back Back

The Weekly Wrap: all you need to know by Friday COB | December 29th

By Puja Sharma

December 29, 2023

  • Cedar ibsi awards
  • Central Bank of India
  • Deals of the Week
Share

The Weekly WrapThe Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The Reserve Bank of India (RBI) has warned banks and non-banking financial companies (NBFCs) about using risk models created in collaboration with FinTech companies. The RBI says these models need to be strong and regularly tested to ensure they work well. The central bank is telling these regulated entities to be cautious about any risks that might build up because of missing information, which could weaken the standards for lending money.

The Central bank said in a report that the models used by banks and financial companies must be strong and regularly checked to ensure they work well. The RBI also pointed out that using artificial intelligence and machine learning can have problems like biases and lack of transparency. It suggested that lenders should use ethical AI to protect customers and be open about how it works.

The RBI emphasized the need to balance the benefits and risks of using these technologies. It recommended that banks and financial companies improve their skills and be watched by regulators. The RBI also mentioned the importance of having clear laws and rules for using these technologies, involving stakeholders to identify possible issues, and educating consumers about them.

Deals of the week

  • LawFi partners with Capital Q Ventures for its $1.5m pre-seed funding round
  • Blackstone set to acquire Sony Payment Services in Japan
  • Hakbah taps open banking platform Tarabut to modernise its savings platform
  • Digital ID firm Yoti secures £12.5m debt funding from HSBC
  • IndusInd Bank unveils ‘eSvarna’, a Corporate Credit Card on RuPay network
  • Geidea & Giift to offer integrated loyalty and payment solutions in Egypt
  • SimplePin, a cloud-based payments infrastructure, bags Axis as new client
  • Fingerprints launches biometric payment cards powered by Thales

Be on the lookout for

The Cedar-IBSi’s 2024 event calendar, uniting global finance and technology leaders in eight key locations—Riyadh, Mumbai, Bengaluru, Kuwait, London, Bahrain, Dubai, and Muscat.

Join 8 impactful summits, 4 exclusive C-Suite roundtables, and 3 prestigious awards ceremonies. Elevate your networking experience with 4 FinTech Happy Hours. Cedar-IBSi’s commitment to driving progress in FinTech is evident in every event.

It’s not just a calendar; it’s your ticket to shaping the future of finance and technology globally. Embrace excellence with Cedar-IBSi in 2024—where collaboration meets innovation, and success knows no bounds. #BeSeenWhereItMatters

Previous Article

December 29, 2023

HDBank & JCB launch co-branded Credit Card in Vietnam

Read More
Next Article

December 29, 2023

FinTech Focus: Catch latest developments of the week

Read More








IBSi Daily News Analysis

South East Asia

February 28, 2024

Cedar ibsi awards

FinTech penetration in Southeast Asia will double by 2027, research reveals

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

February 29, 2024

The Deep Dive: Cloud Account Takeover

Read More

February 28, 2024

Middle East remittance sector set to surge with digital innovation, study shows

Read More

February 27, 2024

Finance Minister in India urges RBI for monthly meetings to address FinTech concerns

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
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 2023