back Back

The Monday Roundup: what we are watching this week | June 17th

By Puja Sharma

June 17, 2024

  • Aurionpro Solutions
  • Credable
  • Digital Transfomation
Share

MondayThe Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Affordable financing solutions

Curled pageAurionpro Payments, a subsidiary of Aurionpro, has received final authorization from the Reserve Bank of India to operate as an Online Payment Aggregator under the Payments Settlements Act, 2007, through its payments brand AuroPay.

Receiving RBI’s final approval to operate as a full-fledged Online Payment Aggregate is a significant milestone in achieving the company’s long-term goals as a payment service provider.

From the outset, the company’s objective has been to facilitate and expand the reach of Online Digital payments in India through our AuroPay platform, which helps simplify payment processing both in terms of receivables and payables, including settlement in a secure, safe and compliant environment.

Balkrishna Pangam, CEO of Aurionpro Payments, said, “We are grateful to the RBI for this authorization and look forward to commencing the business as soon as possible. With our innovative solutions and expertise, we are excited to contribute to India’s digital transformation journey.”

Money bagCredAble, one of Asia’s working capital-focused FinTech companies, has raised $3.5 million (INR 30 crore) in debt funding from SIDBI to scale up their operations and extend affordable financing solutions to MSMEs and women-led businesses in India.

By providing holistic financial growth solutions, CredAble is shaping the working capital financing space and catering to the needs of a growing base of 3,50,000+ businesses globally. The company’s AI-powered technology platform offers built-to-suit, large-scale liquidity programs tailored to the unique needs of enterprises and their network of MSME suppliers, enabling more than $8 billion annually in working capital for India Inc.

FinTech is renowned for its innovative approach to working capital financing, particularly its use of sophisticated advanced analytics, adaptive AI/ML algorithms, and a robust risk-management platform.

Embedded lending solution

Mobile phone with arrowFinTech firm Jupiter Money has received final authorization from the Reserve Bank of India (RBI) to begin issuing prepaid payment instruments. This will allow Jupiter to offer users digital wallets linked to UPI applications.

Currently, Jupiter provides digital savings accounts in collaboration with Federal Bank and CSB Bank, featuring UPI payments, co-branded credit cards, loans (co-lending), spend and asset trackers, and a personalized goal-saving feature. Competing with other neobanks such as Slice and Fi Money, Jupiter had secured in-principle approval from the RBI last year.

DollarPingPong, the global cross-border payments platform and business network, has announced the launch of its embedded lending solution.

This enables US enterprises of all sizes to facilitate global, cross-border growth. PingPong is expanding its value-added services to deliver fast and seamless access to financing by partnering with Kanmon, an embedded lending solution provider.

PingPong helps enterprises integrate its platform into their existing software, workflows, and payment systems, enabling them to manage their cross-border payments and drive expansion seamlessly.

Kenny Tsang, Managing Director of PingPong, said, “As part of our efforts to help make cross-border payments easier and ecommerce merchants grow faster, we are proud to partner with Kanmon to develop our embedded lending offering and empower US customers to scale their businesses – when and where they need it most.”

What is the buzz

BankDoha Bank and Mastercard have entered a long-term strategic partnership to maintain and enhance the bank’s customer service and innovative payment solutions.

In addition to expanding the size of its business in cards and digital payments, Doha Bank will benefit from Mastercard’s expertise in digital solutions to support its strategic transformation process.

“Doha Bank is committed to playing a pivotal role in achieving the objectives of the Third Financial Sector Strategic Plan as part of Qatar National Vision 2030. Our forward-looking partnership with Mastercard is a part of our continuous efforts to reshape the country’s payments landscape, providing the best benefits and solutions to the various reshape our customers,” said Sheikh Abdul, Rahman bin Fahad Al Thani, Group CEO, Doha Bank.

Previous Article

June 17, 2024

Mastercard taps Thought Machine to advance its core banking capabilities

Read More
Next Article

June 17, 2024

Emirates Development Bank & Commercial Bank of Dubai team to facilitate international trade

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Aurionpro Solutions

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

UAE SMEs identified accepting contactless payments as a critical investment area to meet consumer expectations, study shows

Read More

July 22, 2024

Mobile banking popularity set to soar in the US, with 79% adoption predicted by 2029

Read More

July 22, 2024

Bud expands data intelligence platform with new office in Lithuania

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024