The Weekly Wrap: all you need to know by Friday COB | January 19th

By Puja Sharma

The 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 issued a draft framework for self-regulatory organisations focused on FinTech. The main idea behind the guidelines is to empower the fledgling sector to function and innovate responsibly, even without formal regulations.

The RBI emphasised the importance of striking a delicate equilibrium between fostering industry innovation and addressing regulatory priorities to safeguard consumers and manage risks. This balance is essential for maximising the FinTech sector’s positive contributions.

The SRO framework provides an effective platform for expressing industry opinions and requirements. This collaborative approach and industry-wide participation ensures a more comprehensive understanding of the sector’s needs. This also facilitates the creation of regulations that are both fair and supports responsible growth.

Deals of the week

• InPrime Finserv raises $3m led by Matrix Partners India
• Storfund & Mangopay to ease cash flow for marketplace sellers
• Finshape & arab national bank partner for personalised banking solutions
• LatAm-focused FinTech Prometeo secures $13m Series A funding
• NatWest offers IP-based lending to support high growth businesses
• Finshape & arab national bank partner for personalised banking solutions
• Elevations Credit Union launches with Alkami’s banking platform
• Vertice raises $25m Series B to expand cloud spend management tools
• Revolut teams with Jabil to scale development of mobile payment solutions
• Tide rolls out credit marketplace platform to empower SMBs in India
• Temenos unveils AI-based LEAP to accelerate banks’ migration to cloud

Be on the lookout for

The MoneyLIVE Summit is scheduled to take place from March 6 to 7, 2024, at the QEII Centre in London. This event brings together the global FinTech community to highlight recent developments in payments and banking. It serves as a hub for collaborative partnerships, accelerates innovations, and fosters the birth of new ideas within the dynamic landscape of financial technology.