New payments bank launched in India, Fino Payments Bank


India has seen the launch of its fourth payments bank, Fino Payments Bank. For its core banking system, the bank uses Profile from FIS, delivered on a hosted basis.

Infosys profit delicately declines


Excitement is thin on the ground as the net profit for India-based Infosys dipped ever so gently in its latest financial results. For the quarter ended 30 June 2017, the financial systems vendor announced that Q1 net profit was $541 million, a quarter-on-quarter (QoQ) decline of 0.4%. Although for year-on-year (YoY), it displayed growth of […]

Indian domestic payment networks report positive growth


National Payments Corporation of India (NPCI) is reporting positive momentum for transactions across its domestic RuPay, Unified Payments Interface (UPI) and Aadhaar-Enabled Payment System (AePS) networks for the fiscal first quarter. Its goal is to hit 11 billion transactions by the end of the fiscal year.

The Monday mindset: 10 July 2017


Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Soumik Roy discusses India’s Goods and Service Tax (GST) and whether it’s an opportunity for fintech firms. First discussed by a committee […]

ZineOne is the one for HDFC digital banking hub


India-based HDFC Bank has selected Silicon Valley start-up ZineOne to improve its digital banking offerings. The bank will deploy ZineOne’s Customer Interactions Hub (CIH), which will establish a single customer identity and “bring real-time, contextual, and omni-channel functionality” to interactions across businesses, applications and digital properties including web applications, mobile apps, digital wallets, website, kiosks […]

Yes Bank and TerraPay tap into India’s migrant market


Mobile payments switch TerraPay has partnered with Yes Bank to enable real-time international money transfers to bank accounts in India – with the Indian migrant market firmly in their sights. TerraPay provides its clearing and settlement service, and via a “Rupee Drawing Arrangement”, its network partners can make the transfers to bank accounts in the […]

Six Startupbootcamp stars secure sweet deals in India


Six graduating start-ups from Startupbootcamp FinTech Mumbai have secured pilots with banks and corporates such as RBL Bank, ICICI Bank and State Bank of India (SBI). At Startupbootcamp’s demo day at the Royal Opera House in Mumbai, 11 start-ups showcased technologies in financial services to more than 400 guests. Propositions included SME banking, blockchain, digital […]

Fintech funding round-up: 2 June 2017

Good ideas can bring good money

The money’s rolling in for fintech – as this round-up follows hot on the heels from 30 May. This latest report features Zopa, RateSetter and Niyogin Fintech. The plans of peer-to-peer (P2P) lender Zopa to launch a new digital-only bank in the UK are going well as it has completed a £32 million funding round […]

Ebix buys majority stake in India’s payments tech vendor ItzCash


Indian payment solutions provider ItzCash Card has a new main backer. This is Ebix, a US-based vendor of on-demand software and e-commerce services to the insurance, financial, e-governance and health care industries. Ebix has taken an 80% stake in ItzCash for $120 million.

State Bank of India revamps e-commerce payments gateway

SBI to launch digital-only bank in India

State Bank of India (SBI) has deployed the “largest payment gateway for cards’ e-commerce transactions”, according to Shiv Kumar Bhasin, CTO of the SBI group. It processes ten million transactions per day, with 2,000 transactions per second (TPS) of peak load processing capabilities. This “beats the business volumes processing capabilities of a lot of leading […]