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5 Reasons Why India’s Aadhaar Journey Since 2014 Is Incredible
Numbers speak. In the case of Aadhaar — India’s biometric-based unique identification scheme for all citizens — the numbers are massive. What started merely as a unique identification programme six and a half years ago graduated to becoming a tool for public service delivery reforms in the second phase and for de-duplication, e-KYC and direct benefit transfer in the third phase. In its latest avatar, Aadhaar is poised to truly change the way Indians have done financial transactions until now.
- Categories
- Technology
- Region
- South Asia
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Indonesia: Bank Central Asia Launches VC Unit, to Invest $15m in Fintech
Indonesia’s largest private bank Bank Central Asia (BCA) has launched a venture capital business unit called Central Capital Ventura (CCV), joining the race to use financial technology (fintech) startups to reach the otherwise “unbanked” markets.
- Categories
- Investing
- Region
- South Asia
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Indian government exploring ways to insure mobile wallet balances
The government is exploring options to insure money in mobile wallets similar to how banks offer insurance on savings accounts. According to sources, the government is talking with the stakeholders — wallet players and insurance companies — to work on the rules.
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- Technology
- Region
- South Asia
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India’s cash conundrum: how ready is India to go cashless?
When the Indian government invalidated high-value banknotes on the night of 8 November, taking out 86% of the currency in circulation by value, it was supposed to be a war on unaccounted-for and untaxed wealth, counterfeit notes and terror financing.
- Categories
- Technology
- Region
- South Asia
- Tags
- fintech, mobile finance
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VISA, Atlas Mara in Major Payments Deal
Global payments firm Visa and Atlas Mara Limited that bought two of some of Rwanda’s biggest banks, have signed a commercial partnership to introduce new payment solutions and expand access to electronic payments within the Sub-Saharan Africa region.
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- Technology
- Region
- Sub-Saharan Africa
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How small borrowers in six Indian villages went digital
In a first-of-its-kind initiative in micro-finance post-demonetisation, 60,000 small borrowers from six small villages in Odisha are leading the way towards cashless transactions. This was made possible thanks to a pilot done by Bharat Financial Inclusion (formerly SKS Microfinance) for cashless and paperless disbursals.
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- Technology
- Region
- South Asia
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The Fourth Industrial Revolution: How Big Data and Machine Learning Can Boost Inclusive Fintech
It's easier and cheaper to generate data than ever before, and the tools to turn data into insights are growing exponentially. So much so, according to Matt Grasser of BFA, that any organization dealing with data that does not apply machine learning will be left behind. He explores the experiences of Destacame.cl, a fintech startup, in using machine learning to help identify good and bad payers based on a score.
- Categories
- Finance, Technology
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MoneyGram Agrees to Merge with Ant Financial
MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer services, and Ant Financial Services Group, one of the world’s leading digital financial services providers and parent company of Alipay, a global mobile payment platform, today announced that they have entered into a definitive agreement under which MoneyGram will merge with Ant Financial, with stockholders of MoneyGram being offered $13.25 per share in cash. The transaction will connect MoneyGram’s money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations with Ant Financial’s users, who enjoy a broad suite of technology-based financial services, including payments, credit and insurance products. The combination will provide consumers in over 200 countries and territories with convenient and accessible financial services, which furthers Ant Financial’s mission to promote equal access to financial services globally.
- Categories
- Technology
- Tags
- digital payments, fintech
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