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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

Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has now filed for bankruptcy in the US amid extreme market conditions. The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders. Celsius said late on Wednesday that it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process. The platform, which last month paused all withdrawals, was last valued at $3.25 billion. "Without a pause, the acceleration of withdrawals would have allowed certain customers -- those who were first to act -- to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery," said the company. Alex Mashinsky, Co-Founder and CEO, Celsius, said that this is the right decision for its community and company. "I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he said. Meanwhile, the founders of another bankrupt cryptocurrency hedge fund <keyword id="14202326" type="General" weightage="80" keywordseo="three-arrows-capital" source="Orion">Three Arrows Capital</keyword> (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts. The mega fund, founded by Credit Suisse traders <keyword id="14355016" type="General" weightage="80" keywordseo="zhu-su" source="Orion">Zhu Su</keyword> and <keyword id="835976" type="General" weightage="80" keywordseo="kyle-davies" source="Orion">Kyle Davies</keyword>, once managed an estimated $10 billion in assets. The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors. The bankruptcy came as popular <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown. 3AC defaulted on a more than $650 million loan provided by crypto broker <keyword id="14344592" type="General" weightage="80" keywordseo="voyager-digital" source="Orion">Voyager Digital</keyword>, which has also filed for bankruptcy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/australias-health-minister-warned-that-millions-could-get-covid-19/articleshow/92866659.cms">Australia's Health Minister warned that "millions" could get COVID-19</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mindtree-lampt-infotech-infosys-indusind-bank-and-other-hot-stocks-on-july-14/slidelist/92865161.cms">Mindtree, L&amp;T Infotech, Infosys, IndusInd Bank and other hot stocks on July 14</a>

After firing 150 employees, crypto lending platform Celsius Network files for bankruptcy

<ul class="summary-list"><li>A group of emerging countries are planning a payments platform to bypass the US dollar, Lavrov announced.</li><li>The initiative follows a BRICS summit call for trade in national currencies.</li></ul>A group of major emerging countries is working on a way around the dollar — but they face an uphill battle to diminish the greenback's dominance.On Monday, Russian Foreign Minister Sergey Lavrov said BRICS countries are developing a payments platform that will allow them to bypass the US dollar, per <a target="_blank" href="https://tass.com/economy/1801655">TASS,</a> a state news agency.The initiative came from a summit of the BRICS countries in Johannesburg last year where the group — which includes the key members of Brazil, Russia, India, China, and South Africa — called for more trade and lending in <a target="_blank" rel="" href="https://markets.businessinsider.com/news/bonds/china-brics-bank-dedollarization-dollar-dominance-debt-local-currency-lending-2023-8">their national currencies.</a>Lavrov said on Monday that the platform will improve the international monetary system and allow payment in national currencies for mutual trade. Russia is keen to move its trading partners away from the dollar because it faces significant sanctions from the US and its allies.Details on the platform are scarce, including which countries could use it and when it could be adopted.Lavrov was speaking at the two-day BRICS Foreign Ministers Meeting, just days after Russia's flagship St. Petersburg International Economic Forum. There, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dollar-vs-ruble-dedollarization-russia-putin-brics-currency-dominance-trade-2024-6">Russian President Vladimir Putin</a> doubled down on his call to phase out the use of the US dollar and other "toxic" currencies.There may be <a target="_blank" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">more traction on this front</a> when the BRICS bloc meets in Kazan, Russia from October 22 to October 24, according to Christopher Granville, the managing director of global political research at GlobalData TS Lombard.The new BRICS payments system could come in the form of a digital-currency system that allows for central banks to deal with local currency transactions directly, Granville wrote in a May report.Lavrov himself touted a <a target="_blank" rel=" nofollow" href="https://tass.com/politics/1609601">digital-currency-based settlement system</a> to local media in April.<h2 id="13230f0c-65ae-4b2d-927d-49a99ad70dac">'Impossible to replace something with nothing'</h2>Countries around the world have been working at diversifying their assets and chipping away at the <a target="_blank" rel="" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">dominance of the US dollar</a> over fears that — like Russia — they could be shut out of the world's greenback-based financial system should sanctions hit.Russia, a commodities powerhouse, has been using more rubles for trade. Putin said last week that the ruble now accounts for 40% of Russia's import and export transactions.However, king dollar is so entrenched and pervasive in the world's financial system that <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">very few people think it can be dethroned</a>.There are "real geoeconomic headwinds to the dollar," Jared Cohen, the president of global affairs at Goldman Sachs wrote in <a target="_blank" href="https://foreignpolicy.com/2024/06/10/brics-currency-dollar-yuan-united-states-economy/">Foreign Policy</a> on Monday.Cohen acknowledged a "marginal" move toward de-dollarization but wrote that the world is far from an inflection point where there's a concerted effort to change the dollar-based global financial system."The two most significant problems for those advocating wholesale de-dollarization are that it is impossible to replace something with nothing and the United States' competitors do not currently have the capability or will to replace the dollar, even if their rhetoric at times suggests otherwise," he wrote.Still, Cohen warned that the dollar's supremacy should not be taken for granted. He cited developments in the US, such as <a target="_blank" href="https://www.businessinsider.com/debt-ceiling-brinkmanship-can-have-dangerous-effects-on-the-economy-2023-5">fiscal brinksmanship</a> and "unnecessary tariffs," that could erode confidence in the greenback.On Monday, two American think tank analysts wrote in the <a target="_blank" rel=" nofollow" href="https://www.ft.com/content/293a7a58-3f14-426c-8b7f-fa0859054842">Financial Times</a> that <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-us-politics-economy-trade-fed-china-yuan-2024-6">"American dysfunction"</a> — political and fiscal — is the real threat to dollar dominance.

Russia says it's working with a group of countries to build a platform that doesn't need the dollar

Cryptocurrency exchange <keyword id="12393531" type="General" weightage="100" keywordseo="vauld" source="Orion">Vauld</keyword> on Monday announced to suspend all withdrawals, trading and deposits on its platform with immediate effect owing to "financial challenges". Darshan <keyword id="52501" type="General" weightage="80" keywordseo="bathija" source="Orion">Bathija</keyword>, CEO of Vauld, said that a significant amount of customer withdrawals in excess of $197.7 million has happened since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab's UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans. "In furtherance of this, we have engaged the services of Kroll Pte Limited as our financial advisor, as well as <keyword id="2839992" type="General" weightage="50" keywordseo="cyril-amarchand-mangaldas" source="Orion">Cyril Amarchand Mangaldas</keyword> and Rajah &amp; Tann <keyword id="6356662" type="General" weightage="50" keywordseo="singapore" source="Orion">Singapore</keyword> LLP as our legal advisors in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and Singapore, respectively," said Bathija. The cryptocurrency exchange last month reduced its headcount by about 30 per cent amid volatile market conditions. Bathija said the company is currently in discussions with potential investors into the Vauld group of companies. "We intend to apply to the Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise," he informed. The company said that specific arrangements will be made for customer deposits as may be necessary for certain customers to meet margin calls in connection with collateralised loans. Vauld has already reduced its marketing expenses, slowed down hiring efforts, reduced executive compensation by 50 per cent and paused most vendor engagements. Founded in 2018, the Singapore-registered startup raised $27 million and aimed to reach one million users in the US, followed by <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, Singapore and India. Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits withdrawals and loyalty rewards, as top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, in which Voyager has made significant investments. Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced to downsize their workforce. Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/news/who-will-get-the-party-symbol-bow-and-arrow-if-shiv-sena-splits/articleshow/92611630.cms">It’s not the CM seat but the one who wields ‘bow and arrow’ will be the Sena head</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/ban-on-single-use-plastic-kicks-in-across-india-as-the-country-recognises-the-choking-impacts-of-plastic-waste-on-the-environment/articleshow/92600992.cms">Ban on single-use plastic kicks in across India as the country recognises the choking impacts of plastic waste on the environment</a>

Crypto trading and lending platform Vauld stops customer withdrawals, trading, and deposits

<keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">Crypto</keyword>currency lending platform <keyword id="93940" type="General" weightage="20" keywordseo="celsius" source="Orion">Celsius</keyword> has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing "extreme market conditions". According to Israeli media outlet Calcalist, it has now sacked around 150 of its employees. "We are focused and working as quickly as we can to stabilise liquidity and operations, in order to be positioned to share more information with the community," Celsius wrote in a blogpost. "We are operating with the entire community and all clients in mind as we work through these challenging times," it added. Celsius raised $750 million in funding late last year, reaching a valuation of $3 billion. The American-Israeli company had processed $8.2 billion worth of loans and had $11.8 billion in assets by May this year. Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits withdrawals and loyalty rewards, as top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, in which Voyager has made significant investments. The development comes as popular crypto tokens such as <keyword id="12177405" type="General" weightage="50" keywordseo="bitcoin-and-ethereum" source="Orion">Bitcoin and Ethereum</keyword> nosedived by nearly 70 per cent from their record highs amid the economic meltdown. Last month, cryptocurrency exchange Vauld decided to reduce its headcount by about 30 per cent. Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including <keyword id="1972612" type="General" weightage="50" keywordseo="coinbase" source="Orion">Coinbase</keyword>, Gemini, Crypto.com and others announced to downsize their workforce. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/coinbase-blockchain-com-and-kraken-are-still-hiring-for-hundreds-of-roles-despite-mass-crypto-layoffs/articleshow/92617952.cms">Coinbase, Blockchain.com and Kraken are still hiring for hundreds of roles despite mass crypto layoffs</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinflex-says-it-needs-more-time-to-restart-withdrawals-as-it-scrambles-to-fix-a-47-million-bad-debt/articleshow/92576321.cms">Crypto exchange CoinFlex says it needs more time to restart withdrawals as it scrambles to fix a $47 million bad debt</a>

Cryptocurrency lending platform Celsius lays off a quarter of its workforce

What is cryptocurrency? What to know about this increasingly popular digital currency before investing

New Delhi, Advocating DPI's potential in helping nations leapfrog digital transformation, a <keyword id="42981" type="General" weightage="20" keywordseo="G20" source="Orion">G20</keyword> document prepared by <keyword id="6354424" type="General" weightage="20" keywordseo="world-bank" source="Orion">World Bank</keyword> has praised India's approach in unlocking the power of digital public infrastructure, including Aadhaar and UPI, for financial inclusion. The impact of DPI goes beyond inclusive finance, to supporting health, education, and sustainability, says the foreward of the document 'G20 policy recommendations for advancing financial inclusion and productivity gains through DPI'. "The India stack exemplifies this approach, combining digital ID, interoperable payments, a digital credentials ledger, and account aggregation. In just six years, it has achieved a remarkable 80 per cent financial inclusion rate-a feat that would have taken nearly five decades without a DPI approach," it said. India's digital ID system Aadhaar, digital payment system UPI, data-exchange platform Digilocker and its other showcase platforms have found a special mention among the examples of DPIs "all of which play a leading role in the advancement of financial inclusion in many countries". Other systems mentioned were Singapore's Singpass, the Philippines' PhilSys, and the UAE's UAE-Pass among the digital ID systems; Brazil's Pix, India's UPI, Turkiye's FAST, the European Union's TIPS, and Thailand's PromptPay under fast payment systems; as well as Estonia's X-Road, Singapore's MyInfo, Australia's Customer Data Right, and the UK's Open Banking. Put simply, Digital Public Infrastructure (DPI) refers to blocks or platforms such as digital identification, payment infrastructure and data exchange solutions that help countries deliver essential services to their people, empowering citizens and improving lives by enabling digital inclusion. DPIs are interoperable, open, and inclusive systems supported by technology and provide essential, society-wide, public and private services that play a critical role in accelerating this digital transformation in an inclusive manner. The document also cites India's Data Empowerment and Protection Architecture (DEPA) and India's Account Aggregator (AA) Framework. On Fast Payment Systems, it noted that in some countries, such as India and Brazil the adoption has been "particularly quick and transformative". UPI, it said, has been widely adopted, benefitting from a user-friendly interface, open banking features, and private sector participation. "The UPI platform has gained significant popularity in India; more than 9.41 billion transactions valuing about Rs 14.89 trillion were transacted in May 2023 alone. For the fiscal year 2022-23, the total value of UPI transaction was nearly 50 per cent of India's nominal GDP," the report said. The document goes on to say that an aspect that makes DPIs unique, and that can further reduce existing constraints, is their ability to complement each other or be integrated in end-to-end workflows. One such service enabled by the interaction of open APIs and digital ID systems is the e-KYC or remote authentication services. A case in point is India's Aadhaar biometric identification system, which covers over one billion people and supports APIs, enables remote identification and authentication, it observes. Financial service providers can thus authenticate an individual's identity remotely, even by using selfie-based mechanisms to substitute for in-person customer due diligence verification requirements, it said. India has also figured prominently in the section on 'DPIs' Potential Added Value for the Private Sector', that cites how FSPs and MSMEs could benefit from these digital networks. "For some nonbank financial companies (NBFCs) in India, the AA ecosystem enabled an 8 per cent higher conversion rate in SME lending, a 65 per cent savings in depreciation costs, and a 66 per cent reduction in costs related to fraud detection. According to industry estimates, banks' costs of onboarding customers in India decreased from USD 23 to USD 0.1 with the use of DPI," it said. Through open application programming interface (APIs), India's Open Credit Enablement Network (OCEN) enables MSMEs participating in digital markets to secure credit by using information about their business history, rather than pledging physical assets as collateral. According to the document, in India, the implementation of various DPIs is considered to have played a critical role in the increase in account ownership from just one-fourth of adults in 2008 to almost 80 per cent a decade later "a journey that it is estimated would have taken up to 47 years without DPIs".

You Searched For "digital lending platforms" and got 7 results

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

ANI

After firing 150 employees, crypto lending platform Celsius Network files for bankruptcy

IANS

Russia says it's working with a group of countries to build a platform that doesn't need the dollar

Huileng Tan

Crypto trading and lending platform Vauld stops customer withdrawals, trading, and deposits

IANS

Cryptocurrency lending platform Celsius lays off a quarter of its workforce

IANS

What is cryptocurrency? What to know about this increasingly popular digital currency before investing

Louis DeNicola,Tessa Campbell

World Bank praises India's digital infrastructure for its transformative potential

PTI

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