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Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from King Midas to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the bullion. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind <keyword id="1334" type="General" weightage="20" keywordseo="China" source="Orion">China</keyword>. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With Diwali and Dhanteras knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure <keyword id="3311599" type="General" weightage="20" keywordseo="24K-gold" source="Orion">24k gold</keyword>, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an ETF on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2> Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2> Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3 and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, stock markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the <keyword id="20552259" type="General" weightage="20" keywordseo="ltcg" source="keywords">LTCG</keyword> (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Can investing in gold this festive season add the much-touted Midas touch to your investments?

<div type="image" title="Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!" height="900" width="1200" msid="114507055" hostid="261" sizebytes="439216" caption="&amp;lt;p&amp;gt;Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!&amp;lt;/p&amp;gt;"></div> Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from <keyword id="23657519" type="General" weightage="20" keywordseo="king-midas" source="keywords">King Midas</keyword> to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the <keyword id="6384667" type="General" weightage="20" keywordseo="Bullion" source="Orion">bullion</keyword>. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind China. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With <keyword id="188" type="General" weightage="20" keywordseo="Diwali" source="Orion">Diwali</keyword> and <keyword id="4067" type="General" weightage="20" keywordseo="Dhanteras" source="Orion">Dhanteras</keyword> knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure 24k gold, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2>Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the RBI and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2>Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3- and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the LTCG (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Simply put: Can investing in gold this festive season add the much-touted Midas touch to your investments?

Both venture capital (VC) investment and the number of VC deals grew in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> in the first quarter (<keyword id="20501879" type="General" weightage="20" keywordseo="Q1" source="keywords">Q1</keyword>) this year, from $1.6 billion across 313 deals (Q4, 2023) to $3.2 billion across 354 deals in Q1 2024, a report showed on Monday. <keyword id="19945816" type="General" weightage="20" keywordseo="Fintech" source="keywords">Fintech</keyword> continued to attract good attention, although at smaller deal values, according to the 'KPMG Private Enterprise Venture Pulse' report. "As expected, India has seen an uptick in <keyword id="21390504" type="General" weightage="20" keywordseo="VC-investments" source="keywords">VC investments</keyword> despite the deal activity being muted in Asia," said Nitish Poddar, Partner and National Leader, Private Equity, KPMG in India. "This will only increase in the coming quarters given our robust GDP growth, strong demographics and expectation of stable government at the Centre. AI, power tech, health tech and agritech are some key sectors to watch out for," he added. Meanwhile, global VC investment fell slightly from $83.8 billion across 9,458 deals in Q4 2023 to $75.9 billion across 7,520 deals in Q1 this year amid geopolitical tensions, the extended drought in exits among VC-backed companies, and a continued pullback in investment at later deal stages. VC investment dropped in both the Americas and Asia this quarter, while it rose in Europe, the report mentioned. The Americas accounted for almost half of global VC funding in Q1 ($38.2 billion across 3,205 deals) - with the US accounting for the vast majority of this amount ($36.6 billion across 2,882 deals). Meanwhile, Asia-Pacific attracted $18.9 billion across 2,305 deals, while Europe saw $17.9 billion across 1,798 deals, the report said. "Given how dry the exit environment has been for the last 18 months, it's no surprise VC investors are being very conservative in their deal-making right now," said Conor Moore, Global Head, KPMG Private Enterprise, KPMG International. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

VC investments, deals grew in India in Q1 despite fall in global activity: Report

<keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords">Singapore</keyword>, September 5 (ANI): <keyword id="2504197" type="General" weightage="20" keywordseo="India-and-Singapore" source="Orion">India and Singapore</keyword> elevated their <keyword id="20009959" type="General" weightage="20" keywordseo="bilateral-relations" source="keywords">bilateral relations</keyword> to the level of <keyword id="20564653" type="General" weightage="20" keywordseo="Comprehensive-Strategic-Partnership" source="keywords">Comprehensive Strategic Partnership</keyword>, on Thursday, during the visit of <keyword id="19898052" type="General" weightage="20" keywordseo="Prime-Minister-Narendra-Modi" source="keywords">Prime Minister Narendra Modi</keyword>. Prime Minister Modi and Singapore PM <keyword id="20610066" type="General" weightage="20" keywordseo="Lawrence-Wong" source="keywords">Lawrence Wong</keyword> met at the Parliament House in Singapore on Thursday. The two leaders, along with their delegations, held the bilateral meeting. Following this, the two sides exchanged four MoUs in the areas of digital technology, semiconductor, skill development and healthcare. Prime Minister Modi invited PM Lawrence Wong to visit India, which he accepted. At their talks, both leaders reviewed the progress of India - Singapore bilateral relations. "Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a Comprehensive Strategic Partnership. This would also give a major boost to India's Act East Policy," the Ministry of External Affairs said in a statement. Taking stock of the robust progress in <keyword id="20900218" type="General" weightage="20" keywordseo="economic-ties" source="keywords">economic ties</keyword>, the leaders called for further expanding <keyword id="20344229" type="General" weightage="20" keywordseo="trade-and-investment" source="keywords">trade and investment</keyword> flows between the two countries. Prime Minister highlighted that Singapore, with an investment of around USD 160 billion in the Indian economy, is a leading economic partner for India. He further noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities. The two leaders also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, Fintech, new technology domains, science and technology, and knowledge partnership. They further called for strengthening connectivity between the countries to enhance economic and people-to-people ties. They also called for acceleration in green corridor projects. PM Modi and PM Wong also discussed the outcome of the 2nd India - Singapore Ministerial Roundtable held in Singapore in August 2024. "Noting that the Ministerial Roundtable is a unique mechanism, the leaders appreciated the work done by senior ministers from both sides in deliberating and identifying a new agenda for bilateral cooperation. The leaders called for accelerated action under the pillars of cooperation identified during the Ministerial Roundtables - Advanced Manufacturing, Connectivity, Digitalisation, Healthcare &amp; Medicine, Skills Development and Sustainability," the release stated. The leaders underscored that the cooperation under these pillars, particularly in the areas of semiconductors and critical and emerging technologies, opens a new chapter in bilateral relations, making our ties future-orientated. The discussion also covered celebration of 60th anniversary of bilateral relations in 2025. Highlighting that cultural connect between the two countries is an important component of these ties, Prime Minister announced that India's first Thiruvalluvar Cultural Centre would be opened in Singapore, the release added. The leaders also exchanged views on important regional and global issues of mutual interest, including India - ASEAN relations and India's vision for the Indo-Pacific Terming Singapore an "important anchor" of India's Act East Policy, Prime Minister Narendra Modi appreciated the elevation of ties. He further emphasised that the two nations are connected by shared belief in democratic value, and also appreciated the increased cooperation in the field of skilling, defence, connectivity. Taking to social media platform X, PM Modi stated, "The discussions with my friend, PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations." <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1831541591275651268"></div> Speaking at the meeting, PM Modi, "Singapore is also an important anchor of our Act East policy. Shared belief in democratic values connects us to each other. I am happy that I have got the opportunity to visit Singapore at the beginning of my third term." The Prime Minister highlighted that the trade between the two countries has more than doubled in the last 10 years. He also noted that 17 satellites of Singapore have been launched from India in last 10 years. "A decade of our strategic partnership is being completed. Our trade has more than doubled in the last ten years. Mutual investment has increased almost three times to cross USD 150 billion. Singapore was the first country with which we launched the Person to Person payment facility of UPI," PM Modi said. "In the last ten years, 17 satellites of Singapore have been launched from India. Our cooperation has gained momentum from skilling to defence sector. The agreement between Singapore Airlines and Air India has strengthened connectivity. I am happy that today we are together giving our relations the shape of a Comprehensive Strategic Partnership," he added.. Recalling age-old ties between the two nations, PM Modi thanked Singapore for the respectful treatment of freedom fighter Subhash Chandra Bose. He added that the bilateral ties will complete 60 years in 2025. "The 3.5 lakh people of Indian origin living in Singapore are the strong foundation of our relations. We are forever grateful to the whole of Singapore for the place and respect that Subhash Chandra Bose, Azad Hind Fauj and Little India have received in Singapore. Our relations are going to complete 60 years in 2025. To celebrate this with pomp and show, work should be done to create an Action Plan in both the countries," the Prime Minister said. He also announced that India's first Thiruvalluvar Cultural Centre will be opened in Singapore soon, while appreciating the teachings of Saint Thiruvalluvar. "I am very happy to inform you that India's first Thiruvalluvar Cultural Centre will soon be opened in Singapore. The great saint Thiruvalluvar has given guiding thoughts to the world in the most ancient language, Tamil. His composition Tirukkural was written almost 2 thousand years ago, but the ideas given in it are still relevant today. He has said, 'Nayanodu nnnri purinnd payanudaiyar panbu parattum ulagu', that is 'The world praises those who are known for justice and service to others'. I believe that millions of Indians living in Singapore are also inspired by these ideas and are contributing to strengthening the relationship between the two countries," he further stated. PM Modi said that the two nations will continue to work together for regional peace, stability and prosperity.

India and Singapore elevate relations to Comprehensive Strategic Partnership; Agree to expand trade, investment

<keyword id="19907577" type="General" weightage="20" keywordseo="Shares" source="keywords">Shares</keyword> of fintech firm <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword> — the owner of the <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand — ended over 3 per cent higher on Thursday after the company received the government's approval for downstream <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock went up by 3.05 per cent to settle at Rs 554.45 on the BSE. During the day, it climbed 5 per cent to Rs 565. At the NSE, it surged 3.15 per cent to Rs 555. The company's market valuation climbed Rs 1,064.76 crore to Rs 35,284.34 crore. In traded volume terms, 9.82 lakh shares of the firm were traded at the BSE and 91.75 lakh shares at the NSE during the day. The com<keyword id="20700834" type="General" weightage="20" keywordseo="PA" source="keywords">pa</keyword>ny will reapply for a payment aggregator (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares climb over 3% on receiving govt's nod for investment in Paytm Payments Services

New Delhi: Union Minister of Commerce and Industry, <keyword id="19895367" type="General" weightage="100" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword>, emphasized the importance of strengthening trade cooperation between India and Malaysia during the 'Meeting of India-Malaysia CEOs Forum' held in New Delhi. Union Minister Goyal on Monday addressed the gathering, highlighting several areas where the two nations could collaborate more deeply, thereby expanding their trade and business relationships. The forum provided a platform for business leaders from both countries to explore mutual opportunities and discuss strategies to foster growth. Goyal highlighted the potential for greater synergy between businesses in India and Malaysia, especially in sectors such as education, healthcare, infrastructure, tourism, the digital economy, e-commerce, and clean and sustainable energy. He stressed the importance of joint efforts in these fields to further strengthen the partnership between the two countries. "India and Malaysia must explore deeper collaboration in several sectors to strengthen our partnership. Growing together is our mantra. We hope the business persons on both sides will have an engaging discussion and we can grow together both in trade, tourism, Technology, investments in all these areas, let us look at growing together," Goyal stated. In his address, Goyal also highlighted India's advancements in the oil and gas sectors, inviting <keyword id="22845119" type="General" weightage="20" keywordseo="Malaysian-businesses" source="keywords">Malaysian businesses</keyword> to explore the vast opportunities in these fields. He pointed out that India is increasingly opening up its oil and gas drilling sectors, creating numerous prospects for international players. "India is also opening up much more to oil and gas drilling, Malaysia should look at capturing some of those auctions and tenders and opportunities in India," the minister added. Goyal further noted that collaboration should be focused on areas where one nation has a comparative advantage over the other. This approach, he suggested, could significantly enhance the trade relations between India and Malaysia, leading to mutual growth and development. "Our educational institutions can do a lot of good work, MRAs (Mutual Recognition Agreements) will be the way forward for greater engagement and support to each other's industries," said Goyal. The Union Minister also pointed out the electronic industry as another sector where India could benefit from Malaysia's expertise. He called for enhanced collaboration in this area, particularly between micro, small, and medium enterprises (MSMEs) from both countries. "We can look at a greater degree of collaboration on the electronics industry side also and our micro, small and medium industries must certainly collaborate in areas like renewable energy, fintech, e-commerce, infrastructure, healthcare and skill development," Goyal said. Goyal highlighted the immense economic potential that the Indian market offers, which he suggested could be highly beneficial for Malaysian businesses. He emphasized that India's vast consumer base presents lucrative opportunities for businesses worldwide, including those from Malaysia. "I'm sure this huge demand that India offers businesses across the world is an opportunity that no Malaysian businessman would like to lose," he stated. The meeting of the India-Malaysia CEOs Forum served as a pivotal moment for both countries to reinforce their trade ties.

Piyush Goyal invites Malaysian businesses to invest in India's oil, gas, and electronics sectors

The finance guru <a target="_blank" class="" href="https://www.businessinsider.com/dave-ramsey-buying-house-prices-mortgages-personal-finance-affordability-crisis-2024-6">Dave Ramsey</a> famously said that if Americans wanted to build wealth, they should give up their morning coffee. But spend any time in certain corners of personal-finance Instagram and TikTok and you'll see women indulging in sleek caffeinated beverages. They swirl whipped cream on their tall iced coffees, brew black-sesame-matcha lattes, and show off hot chocolate and pastries as they promote strategies to save, invest, and make the most of their credit-card points. These women <a target="_blank" class="" href="https://www.businessinsider.com/multimillionaire-chooses-to-rent-not-buy-home-2024-6">talk openly about being rich</a> and wanting to help other women become rich too.One of those influencers is Tori Dunlap, the founder of a financial-education company called <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-business-with-no-money-her-first-100k-2023-1">Her First 100K</a>. She aspires to get as many young women as possible investing and to debunk the notion that in order to build wealth they need to deprive themselves of things they enjoy. In a <a target="_blank" href="https://www.instagram.com/reel/CzzfzhsPAr-/">video</a> on Instagram, she considers Ramsey's advice, then erupts into a scream. "It's not the latte that's keeping you from saving money," she wrote in the caption. "It's the systemic oppression."Just a handful of years ago, Dunlap, who was born in Tacoma, Washington, was working a job in marketing and dealing with a toxic boss. Thanks to an emergency fund she'd grown, she was able to quit and start focusing on building Her First 100K — named for Dunlap's goal of <a target="_blank" class="" href="https://www.businessinsider.com/how-to-save-money-in-your-twenties-2024-4">amassing $100,000 in wealth</a>, which she achieved by the time she was 25 by budgeting and investing.Now, Dunlap, 30, has over 2 million followers on Instagram, hosts a <a target="_blank" href="https://www.businessinsider.com/tori-dunlap-new-podcast-hit-top-spot-apple-charts-2021-6">top-rated US business podcast</a>, and is the author of the best-selling book "Financial Feminist." She also launched a platform called Treasury, which says it has helped women invest over $80 million in the stock market. Alongside creators like <a target="_blank" class="" href="https://www.businessinsider.com/instagram-star-mrsdowjones-shares-an-inside-look-day-in-life-2020-10">Mrs. Dow Jones</a>, Simran Kaur, and Rachel Rodgers, Dunlap is a leader of a new wave of personal-finance education focused on teaching Gen Z and millennial women the fundamentals of <a target="_blank" class="" href="https://www.businessinsider.com/feminist-finance-coach-reveals-retirement-blunder-costing-people-millions-2023-5">earning, paying off debt, and investing</a>, using a savvy blend of traditional financial advice, irreverent social commentary, and high-travel memes. You can think of it as financial education for the "<a target="_blank" class="" href="https://www.businessinsider.com/tiktok-anti-work-girl-boss-lazy-girl-jobs-2023-6">lazy-girl job</a>" generation — those who decry the corporate hustle and seek out low-stress jobs that don't take over their lives. In <a target="_blank" href="https://www.instagram.com/p/C6Mjz8dRxOR/?hl=en">one video</a>, Kaur, the New Zealand-based <a target="_blank" class="" href="https://www.businessinsider.com/girls-that-invest-founder-media-company-podcast-instagram-tiktok-revenue-2023-9">creator of Girls That Invest</a>, does her makeup in front of a mirror as she discusses how she's using her investment earnings to build her own trust fund to live on. The message? You too can invest your way out of the 9-to-5 life.If you ask these women, however, they'll say the trend has nothing to do with being lazy and everything to do with giving women the tools they need to take control of their financial destiny. "We're taking something very inaccessible and making it accessible," Dunlap said. If men can use their financial savvy to get rich, then so can women. And in a world where many <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-most-financially-savvy-generation-retirement-saving-investing-2023-11">Gen Zers and millennials expect to be working well past retirement age</a>, the advice is finding an eager audience.On the first day of her first full-time job out of college in 2018, Haley Sacks was asked to fill out her health insurance and 401(k) contributions. "I really wanted to make a good impression, so that night I went home and did what any self-respecting millennial would do," the New York native said. "I looked on YouTube for information, and I was really taken aback by what I found."Nearly all the financial-education content geared toward women focused on home-economics fare like saving and budgeting, she said. Meanwhile, the content she actually needed, which explained the fundamentals of investing, not only was "very dry" but seemed primarily made with a male audience in mind. "I couldn't really find anyone who was teaching money the way that I wanted to learn it," Sacks said. "So I became her." Now, six years later, Sacks, who goes by Mrs. Dow Jones on social media, has 1 million followers on Instagram, where she posts pop-culture-inflected videos on topics like <a target="_blank" href="https://www.instagram.com/p/C3qgCggOZxh/?hl=en">how to predict layoffs at your job</a> and why the<a target="_blank" href="https://www.instagram.com/p/C6cP5t4rxtu/?hl=en"> Cartier Love bracelets</a> Kylie Jenner is famous for wearing may not be a good investment.People like Sacks and Dunlap aren't the first female celebrity personal-finance experts. Sacks pointed to <a target="_blank" class="" href="https://www.businessinsider.com/suze-orman-astrology-burnout-why-millennials-shouldnt-buy-coffee-2020-3">Suze Orman</a> — the pioneering personal-finance guru, author, and TV host — as someone who "walked so all of us could run." But until recently, women looking to wrap their heads around the intricacies of high-interest savings accounts and low-cost index funds had scant few options that spoke directly to them. Personal-finance education in US high schools used to be rare — though it's gotten better in the last few years with half of US states now mandating it. And women-specific financial-education literature tended to focus less on investing in real estate or negotiating a higher salary than on learning how to curb one's spending on supposedly "frivolous" items like coffee, manicures, and haircuts. The message, Dunlap said, boiled down to: "Men get to be millionaires by making more money and being the fullest version of themselves. The way to become a millionaire for women is to basically hate your life." On one level, these influencers are offering well-trodden financial advice packaged for a new audience: Dunlap's book has sections on <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-an-emergency-fund">building an emergency fund</a>, <a target="_blank" class="" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">getting out of debt</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/millennial-retired-early-financial-independence-fire-strategies-six-figure-income-2024-5">investing for retirement</a>. She said women comprise 95% of her audience. "We joke that it's largely girls, gays, and theys," she said. Sacks, who calls herself a "zillennial finance expert," said that her content is aimed at people of all genders but that women tend to gravitate to it because of the person who's talking. "We all have the same message," Sacks said. "It's sort of like finding the right trainer who motivates you."These influencers do break from tradition in a few key ways. Citing high interest rates, rising home prices, and a booming stock market, Sacks and Dunlap have made the case for <a target="_blank" class="" href="https://www.businessinsider.com/renting-vs-buying-homeownership-wont-make-genz-rich-increase-wealth-2024-7">renting instead of buying</a>. In "Financial Feminist," Dunlap recommends readers focus on building a three- to six-month emergency fund before paying off debt so they're prepared for a layoff or dangerous home situation. Sacks recommends young people job-hop to keep up with inflation and cost-of-living increases if necessary. "You should be making 15% more every single year," she said. "And if you're not making that at your current job, then you should change jobs." (<a target="_blank" href="https://www.epi.org/nominal-wage-tracker/">Research from the Economic Policy Institute</a> indicates that since 2007 US employees have received an average wage increase of 3.9% a year.)Rita Soledad Fernández Paulino, a California-based money coach and creator focused on women, BIPOC, and LGBTQ+ people, said their goal is to help people become "work-optional" by leveraging their investments. "I like the idea of everyone working because they want to and not because they have to," they said.Leah Sheppard, a professor of management and associate dean for equity and inclusion at Washington State University's Carson College of Business, sees this wave of financial education as a reflection of an awareness among Gen Zers and millennials that the <a target="_blank" class="" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">boomer-era version of the American dream</a> — where you work your way up the ladder for 40 years at a single employer and put away enough to retire — no longer applies to them. "Young people are thinking, 'When will I get to a place where I don't really have to worry about money?'" she said. "If they're thinking, 'Traditional employment is not working well, I don't want to start a business' — well, what's the other way? And it's probably getting really smart about how you save money, taking the money that you are saving and investing it and building wealth." Sacks sees it as a matter of young people wanting to take the future into their own hands. "You have to be more self-reliant now than our parents ever had to be," she said.Kyla Scanlon, the author of the 2024 book "In This Economy?", sees the interest in financial-education content on social media as symptomatic of a curiosity about alternative revenue streams, spurred by the rise of <a target="_blank" class="" href="https://www.businessinsider.com/robinhood-collapse-what-happened-retail-investing-meme-stocks-future-finance-2022-2">fintech apps like Robinhood</a> and populist financial movements like crypto and GameStop. "People are looking at the market. They're looking at different income sources, Airbnb, the gigification of everything — and then just how do you have passive income outside of traditional income?" Scanlon said.For <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">young men, this often takes the shape of riskier investments</a> like sports gambling, crypto, and meme stocks. Young women, on the other hand, are turning to more tried-and-true tactics.In a survey of 2,000 adults conducted in July 2023, Fidelity Investments found that Gen Z women were more likely to say they participated in the stock market than any other age group, with 71% of women ages 18 to 26 saying they had invested, compared with 63% of millennial women and 57% of boomer women. These figures dovetail with an uptick in the percentage of people under 35 who held stocks and retirement accounts in 2022 compared with 2019, according to the Federal Reserve's Survey of Consumer Finances, though the Fed doesn't break these figures down by gender.Whether the goal is to retire early or to job-hop your way to a six-figure salary, this wave of financial advice departs from the "lean-in," <a target="_blank" class="" href="https://www.businessinsider.com/rise-and-fall-girl-boss-analysis-2020-7">"girlboss" flavor of feminism</a> that dominated conversations about women and work in the 2010s. "We're just more disillusioned with corporate," Dunlap said. "We're more disillusioned with the way we make money."Instead, it's advice for a generation of women who see their experiences reflected in <a target="_blank" class="" href="https://www.businessinsider.com/lazy-girl-job-is-just-a-healthy-job-2023-12">memes like the "lazy-girl job."</a> "The lazy-girl thing is just like, 'Oh, give me a little bit of rest in addition to my work,'" Dunlap said. "I think that's completely reasonable." But talking about this stuff in public as a woman or queer person can be fraught. Dunlap said she gets "called every insulting thing you can call a woman on a daily basis" and has been on the receiving end of death threats. She said people aren't used to seeing women talking in public about money, and especially not about being rich. "We have different expectations for how men and women should behave, especially around money," she said. "Women shouldn't want it. You should be grateful for the things you have."Other women BI spoke with said they faced harassment. "There's a certain group of men who just don't like women," Scanlon said. But for the most part, the influencers stressed that their content was resonating with the people it was supposed to resonate with. "The comments section on any video is a mess, but it's also the most supportive, lovely thing," Dunlap said. "So many women, championing me, championing each other, championing themselves."The experts BI spoke with all had their own ways of describing the movement. Fernández Paulino said they see themself as belonging to a community of people who approach money and finance in a way that acknowledges the systemic issues that interfere with people's wealth and wellness — such as the economic effects of structural racism and transphobia, or the fact that American women weren't allowed to own a credit card or take out a mortgage in their own name until the 1970s. "For me, it's like, I can have wealth too. You can have wealth too. It's not a you problem; it's a we problem," they said.Dunlap invented her own term to describe it: financial feminism. "It's this idea of getting yourself financially to a point where you are stable, safe, and you have enough wealth to have options, and then using that wealth as a tool to make an impact," she said. In other words, she wants to help women navigate the economic systems we're all swimming in, so they can help other women by changing those systems from within.<a target="_blank" rel="" href="https://www.businessinsider.com/author/emilie-friedlander">Emilie Friedlander</a> is a journalist and editor from Brooklyn, currently based in Philadelphia. She co-hosts <a target="_blank" rel=" nofollow" href="https://theculturejournalist.substack.com/">The Culture Journalist</a>, a podcast about culture in the age of platforms.

Gen Zers are investing their way out of the 9-to-5

In the ever-evolving landscape of <keyword id="6354241" type="General" weightage="20" keywordseo="financial-services" source="Orion">financial services</keyword>, technology has become the cornerstone of innovation, efficiency, and customer service. Indian financial services company, <keyword id="6377963" type="General" weightage="20" keywordseo="freecharge" source="Orion">Freecharge</keyword>, offers over 100 million users a whole range of services, from purchasing gold and investing in mutual funds to paying utility bills and recharging their phones - all from the comfort of their digital devices. And this fast-moving company leverages <keyword id="1815769" type="General" weightage="20" keywordseo="slack" source="Orion">Slack</keyword> as its AI-powered platform for work, ensuring its team stays aligned, engaged, and productive, as it seeks to continue its growth in a competitive market. Consumers now have more alternatives for managing and investing their money. Gone are the days of choosing one major bank and paying a slew of fees. It is now a buyer's market and the success of financial technology (or fintech) is determined by which institutions can best adapt their services to specific consumers. For most businesses, embracing the “tech” in fintech has become imperative, be it altering internal operations with new digital tools and processes or launching new products powered by machine learning to meet longer-term, bigger-picture goals. Fintech executives can now better serve their staff and customers by implementing company-wide digital changes and innovations. In a recent conversation with Sanjay Jain, Freecharge's Chief Technology and Product Officer- DBAT, we discovered how the company has transformed its operations by leveraging the many functionalities of Slack. The conversation covered a variety of topics, including faster product development, increased cooperation, better issue resolution, and a favourable impact on compliance and <keyword id="145060" type="General" weightage="20" keywordseo="data-security" source="Orion">data security</keyword>. <div type="image" title="13" msid="110069505" hostid="261" sizebytes="20066" caption="&amp;lt;p&amp;gt;Sanjay Jain&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Accelerated product development" comment="subhead" text="Accelerated product development">Accelerated product development</cmsannotation> According to Sanjay, you need best-in-class technologies if you want your DevSecOps teams to ship code swiftly and resolve issues promptly. However, development teams now deal with more tools, data, and geographically dispersed colleagues than ever before; this means that time is spent more on establishing context for each issue when it should rather be spent adding value. To achieve the objective of creating a lean, mean development machine, you need to create an environment in which the relevant team members have access to the data and resources they require at precisely the right time. Before integrating Slack into their workflows, Freecharge faced challenges with a prolonged product release lifecycle, taking 6 to 7 months. "With Slack, this timeline drastically reduced, allowing us to launch 3 to 5 products every quarter, marking a significant leap in our go-to-market strategy," says Sanjay. <cmsannotation type="cmsannotation" annotationid="Efficient collaboration and compliance" comment="subhead" text="Efficient collaboration and compliance">Efficient collaboration and compliance</cmsannotation> A star quality that made the case for Freecharge adopting Slack is its cross-functional collaboration, especially when managing multiple products across multiple teams. “It was just seamless,” quipped Sanjay. When Freecharge switched to using Slack in 2020, it became easier for the company to align with members across different teams, due to its ease of integration and user experience. Prior to Slack, Sanjay mentioned that getting all the team members along on daily standups was a nightmare but Slack’s workflow feature sends auto reminders and notifications on specific channels and that led to a simpler process and more effective time management. The other major challenge that Freecharge faced was documentation. When simultaneous discussions take place between product and business teams, a lack of proper documentation can create hurdles. But with Slack channels providing conversation histories, discussion points, and shared documents, it drastically improved the experience. Additionally, Slack’s canvas feature enhances collaboration, allowing teams to create, organise and share essential information. Instead of being buried deep in a sea of disparate email threads, all the information for each topic is centrally located and easily accessible. Additionally, app integrations such as calendars and emails, made it easier for teammates at Freecharge to access what they needed within Slack instead of having multiple tabs open. Sanjay says "Slack emerged as a catalyst for seamless collaboration within Freecharge, streamlining internal workflows and processes." When asked about data sharing and privacy, Sanjay explained that: "The platform not only facilitated communication, but also contributed significantly to maintaining regulatory compliance and data security, crucial aspects in the highly regulated industry of fintech." <cmsannotation type="cmsannotation" annotationid="Issue resolution and customer satisfaction" comment="subhead" text="Issue resolution and customer satisfaction">Issue resolution and customer satisfaction</cmsannotation> Rapid response is essential for financial customer support at Freecharge. Customers want help right away, and money is an emotional commodity. Freecharge can elevate support tickets to the relevant channels using Slack; this technique is crucial for VIP support requests from significant clients. Through Slack, Freecharge’s customer support teams are also able to obtain information from the appropriate sources in no time. If a customer support person cannot find the answer in a knowledge base, they can quickly connect via Slack with the relevant professional. Previously, alerts from customer support were sent by email, and as a result notifications were easy to miss, and every problem was a complex maze of searching for the appropriate individuals and looping them into different email threads. Today, Freecharge has integrated everything together in Slack. “Slack's quick response capabilities played a crucial role during high traffic events like big billion days and festive seasons. By swiftly addressing customer complaints and resolving issues, Freecharge achieved a notable boost in customer satisfaction, positively impacting overall metrics,” adds Sanjay. One of the biggest differentiators for Slack is the platform it provides for developers to create a sound <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">banking</keyword> experience by digitally transforming critical operations through custom apps. Sanjay emphasises: “Slack's impact has extended beyond operational efficiency. It has catalysed a culture of innovation at Freecharge, allowing us to test and implement new concepts rapidly.” Freecharge uses Slack as its digital headquarters, enabling its workers to automate procedures and find quicker solutions to problems. Developers can boost SLA performance and speed up time to resolution by coordinating their tools and communication on Slack. An added bonus would be that new responders have instant access to the historical context of an issue without interrupting ongoing investigations. Increasingly in fintech, where customer demands drive innovation and collaboration among teams, the role of workplace tools becomes paramount. And at Freecharge, Sanjay is gung-ho on Slack’s integration, primarily due to the vast impact that it has brought about – in the pace of product development, issue resolution, and the scale of innovation. Since integrating Slack into their operations over the past few years, Freecharge can attest to the positive impact it has had on their business. It has helped them deliver and thrive in an increasingly competitive environment. Freecharge is now able to launch products every quarter and that has provided them a boost in go-to-market strategies. The improved speed in issue resolution has led to stronger metrics and, most importantly, the collaborative environment fostered by Slack has allowed teams across the board to stay aligned and work together to map a stronger blueprint. As Freecharge continues to pave an innovative way forward in modern banking, Slack provides a solid platform to build both a cutting-edge product and culture. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Beyond banking: How Slack is reshaping financial services for the digital age

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

<ul><li>The fintech space saw five funding rounds surpassing the $100 million mark.</li><li>The sector saw 31 acquisitions, and two initial public offers in 2023.</li><li>Alternative lending, payments, BankingTech raised the most funds in a tough year. </li></ul>As the funding winter rages on, India’s fintech sector saw fund inflows decline by 63% in 2023. The sector raised a mere $2 billion for the year – lower than $5.4 billion raised in 2022 and $8.4 billion in 2023, says a report by Tracxn. In spite of the fall, India ranked third globally in 2023 in terms of <keyword id="12790780" type="General" weightage="20" keywordseo="fintech-startup-funding" source="Orion">fintech startup funding</keyword>. Globally, funds have become tight for startups due to rising interest rates, as well as tough and uncertain macroeconomic conditions. “Despite a 63% decline, the sector stands strong as the third-highest funded ecosystem globally, affirming its position as a hub of innovation. The implementation of regulatory measures and the government's commitment to digitalization have set the stage for a promising future,” said Neha Singh, co-founder at Tracxn. Only one unicorn this year The year witnessed five funding rounds surpassing the $100 million mark. Perfios, a real-time credit decision platform, raised $229 million in a Series D round led by Kedaara Capital. Mintifi, an online marketplace for business loans, secured $110 million in a Series D funding round led by Premji Invest. The sector also saw only one unicorn – <keyword id="4331504" type="General" weightage="20" keywordseo="incred" source="Orion">InCred</keyword> that was created in the year. But the sector also saw consolidation. There were 31 acquisitions, similar to the previous year. TrillionLoans was acquired by BharatPe for $36 million, Goals101 acquired by M2P for $30 million; and Upwards acquired by LendingKart for $12.1 million. Two companies, Zaggle and Veefin, announced initial public offers in 2023, compared to five companies that went public the year before. Slowdown in funding was seen across stages of deals. While late-stage rounds witnessed a 56% drop, early-stage rounds fell much sharply at 73%. Seed-stage rounds were also not immune to this downward trajectory, seeing a 69% drop. Fintech’s funding worries <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stage of funding </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds raised in 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds raised in 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Late-stage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-56% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Early-stage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$489 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.8 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Seed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$145 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$474 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-69% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.4 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-63% </td></tr></tbody></table>Source: Tracxn Alternative lending, BankingTech shine Even as funding was scarce, sectors within fintech like alternative lending, payments, and bankingtech saw a good run. Alternative Lending received funding of $835 million in 2023, down from $2.28bn in 2022. The BNPL (buy now pay later) segment saw significant growth due to its adoption within the country, which contributed to the growth of the sector. “The digital lending space, which increasingly relies on customer data for its product marketing and development, is also likely to grow owing to the government’s recently launched Digital Personal Data Protection Act, which will ensure more transparency and customer trust in the sector,” the report added. Banking Tech received funding of $331 million in 2023, which halved compared to last year. But the segment substantially benefited from digitalization, and digital banking has seen widespread adoption due to rising internet and mobile device penetration in cities as well as rural areas. “Additionally, the Indian government has recently allocated about $16.7 billion towards the BharatNet project to increase broadband connectivity within rural areas, which will help widen the reach and potentially attract more investments into the sector,” the report said. Peak XV Partners, Y Combinator, and LetsVenture were the top investors in the space. We Founder Circle, Y Combinator, and 100X.VC led seed investments; while Accel, Omidyar Network India, and Elevation were prominent investors in early-stage investments. OP Finnfund Global Impact Fund was the leading late-stage investor in 2023. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/late-stage-deals-are-back-but-funding-winter-is-far-from-over-say-vcs/articleshow/105389287.cms">Late-stage deals are back but funding winter is far from over say VCs</a> <a href="https://www.businessinsider.in/business/startups/news/a-billion-little-pieces-unicorns-lose-bragging-rights-as-funding-winter-deepens/articleshow/104356885.cms">A billion little pieces: Unicorns lose bragging rights as funding winter deepens</a>

India’s fintech funding shrinks over 60% to $2 billion

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

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