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The Reserve Bank on Thursday proposed to create a <keyword id="22711172" type="General" weightage="20" keywordseo="public-repository" source="keywords">public repository</keyword> of <keyword id="21305551" type="General" weightage="100" keywordseo="digital-lending-apps" source="keywords">digital lending apps</keyword> in a bid to address the problems arising from mushrooming <keyword id="22711171" type="General" weightage="20" keywordseo="unauthorised-players" source="keywords">unauthorised players</keyword> in the segment. In another significant move, the central bank proposed to introduce a facility of "<keyword id="22710839" type="General" weightage="20" keywordseo="Delegated-Payments" source="keywords">Delegated Payments</keyword>" in UPI to enable an individual to allow another individual to make <keyword id="19957378" type="General" weightage="20" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword>. In a <keyword id="13144094" type="General" weightage="20" keywordseo="post-monetary-policy-review" source="Orion">post-monetary policy review</keyword> address, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> said the central bank has taken several measures for the orderly development of the <keyword id="12577431" type="General" weightage="20" keywordseo="digital-lending-ecosystem" source="Orion">digital lending ecosystem</keyword> in India. In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. On introduction of 'Delegated Payments' through UPI, the Governor said the facility would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user's bank account without the need for the secondary user to have a separate bank account linked to UPI. This, he added, will further deepen the reach and usage of digital payments. The central bank also announced an increase in the transaction limit for tax payments through UPI to Rs 5 lakh. Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments which have higher transaction limits. "It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI," Das said. The Governor also announced measures to speed up cheque payment which will benefit both the payer and the payee. At present, cheque clearing through Cheque Truncation System (CTS), operates in a batch-processing mode and has a clearing cycle of up to two working days. "It is proposed to reduce the clearing cycle by introducing continuous clearing with 'on-realisation-settlement' in CTS," Das said. This means that cheques will be cleared within a few hours on the day of presentation.

RBI to set up public repository of digital lending apps to check unauthorised players

The technology platform for providing "<keyword id="22918315" type="General" weightage="20" keywordseo="frictionless-credit" source="keywords">frictionless credit</keyword>" launched by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>) last year as a pilot project will soon be introduced nationwide soon, said Reserve Banks of India Governor, <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday. This technology platform will be named "<keyword id="22918314" type="General" weightage="20" keywordseo="Unified-Lending-Interface" source="keywords">Unified Lending Interface</keyword> (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies. Governor Das said "Just like <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> journey." The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers. Das stated that the ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. "This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation. By digitising access to customer's financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers," the RBI governor stated. Showing confidence in the newly launched ULI, Das said, "Just like UPI transformed the payments ecosystem, "we expect that ULI will play a similar role in transforming the lending space in India." Speaking about the success of Unified Payment Interface (UPI) Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals." Das further stated stated that the apex bank is consistently trying to secure the financial system in the country. "We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer-centric," Das said. Additionally, Das also highlighted that the central bank is constantly working on devising policies, systems, and platforms that will make the financial sector stronger, nimble and customer-centric. Das said that over the last decade, the traditional banking system has undergone an unprecedented technological transformation. By all indications, this process is likely to become even more intense in the coming years, he said. On the country's experience in DPI, he said, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more" He also emphasised that UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of cross-border remittances. The Governor also stressed that financial institutions should be abundantly mindful of associated risks of Artificial Intelligence.

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

<ul><li>According to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, the <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> <keyword id="881153" type="General" weightage="20" keywordseo="self-regulatory-organisation" source="Orion">self regulatory organisation</keyword> (SRO-FT) would derive its strength from its membership, ensuring that it is truly representative of the <keyword id="6133582" type="General" weightage="20" keywordseo="fintech-sector" source="Orion">fintech sector</keyword>. </li><li>The <keyword id="19901291" type="General" weightage="20" keywordseo="sro" source="keywords">SRO</keyword> model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. </li><li>The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. </li></ul>The Reserve Bank(RBI) of India has released a preliminary framework outlining general functions, governance standards, and eligibility requirements for the establishment of a self-regulatory organisation for FinTech firms (SRO-FT). The recognition of SRO-FTs would be determined by the quantity and characteristics of the applications received. According to the RBI, “The SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the fintech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them.” Keeping up with technological progress “The RBI's move to establish an SRO framework is a game-changer in financial regulations, especially for digital lending and AI-driven innovation. This is a strong shift towards a collaborative, adaptive ecosystem. By integrating industry insights into regulation, we're ensuring that rules are practical and keep up with technological progress, fostering innovation and growth,” says <keyword id="20212226" type="General" weightage="20" keywordseo="adhil-shetty" source="keywords">Adhil Shetty</keyword>, CEO, BankBazaar, a financial marketplace. He adds that the SRO model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. This is not just about ensuring compliance; it's about creating a culture of integrity and ethical practices that are ingrained in the industry's DNA. The RBI's commitment to this collaborative approach is thus a significant step in developing a resilient financial ecosystem. Healthy and sustainable growth of the fintech sector “The creation of an SRO is seen as crucial in combating the influence of unscrupulous lenders, promoting ethical conduct, strengthening lending infrastructure, and formulating adaptable regulatory strategies,” says <keyword id="20212225" type="General" weightage="20" keywordseo="madhusudan-ekambaram" source="keywords">Madhusudan Ekambaram</keyword>, Co-founder and CEO, KreditBee, a personal loan app. The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. Its primary goal is to contribute to the healthy and sustainable growth of the fintech sector, while also charting a smooth path to phased regulatory compliance when necessary. “This collaborative and participatory approach aligns with the RBI's overarching objective of fostering a resilient and sustainable financial ecosystem, emphasising ethical behaviour and transparency,” says Ekambaram. The SRO-FT is thus expected to play a pivotal role in shaping the course of digital lending in India by ensuring the adoption of responsible practices and maintaining integrity within the industry.

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

New Delhi, Jan 10 () PayU on Friday said it will acquire a controlling stake in PaySense and all its assets at a valuation of USD 185 million (about Rs 1,300 crore).
 "PayU's consumer lending business LazyPay and PaySense will merge their business operations to build a full-stack digital lending platform in India. This planned merger is aligned with PayU's long term vision of orchestrating a fintech ecosystem in India by partnering with the right companies and offering multiple financial services," a statement said.
 PayU will also inject up to USD 200 million (about Rs 1,400 crore) in the new enterprise in the form of equity capital, it said.
 It added that USD 65 million of the total amount will be immediately invested, while the balance corpus will be infused in the next 24 months to grow the loan book. 
 Prashanth Ranganathan (currently PaySense CEO) will lead PayU's credit business in India as the CEO of the new enterprise. He will continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit.
 PaySense's management team will become part of PayU's credit team.
 PayU's understanding of consumer backgrounds and insights into purchase behaviour and affluence levels from its payment gateway business, coupled with LazyPay's experience in driving customer acquisition and engagement and PaySense's analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population, the statement said.
 PayU's unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets.
 "This merger is the next step in our journey as we accelerate our vision for credit in India. We're delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform..." PayU Global Head of Credit Siddhartha Jajodia said.
 In a separate statement, Nexus Venture Partners said it was the sole initial institutional investor in Paysense.
 Nexus had first partnered Prashanth Ranganathan and Sayali Karanjkar at concept stage of the company in 2015, and further participated in all subsequent rounds of the company, it added. SR RVK

PayU to acquire controlling stake in PaySense

<ul><li>Digital payments in Southeast Asia will cross $1 trillion by 2025 according to the e-Conomy SEA 2019 report.</li><li>E-wallets will grow at a faster rate to hit $114 billion by 2025.</li><li>Digital remittances, lending, investments and insurance are expected to piggyback on the success of digital payments.</li></ul>Digital payments in Southeast Asia have reached their inflection point, and are set to cross $1 trillion mark by 2025. That means almost one in every $2 spent in the region is an online transaction according to Google, Tamasek and Bain &amp; Company's e-Conomy <a href="http://think.storage.googleapis.com/docs/e-Conomy_SEA_2019_report.pdf">SEA 2019 report</a>. "These technology-enabled business models are best positioned to give Southeast Asia's underbanked population access to financial services," it said. The report also estimates that e-wallets, a subset of digital payments, will grow even faster to reach $114 billion by 2025 — a five-fold increase over the current value of e-wallets at $22 billion. 
	
 <div type="image" title="googlesea_edited" msid="71575402" hostid="261" caption="&amp;lt;p&amp;gt;Growth trajectory of digital payments in Southeast Asia &amp;lt;/p&amp;gt;"></div>





 Other digital financial services like remittances, lending, investments and insurance are expected to grow at least two to three times their current value, in the next five years. "While new entrants and established players are competing and partnering to tackle this opportunity, supportive regulations will play a critical role," said the report. No monopoly in the fintech space Not only are digital financial services set to grow along with digital payments, they also involve a diverse set of players with no clear leader. Banks, remittance companies and insurance companies have the most experience in the area, but are struggling with the new-age digital services. They're also held back by legacy IT systems that have been in place for years, taking away agility. In comparison to the traditional players, challengers like e-commerce companies, telecos, social media platforms and ride hailing services are comfortable with the technology. But, their customer acquisition costs are higher as they penetrate new markets. Their ability to scale and stay financially sustainable is also yet to be proven. "Digital payments are rapidly spreading online and offline. But talent remains a pressing constraint despite all efforts by Internet economy companies to 'fill the gap'," noted the report. Improvement over last year Until last year, digital payments were a challenge in the Southeast Asian Internet economy. The lack of adoption was hindering the growth of other digital goods like gaming and music subscription services. Last year's e-Conomy SEA report stated that the digital payments ecosystem was largely fragmented, since the solutions weren't compatible with each other and merchants were reluctant to adopt the solution for both online and offline transactions. This year, not only are digital payments expected to grow but digital remittances, lending, investments and insurance are expected to piggyback on its success. See also: <a href="https://www.businessinsider.in/business/news/india-global-competitiveness-index-rank-fall-and-comparison-with-other-countries/articleshow/71574678.cms">India falls 10 places in Global Competitive Index as others race ahead in technology</a> <a href="https://www.businessinsider.in/india-is-as-prepared-as-us-or-australia-to-welcome-the-5g-era/articleshow/71499916.cms">India is as prepared as US or Australia to welcome 5G era</a> <a href="https://www.businessinsider.in/digital-india-mckinsey-report-analysis-of-indias-digital-economy/articleshow/68686474.cms">India is digitising but the pace is leaving many behind</a>

Old players and new challengers battle it out for Southeast Asia's $1 trillion digital payments market

New Delhi, Jun 19 () Hyundai Motor India Ltd (HMIL) on Friday said it has partnered with HDFC Bank to offer customised financing solutions for those buying cars through its online automotive retail platform 'Click to Buy'. This tie-up will enable customers to avail of loans through Click to Buy platform without the need to visit HDFC Bank branch, HMIL said in a statement. "Our partnership with HDFC Bank will forge a new beginning for the customer purchase journey from any virtual location with the most lucrative finance deals," HMIL Executive Director – Corporate Planning W S Oh said. He further said,"Since the launch of Click to Buy, we have received over 9 lakh visitors on the platform and have recorded over 17,000 registrations in two months." HDFC Bank Country Head for Retail Lending Arvind Kapil said the partnership with HMIL is in line with the lender's belief that a digital ecosystem needs to be created to enhance customer experience, particularly in the current environment. "An ecosystem that brings OEMs, dealerships and financiers together and enables a customer to purchase a new car sitting in the comfort of their homes," he added. HMIL had recently launched Click to Buy which is designed to facilitate end-to-end retail of its cars online through a contactless, safer, convenient and hassle free process. RKL ANU ANU

Hyundai ties up with HDFC Bank for vehicle finance

<div class="KonaFilter image-container display-table float_right"><div><div class="image">BI Intelligence</div></div></div>Mobile peer-to-peer transfer (P2P) app Venmo now allows groups and organizations to create accounts that can be used for paying dues, collecting reimbursements, and processing other transactions, according to a <a href="http://blog.venmo.com/2015/8/18/group-accounts-on-venmo-launched-in-beta">Venmo blog </a>post. The feature can only be accessed through a web browser and is still in beta mode, but sign-ups are open to anyone with a pre-existing Venmo account.Venmo group accounts mimic regular Venmo accounts. The service is intended to act as a separate shared account that groups can use for organization-based transactions. It also allows groups to assign managers, who administer the groups.This has the potential to further increase Venmo's numbers and separate it from the competition.<ul><li>In Q2 2015, Venmo's growth slowed, but transaction volume increased 247% year-over-year (YoY) to $1.6 billion. Venmo benefits from a network effect: Every time a new person begins to use the app, it becomes more valuable to existing users. The group accounts feature will give customers new use cases, which may further boost volume. </li><li>This move separates Venmo from its competitors in the P2P payments ecosystem. The P2P transfer ecosystem is becoming more crowded, with companies like Square, Snapchat and Facebook launching their own products. Offering group transfers can help Venmo capture new clients whose needs couldn't be fulfilled by competing platforms. </li></ul>Finding this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news &amp; trends, start your day with the Payments INSIDER. <a href="http://www.businessinsider.com/intelligence/insiders-free-report?IR=T">Get two weeks risk-free</a> Here are other stories you need to know from today's Payments INSIDER:<ul><li>Stripe partners with Alipay</li><li>Heartland and Digital Dining unveil EMV-compatible terminals</li><li>LendingRobot integrated with Lending Club</li></ul>Don't miss another day of breaking developments. Stay ahead of the curve and gain insight into the latest news &amp; trends. Join thousands of other professionals who start the day with Payments INSIDER. <a href="http://www.businessinsider.com/intelligence/insiders-free-report?IR=T">Try any of our INSIDER newsletters for two weeks »</a>

What Venmo's new segment could mean for its future

<div class="KonaFilter image-container float_right click-to-enlarge"><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image-960/567310f02340f894008b676b"></a>BI Intelligence</div></div>Technology is upending workflow and processes in the financial services industry. Tasks once handled with paper money, bulky computers, and human interaction are now being completed entirely on digital interfaces. Given how pervasive financial services are across the globe, the disruption opportunity for fintech startups is massive.Almost every type of financial activity - from banking to payments to wealth management and more - is being re-imagined by startups, some of which have garnered blockbuster investments. Meanwhile, the old guard is trying to solve a puzzle presented by the fintech revolution: How can they benefit from the rise of digital, and how can they avoid obsolescence? In a new report from BI Intelligence, we provide a detailed overview of the fintech ecosystem, explain the challenges and opportunities for incumbents and startups and evaluate the key areas of finance being disrupted by new technologies. We also determine which financial sectors are most vulnerable, which are still shielded from immediate disruption, and what that means for new entrants and financial giants.Companies mentioned in the report include: Lending Club, Stripe, Square, Apple, Western Union, JPMorgan Chase, Goldman Sachs, TransferWise, China Rapid Finance, Lufax, OnDeck, Dwolla, PayPal, Adyen, Simple, Moven, Ally, Capital One 360, Betterment, Wealthfront, Vanguard, Fidelity, Charles Schwab, Allstate, Oscar, Metromile, Azimo, Klarna, Number26, Atom Bank, LendingRobot, Earnest, and more. Here are some key takeaways from the report: <ul><li>Fintech - financial technology - is an umbrella term describing disruptive technologies in financial services. Fintech has transformed the way money is managed. It affects almost every financial activity, from banking to payments to wealth management. Startups are re-imagining financial services processes, while incumbent financial services firms are following suit with new products of their own.</li></ul><ul><li>Established players and startups face very different challenges. Banks are investing more heavily in innovation, however, they haven't yet fully diffused their innovation strategies throughout their organizations. Meanwhile, startups are trying to navigate the regulatory landscape. Banks will have to find a way to develop new platforms while overcoming legacy infrastructure; startups will have to find a way to scale out their business while facing increased regulations, higher costs, and larger infrastructures that will be more difficult to change and manage. </li><li style="padding-left: 0px; padding-bottom: 0.5em; line-height: 1.5em;">The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero. This would have a dramatic effect on big banks, which currently face high operating costs. It's also disruptive in that it could disintermediate many financial processes.</li></ul> In full, the report:<ul><li>Defines fintech and explains the main growth drivers of this new ecosystem.</li><li>Frames the challenges and opportunities faced by incumbents and startups.</li><li>Provides data on global and regional fintech investments, evaluating which regions are the most significant and which are poised for the highest growth. </li><li>Determines the financial sectors facing disruption and breaks them down in terms of investments.</li><li>Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.</li><li>Examines what banks and startups see as their greatest challenges in navigating this ecosystem.</li><li>Offers concluding thoughts on which sectors are the most vulnerable, which regions and segments will see the highest growth, and which new entrants and established players will fare the best during the migration to digital.</li></ul> Interested in getting the full report? Here are two ways to access it:<ol><li>Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally.» <a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_store_text_link_the-fintech-ecosystem-explained-measuring-the-effects-of-technology-on-the-entire-financial-services-industry-2015-12&amp;utm_content=report_store_teaser_text_link&amp;utm_campaign=report_teaser_store_link#!/The-Fintech-Ecosystem-Report/p/58319011/category=11987295" target="_blank">Learn More Now</a></li><li>Purchase &amp; download the full report from our research store.» <a href="https://intelligence.businessinsider.com/?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_subscription_text_link_the-fintech-ecosystem-explained-measuring-the-effects-of-technology-on-the-entire-financial-services-industry-2015-12&amp;utm_content=report_teaser_subscription_text_link&amp;utm_campaign=report_teaser_subscription_link" target="_blank">Purchase &amp; Download</a></li></ol> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions"></a> EXCLUSIVE FREE REPORT: 5 Top Fintech Predictions by the BI Intelligence Research Team. <a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions">Get the Report Now »</a></div>

How technology will affect the entire financial services industry

<ul><li><keyword id="11894021" type="UNKNOWN" weightage="60" keywordseo="apple" source="Orion">Apple</keyword> is working to bring future fintech offerings in house, according to a Bloomberg report.</li><li>The plan would result in Apple insourcing payment processing, risk assessment, and fraud analysis.</li><li>Apple's fintech partners traded lower following the report, including Goldman Sachs, Green Dot, and CoreCard.</li></ul><a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> sees enough long-term potential in fintech that it's working on a multiyear plan to bring much of what it outsources in-house, according to <a href="https://www.bloomberg.com/news/articles/2022-03-30/apple-is-working-on-project-to-bring-financial-services-in-house?srnd=premium">a Bloomberg report.</a>The iPhone giant is looking to insource payment processing, risk assessment for lending, fraud analysis, and credit checks as it continues to build out its fintech offerings, according to the report, which cited people with knowledge of the matter.While Apple's efforts are focused on future products, financial companies it has already partnered with saw their stocks tumble following the Wednesday report. <a href="https://markets.businessinsider.com/stocks/gdot-stock">Green Dot</a> and <a href="https://markets.businessinsider.com/stocks/ccrd-stock">CoreCard</a>, two of Apple's current fintech partners, each fell 8% and 18%, respectively. Meanwhile, <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> fell more than 1%.Apple's credit card relies on Green Dot and CoreCard as its main processors for sending transactions to banks for approval, while it relies on Goldman Sachs for lending, credit checks, and some customer service tasks related to the card.Apple has been slowly building out its fintech footprint over the past few years. The company <a href="https://www.businessinsider.com/how-does-apple-card-work">offers its customers a co-branded credit card,</a> peer-to-peer payments, the digital Wallet app, and the ability for merchants to accept credit card payments from a consumer's iPhone. Apple Pay was first launched in 2014 and has become central to its fintech and services businesses.Having a fintech platform embedded in all iPhones is important as it could help fuel further growth for Apple and increase the stickiness of its ecosystem, which means people who already own an iPhone are less likely to switch to a competitor like Android.Apple <a href="https://markets.businessinsider.com/news/stocks/apple-buys-uk-fintech-start-up-credit-kudos-11170275">recently acquired a UK-based startup named Credit Kudos,</a> which uses data from banks to make lending decisions. Apple could integrate that technology to help build its own infrastructure, according to Bloomberg.Recent reports suggest that Apple is also working on a hardware subscription offering for its phones and computers, as well as a buy-now-pay-later feature for its Apple Card. That buy-now-pay-later option would allow consumers to buy its products in either four installments with zero interest, or monthly installments with interest.Apple hopes to use in-house technology for the four-installment plan, according to Bloomberg, while the company would continue to work with Goldman Sachs for its longer-term installment offering. While Apple is working on developing its in-house technology platform to facilitate different facets of the fintech ecosystem, Bloomberg stressed that there are currently no plans for Apple to drop Green Dot, CoreCard, and Goldman Sachs as its partners for current products.

Apple's plan to expand in-house fintech sends current partners tumbling, including Goldman Sachs

Mumbai, May 27 () Expecting discretionary spending to return in the next few months, private lender HDFC Bank on Wednesday said a 10-15 per cent moderation in salaries will not lead to an overhaul of consumer lending practices though some prudence might be in order. A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said. Unemployment has touched record highs since the beginning of the lockdown nearly two months ago, and corporates have reportedly adopted measures like wage cuts in the face of the difficulties businesses are experiencing. "Even if there is a disruption in the salary of 10-15 per cent, it's not going to shake the ecosystem to an extent of lending completely going through a rejig or re-evaluation," Kapil said during an online video chat with bank executives. He, however, was quick to add that if the corporates are looking at moderation in salaries or in the increments, the same needs to be watched carefully from a prudential perspective. There will be a rise in precautionary saving in the immediate future and discretionary spending will return to normal in the next few months, he said. Kapil said retail lending as a whole is an under-penetrated sector in the country, which means that even in the case of a slowdown in the economy, there exists ample opportunity for small-ticket loans. Drawing from the micro-lending segment's experiences and how it has sprung back from crises like the floods in Kerala last year or after the demonetisation to ensure that portfolio delinquencies remain low, Kapil hoped the middle-class segment will also display the same resilience in the current crisis. On the auto loans front, where the bank is the largest vehicle financier, Kapil said there is enough scope for the original equipment manufacturers to be optimistic or positive about on the new sales front that will also help the financiers. He explained that social distancing requirements will keep people off shared cabs or using ride-hailing apps in general, while the otherwise pragmatic public transport options will also not be patronised at least for two months. Additionally, there is also pent up demand in the last few months and if one adds digital lending interventions which will make it convenient to borrow, there is scope for the sales to go up, he said. Kapil, who is credited with launching the almost instant online personal loan product four years ago, said he sees similar evolution on the auto loan side as well where the entire loan taking journey goes online and the customer gets a vehicle delivered after a few clicks. At present, HDFC Bank has digitised parts of a customer's loan availment journey and once the same is increased to 90 per cent by integrating all the stakeholders on a single platform, that is where the benefits will become visible, he said. He also welcomed the government's interventions for the small business segment in the Rs 20 lakh crore economic stimulus package, saying capital is the bigger constraint for business and facilitating the same through various interventions like loan guarantees is more beneficial than the tax reforms which were undertaken last year in the face of GDP growth plummeting. Kapil said the biggest learning from the crisis has been remote working and stressed that organisations will have to be agile to have innovations inculcated as a practice. AA MR MR

10-15% moderation in salaries not to impact lending practice: HDFC Bank

Mumbai, Jun 19 () Small Industries Development Bank of India (Sidbi) on Friday said it has signed a pact with the Ministry of Housing and Urban Affairs for implementation of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi). PM SVANidhi is a central scheme fully funded by the ministry with the objective to facilitate working capital loan to street vendors, thus enabling them to emerge self-reliant after the impact of the COVID-19 pandemic and revive their livelihood activity through formal access to credit. Sidbi will be the implementation partner for the scheme and will set up a project management unit, a release said. It will give access to the scheme through a customised digital platform and will integrate the institutional ecosystem and build capacity value chain. The development finance institution will facilitate credit guarantee to lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). Microfinance institutions (MFIs) shall be on-boarded on the CGTMSE platform for the first time for the scheme, Sidbi said. The platform shall also be integrated with the National Payments Corporation of India (NPCI) and the Unique Identification Authority of India (UIDAI) to enable the processes envisaged in the scheme, it said. "We are pleased to play a role in this important national endeavour to help millions of street vendors across the country whose livelihood activities have been disrupted due to the coronavirus outbreak. "We shall carry out deep engagement with the entire lending community and urge them to actively participate to make this scheme a success," Sidbi Chairman and Managing Director Mohammad Mustafa said. The scheme includes an initial working capital of up to Rs 10,000, interest subsidy on timely/early repayment at the rate of 7 per cent, monthly cashback incentive on digital transactions and higher loan eligibility on timely repayment of the first loan. Under this scheme, commercial banks, regional rural banks, small finance banks, co-operative banks, non-banking financial companies, MFIs and self-help groups will be able to provide credit. This scheme will target street vendors/hawkers vending in urban areas, as on or before March 24, 2020, including the vendors of surrounding peri-urban and rural areas. HV HRS

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