Global News

[ad_1] Mumbai: The Reserve Bank of India (RBI) released a 'draft framework for recognizing Self-Regulatory Organizations (SRO) for the FinTech Sector' on Monday, outlining the characteristics of a FinTech SRO and including the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk on the other, is crucial to optimizing the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech s...

[ad_1] NEW DELHI: Fintech unicorn Razorpay on Wednesday announced the launch of its first international payment gateway for the Malaysian market with Curlec. In February last year, Razorpay had acquired a majority stake in the Malaysia-based startup which is now known as Curlec By Razorpay. The launch, Razorpay said, will enable it to further widen its reach in the international markets and make its capabilities available in emerging markets. Curlec currently works with more than 700 Malaysian businesses including Tune Protect, CTOS, Courts, and Mary Kay. The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM10 billion in annualised gross transaction value (GTV) by 2025. As per recent reports, digital trade in Malaysia today contributes to 22.6% to the country's GDP and is expected to rise to 25.5% by 2025, reflecting significant economic activity. By boosting digital technology adoption and leveraging digital trade opportunities, Malaysi...

[ad_1] NEW DELHI: One 97 Communications which owns finetch major Paytm reported a 44.5% year-on-year decline in consolidated net losses in the June quarter to Rs 358.4 crore. Net losses stood at Rs 645.4 crore in the year ago quarter. Revenue from operations during the quarter increased to Rs 2,341.6 crore from Rs 1,679.6 crore posted in the year-ago quarter, recording a y-o-y rise of nearly 40%. Sequentially, though, losses have increased. In the March quarter, Paytm had reported losses of Rs 167.5 crore. “Driven by an increase in merchant subscription revenue, jump in GMV (gross merchandise value), and growth in loan disbursements, the company’s strong growth momentum continues, Paytm said in a statement. The fintech major said that it expects a continued topline growth and operating leverage to drive profitability in the coming quarters. “The company’s indirect costs (excluding ESOP cost) have increased along expected lines (up 22% year-on-year) due to seasonal increase in m...