra told ET. 
 
Banks had been receiving multiple complaints from customers about cards being used in China at various ATMs and point of sale terminals. They in turn alerted Visa and MasterCard. A forensic audit is being conducted by Bengaluru-based payment security specialist SISA.

This may be one of India’s biggest financial data breaches; 3.2 million debit cards of SBI, HDFC, ICICI, YES Bank and Axis hit

After being hit by what can be termed as one of India’s biggest ever financial security breaches, Indian banks are rebooting security systems and refunding money to the customers. 
 Around 3.2 million debit card owners of banks such as State Bank of India (SBI), <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword>, <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword>, YES Bank and <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> were hit after a breach was reported which is said to have originated in malware introduced in systems of Hitachi Payment Services, enabling fraudsters to steal information allowing them to steal funds. 
 
After the breach was reported, SBI had asked their customers to change the PIN numbers of their debit cards as over 6 lakh debit cards were hit. 
 
Axis Bank said some cards have been replaced and many customers have been asked to change their PIN codes. Even ICICI and HDFC Bank have followed suit and informed their customers about the same. 
 
"Banks are currently conducting detailed investigations or assessment of all the transactions where money was lost due to the financial breach," a person with direct knowledge of the matter told ET. 
 
ATMs of certain banks disbursed money on the fraudulent cards and some of these banks which are abroad, mainly in China, have reached out to the Indian banks to reimburse them the money . 
 
"Like someone has used bank A 's debit card to withdraw money from ATM machine of bank B. We will be reimbursing all the customers who have lost their money within a week, and we are talking to other banks to sort out how to reimburse or collect money from them," a banker with one of the banks hit by the breach told ET. 
 
Quite a number of customers do not have their bank accounts linked with their mobile numbers, so it is difficult to alert them of such a possible breach," AP Hota, MD &amp; CEO, NPCI told ET. 
 
Meanwhile, the finance ministry and the Reserve Bank of India (RBI) have sought for a report on how many cards were compromised and the quantum of funds siphoned off. 
 
“There has to be some clarity from the RBI on when and to what extent is the customer liable if he fails to mitigate the damage done. Right now, it is not clear who will eventually take the fall in this case," Nishit Dhruva, Managing Partner, MDP &amp; Partners told ET. 
As per various reports, the breach has mainly affected the magnetic strip ATM cards.

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