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FS Weekly Digest: 17th Sep

17th September (11th to 17th Sep Coverage)

India

  1. Airtel Payments bank launched their UPI version as well, integrating it to their payment platform
  2. Fintech company The Mobile Wallet (TMW) has entered into partnership with SendX (Singapore based BCT apps) along with its partner Ammbr foundation. The primary aim for TMW is to launch blockchain based services
  3. A high-powered group of Ministers will be meeting every fortnight to resolve nearly 25 issues identified in GSTN
  4. Now GoI is after Central Government employees on demonetization with CVC being tasked to probe anyone who had deposited scrapped old notes post demonetization
  5. SBI is reviewing minimum balance requirement after receiving customer feedback
  6. Bharat Financial Inclusion Ltd (earlier SKS Microfinance) is in exclusive talks with IndusInd bank for merger
  7. Bankers are at crossroads on enabling Aadhar based payment system at its POS. The challenge is tied to the cost & whether it makes business sense
  8. A Thomas Picketty report highlights that income inequality is higher in India compared to China. For example, top 10% accounts for 55.5% of pre-tax national income compared to 42.1% for China. The difference is more stark in 1980-2013 period
  9. P2P lending final guidelines will be coming out soon from RBI. RBI is waiting for GoI to issue a gazette notification indicating p2p platforms is an entity to be regulated by RBI
  10. FM has exuded confidence of Aadhar passing the tests of constitutionality, data privacy
  11. Crisil ratings believes that peak of banking NPA may have been seen and overall there may not be any significant increase. Overall it expects it to rise by 1% to 10.5% by March 2018
  12. BoB has tied up with Amazon to enable market place sellers at Amazon avail micro loans (1-25 lakh) at interest rate between (10.45- 11.5%). It will be as of now offered only on invite only basis
  13. Bank of India is mulling merger. CEO Mr. Dinabandhu Mohapatra though believes that first the bank has to make itself more attractive by strengthening processes & systems to attract another partner
  14. FM will be launching UPI based Google payment app ‘Tez’ on Monday
  15. GoI & RBI are both considering introducing its own cryptocurrency dovetailing into banks effort & investments in blockchain/ hyperledger. But this will take some time as Indian currency act may need to be amended to allow cryptocurrency to function

Rest of World

  1. P2P lending player in China, Ezuabo, turned out to be a ponzi scheme. 2 of its executives have been sentenced to life and fined for fraud. It had raised nearly $ 7.6 Billion from customers before shutting down
  2. Interesting insight from China’s retail payments system indicates that though mobile payments have seen phenomenal rise, it has not dented the credit card affinity. Read more…
  3. Big banks are laggards in technology around cost optimization, automation as per a report by Autonomous.
  4. Equifax seems to be in grave danger of survival as mounting litigations/ class action suits are being filed on the backdrop of the massive data breach that led to personal information of 143 million Americans getting hacked
  5. Reiterating JP Morgan Chief Jamie Dimon’s criticism of bitcoin, its CEO Marko Kolanovic also compared bitcoin to fraudulent pyramid scheme

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