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Articles on this Page
- 10/09/18--06:38: _Indo UK Institute o...
- 10/10/18--03:53: _BookMyShow Partners...
- 10/11/18--06:32: _Cashfree Partners W...
- 10/11/18--09:58: _QNB Group: Financia...
- 10/11/18--10:35: _Prime Trust Joins t...
- 10/12/18--06:42: _Axis Bank Focusses ...
- 10/14/18--21:55: _IFC and Alipay Anno...
- 10/15/18--07:13: _Moody’s and Reis An...
- 10/15/18--22:17: _Bank of America Rep...
- 10/16/18--23:05: _Voting Is Now Open ...
- 10/17/18--05:11: _PhonePe Offers Flat...
- 10/17/18--07:00: _Visa Unveils New Pa...
- 10/17/18--22:13: _Bajaj Finance Ltd. ...
- 10/22/18--03:02: _AirAsia Announces S...
- 10/22/18--04:00: _Finvasia Approved t...
- 10/23/18--02:29: _VIB 9–month profit ...
- 10/23/18--06:56: _Leading FinTech Ven...
- 10/24/18--02:20: _Algorand Secures $6...
- 10/24/18--04:48: _Wipro Limited Appoi...
- 10/24/18--23:57: _Rakesh Bhatia Appoi...
- 10/10/18--03:53: BookMyShow Partners Razorpay for UPI Payments
- 10/11/18--10:35: Prime Trust Joins the OTCXN Network
- Increased speed and convenience for customers
- Axis Tap & Pay is available on all NFC-enabled android mobile phones
- 10/15/18--22:17: Bank of America Reports Third-Quarter 2018 Financial Results
- Bank of America newsroom at https://newsroom.bankofamerica.com
- Bank of America Investor Relations website at http://investor.bankofamerica.com
- Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news
- 10/16/18--23:05: Voting Is Now Open for Intuit’s Global Firm of the Future Contest
- Cloud Bookkeeping Services, Canada
- PJCO, United Kingdom
- Reconciled, United States
- Regional Business Services Pty Ltd, Australia
- Wealth Café Business Advisors Pvt Ltd, India
- Download & Register on the PhonePe App and link their bank account to UPI
- Click on the “Recharge” icon app
- Select the Jio number they wish to recharge for and select the Jio recharge plan (Example - Rs.149 or Rs.399)
- Complete the payment using UPI
- Customer will get the cashback as soon as the transaction is successful
- 10/17/18--22:13: Bajaj Finance Ltd. Increases Fixed Deposit Rate of Interest
- Up to 9.10%* rate of interest for Senior Citizens
- Up to 9.00%* rate of interest for Existing loan and FD customers
- Up to 8.75%* rate of interest for new customers
- 10/22/18--03:02: AirAsia Announces Special Promo for HDFC Bank Users
- 10/22/18--04:00: Finvasia Approved to Transfer Commodity Membership in Capital Market
- 10/24/18--04:48: Wipro Limited Appoints Arundhati Bhattacharya to its Board
- 10/24/18--23:57: Rakesh Bhatia Appointed to the Advisory Board of CredAble
Business Wire India
|Prime Minister Shri Narendra Modi and Chief Minister of Uttarakhand Shri Trivendra Singh Rawat at Destination Uttarakhand: Investors' Summit 2018|
Indo UK Institute of Health (IUIH), one of the largest healthcare infrastructure projects in the world, has signed up a Memorandum of Understanding (MoU) with the Government of Uttarakhand for setting up an integrated IUIH Medicity in the state. Signed during Destination Uttarakhand Investors Summit 2018, this initiative shall deliver to the people of the state world-class NHS standard healthcare that’s available, affordable and accountable. IUIH shall enable Uttarakhand to emerge as a global hub for medical tourism, medical equipment and device manufacturing, pharmaceutical production; and cutting-edge medical research.
According to Dr. Ajay Rajan Gupta, Managing Director and Group CEO, IUIH, “The IUIH Medicity to come up in Uttarakhand will be developed with an investment outlay of Rs. 1600 crores. It will have a 1000 bed hospital in association with one of UK’s leading NHS hospital.”
The IUIH Medicity in Uttarakhand shall also have medical college, nursing college, PG academy and a training facility for allied health professionals. It shall also have a separate zone for medical equipment and device manufacturing, and pharmaceutical production. Cutting edge medical research shall be carried out at the IUIH Medicities in areas as diverse as genomics & stem cells, translational research and clinical research leveraging on the patient data available.
Dr. Rajdeep Singh Chhina, COO, IUIH, said, “The objective is to make every IUIH Medicity a medical tourism hub and attract the patient traffic from across the globe. NHS standard healthcare at lower price points is our winning formula to tap the medical tourism business potential. This shall not just contribute to the exchequer but lead to overall development of the region too, in line with the government’s Smart Cities initiative.”
IUIH has retained Elara Capital Plc as Financial advisor for raising funds for its projects in India. Mr. Raj Bhatt, Founder & CEO, Elara Capital Plc said “The organised healthcare space in India is growing at a rapid pace. IUIH with its unique relationship with NHS, UK, has a very promising future and there is a strong interest from institutional investors and we feel privileged to be part of this project.”
IUIH has tied up with some of the leading implant companies, and medical equipment and device manufacturers. Many of them would start their manufacturing operations in IUIH Medicities in accordance with Prime Minister Modi’s ‘Make in India’ program bringing the healthcare cost further down for patients in India.
“We are also relying heavily on technology for big data analytics. Our e-Health and m-Health platforms will facilitate exchange of patients’ medical records electronically using telemedicine, tele-radiology and tele-pathology for diagnostics etc. It’s all about covering the last mile and taking healthcare services down to patient’s doorstep,” informed Dr. Ajay Rajan Gupta.
Besides Uttarakhand, the other states to benefit from the IUIH programme include Assam, Andhra Pradesh, Gujarat, Haryana, Karnataka, Maharashtra, Madhya Pradesh, Punjab, Rajasthan, Telangana, Uttar Pradesh and West Bengal. About IUIH
The Indo UK Institute of Health (IUIH) Medicity Programme was announced as a Joint Statement between the Prime Minister of India Shri Narendra Modi and the former Prime Minister of the United Kingdom Mr. David Cameron in 2015. The programme involves an investment of close to Rs 20,000 crores into Indian healthcare aimed at benefitting over 400 million Indians by opening 13 institutes across India in partnership with the world’s best healthcare system - the National Health Service (NHS), UK.
Healthcare UK and Department for International Trade (DIT) India are supporting IUIH with its plans. The project is supported by Ministry of Health and Family Welfare, Government of India and Invest India, which is the national investment promotion and facilitation agency for India promoted by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India.
About Elara Capital
Elara Capital Plc has emerged as a leading investment bank and equity house that raises money for Indian corporates looking for overseas funding and is ranked among the top investment banks in the Bloomberg league tables. It has completed transactions worth billions of dollars and expanded the scope of its services to include M&A and Private Equity Advisory, Broking Services, Asset Management and Wealth Management. Elara’s Equity Research Team is renowned for delivering high-end, valued-added research on Indian equity markets to clients across the world. Elara is headquartered in London and has offices in New York, Singapore, Dubai, Mauritius and India.
Business Wire IndiaRazorpay, India’s first converged payment solutions company, today announced its alliance with BookMyShow, India’s largest online entertainment destination, to help consumers book tickets on the BookMyShow website and Android mobile app through UPI (Unified Payments Interface). Introduction of UPI on BookMyShow with Razorpay will ensure a seamless payment experience and a hassle free checkout for entertainment seekers, without entering any additional bank information.
On BookMyShow, Razorpay along with its banking partner, HDFC has now enabled UPI payments through the intent flow on native mobile applications using existing UPI supported apps installed on customer’s phone, thereby avoiding the inconvenience of using multiple apps (merchant, SMS, UPI app) for making an online transaction. Currently supported on Android devices, the UPI intent flow does not require any additional line of code for integration.
Speaking on this significant partnership, Harshil Mathur, CEO & Co-Founder, Razorpay says, “BookMyShow is India’s largest entertainment destination and millions of people use the platform every day through desktop/laptop or mobile and we’re excited to create a seamless UPI payment experience for users, through this association. In the last few months, we’ve witnessed how UPI has radically transformed payment experience for both consumers and businesses and we believe that this partnership will help simplify payments for BookMyShow, which handles huge transaction volumes every day. The vision and true essence of a cashless economy can be realised when we can successfully facilitate digital payments for the masses, for day-to-day services.”
Says Viraj Patel, Vice President - Technology, BookMyShow, “UPI is already playing a prominent role in digital payments ecosystem in India. BookMyShow’s integration with UPI will definitely help us increase engagement with both - potential users who are not yet aligned to any digital payment method but possess a smartphone, a mobile internet connection and a bank account and our existing users, who already engage with varied digital payment methods, but can now use UPI to enable faster, more convenient and secured checkouts. We are delighted to collaborate with Razorpay for this UPI integration and are confident that our association will go a long way in delighting BookMyShow users.”
In two years since launch, UPI has handled transactions worth ₹3.17-lakh crore. Razorpay has effectively contributed towards the cause of promoting the digitization efforts of the Government, by being India’s first payments processor to offer UPI to its businesses, as early as September 2016, even before demonetisation. In the past few months, Razorpay was the first to power UPI for organisations such as Airtel and IRCTC among others and in a short span, UPI has proved to be extremely beneficial for businesses, serving as an immediate solution to businesses’ payment collection woes.
Having disrupted the digital payments industry over the last three and half years and being the first to support every new mode of payment for businesses, Razorpay is tirelessly working towards solving for other payment challenges in the entire payment journey of any business, small or big.
Currently powering online payments for more than 100,000 small & large businesses such as Airtel, Zomato, IRCTC, GoIbibo, Zoho, DSP Blackrock, Zerodha among others, Razorpay has clocked in a healthy growth rate of 30-35% month-on-month and is geared to increase its merchant count to 2,00,000 by next year. The 2.0 product suite launched last year now contributes to 20% of Razorpay’s revenue, the company expects more than 10x growth in volume and revenue by next fiscal year.
In January, Razorpay raised $20 million in funding led by Tiger Global and Y Combinator with participation from Matrix Partners. It is using a significant portion of the proceeds from that to launch new products and strengthen its engineering team.
About Razorpay Software Private Limited
Razorpay, India’s first Converged Payments Solution company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides tech payment solutions to over 100,000 online businesses. Founded by alumni of IIT Roorkee, Shashank Kumar & Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, YCombinator and MasterCard have invested a total of $31.5 million through Series A & Series B funding. Around 33 angel investors including Snapdeal, InMobi & Freecharge founders, Visa’s Global Head of Strategy, Flipkart ex-CPO Punit Soni and internet entrepreneurs & investors Justin Kan and Tikhon Bernstam have invested in Razorpay’s mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.
BookMyShow is India’s biggest entertainment destination. Over the years, the company has transformed from a purely online ticketing player for movies, sports, plays and events. Today, with presence in over 650 towns and cities in India, BookMyShow works with partners across the industry to provide unmatched entertainment experiences to millions of customers, on par with global entertainment standards. It is constantly innovating to increase its ownership share in the Indian entertainment value chain by relying heavily on its analytic capabilities and incisive understanding of customers. Along the way BookMyShow has produced music concerts and theatricals, introduced audio entertainment service Jukebox, built India’s largest organic reviews and ratings engine for movies and has driven technology innovations, such as the m-ticket, impacting both users and the industry at large.
Since its launch in 2007, BookMyShow has been committed to its customers. With continued support from investors Stripes Group, Network 18 (Reliance), Accel Partners and SAIF Partners, BookMyShow (which is part of Bigtree Entertainment, founded in Mumbai in 1999), is invested in providing the best user experience, whether it’s on ground at an event or online. Demonstrating category leadership, BookMyShow has expanded its operations to Sri Lanka and Indonesia and has invested in companies including Do-It-Yourself events registration and ticketing platform Townscript and Fantain, a fantasy sports platform for Cricket and Kabaddi. It is also committed to society at large by way of their charity initiative BookASmile, which provides entertainment experiences to the underprivileged. For more information, please visit www.bookmyshow.com
Business Wire IndiaBangalore based payments Technology Company, Cashfree has partnered with Ola Money to launch Pay Later facility for the consumers of its online merchants. The service allows consumers to defer payments for online shopping through a short term micro loan. The service, popularly known as Buy Now, Pay Later, is faster than regular banking transactions with zero friction.
Using Pay Later service consumers can get 15 days credit for amount ranging from Rs.1500 to Rs.20,000, depending on their credit profile. The service is especially useful for consumers who do not have a credit card or do not have their online banking credentials.
Nitin Gupta, CEO of Ola Money, said, “We are excited to take Ola Money Postpaid to a whole new set of online merchants through Cashfree. We have been running Ola Money Postpaid for some time on Ola Cabs app and the response has been phenomenal. Cashfree has given us the distribution we needed for getting to a versatile set of merchants.”
Akash Sinha, Co-Founder and CEO of Cashfree, said, “We are excited to enable Pay later as a payment mode for our 5000 merchants. We believe this will not only add convenience to consumers to pay faster but also open a whole new set of consumers for our merchants. At Cashfree, we are aiming to launch many such innovative products for our merchant partners that add to their top line.”
Cashfree currently does about 2 Million transactions every month. The gross transaction value has grown at 30% month on month for the last 12 months and is expected to touch Rs.2500 Cr per month by end of this fiscal.
Cashfree was founded in 2015 by IIIT Hyderabad graduate Akash Sinha and IIT Kharagpur graduate Reeju Datta. Cashfree is backed by payments pioneer, PayPal and the popular silicon valley accelerator, Y Combinator. There are currently 5000 online and offline businesses that use Cashfree’s platform to collect payments from customers or send money to users and vendors. It counts gaming site RummyCircle, Google backed Dunzo, donation platforms like Ketto and Milaap amongst its popular customers.
About Ola Money
Ola Money is the financial services company floated by Ola, the leading urban commute app. Ola Money Postpaid offers mobile wallet and short term credit service for consumers.
Business Wire India
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181010005562/en/
QNB Group HQ Building in Doha (Photo: AETOSWire)
For the nine months ended 30 September 2018, Net Profit reached QAR10.8 billion (USD3.0 billion), up by 6% compared to same period last year, despite the impact of the Turkish Lira devaluation.
Total assets increased to QAR853 billion (USD234 billion), up by 8% from September 2017. The key driver of total assets growth was from loans and advances which grew by 4% to reach QAR604 billion (USD166 billion). This was mainly funded by customer deposits which increased by 7% to reach QAR615 billion (USD169 billion) from September 2017. The growth of the Group assets and liabilities has been partly affected by the devaluation in the Turkish Lira. Despite the devaluation impact, QNB’s strong asset liability management capabilities helped QNB Group to improve its loans to deposits ratio to 98.3% as of 30 September 2018.
The Group’s drive for operational efficiency is yielding cost-savings in addition to sustainable revenue generating sources, enabling the Group to improve the efficiency ratio (cost to income ratio) to 26%, from 29% last year, which is considered one of the best ratios among large financial institutions in the MEA region.
Robust credit quality is underpinned by non-performing loans ratio of 1.8% as of 30 September 2018, a level considered one of the lowest amongst financial institutions in the MEA region. The Group’s conservative policy in regard to provisioning resulted in the coverage ratio at 106% as of 30 September 2018.
Capital Adequacy Ratio (CAR) as of 30 September 2018 amounted to 15.6%, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. Currency headwinds in our core markets had limited impact on the CAR.
QNB's successful funding from the international markets during the year includes, amongst others, (1) capital market issuances of USD560 million (AUD700 million) with a 5- and 10-year maturity in Australia and (2) USD720 million bonds with a 30-year maturity in Taiwan. This reflects the Group’s success in diversifying funding sources by entering new debt markets, sourcing sustainable long-term funding, extending the maturity profile of funding sources and the trust of international investors in the strong financial position of QNB Group and its strategy.
During the year, Fitch Ratings and Moody’s have revised the Outlook to Stable due to successful management of the impact from the blockade. Also QNB remains the highest-rated bank in Qatar and one of the highest-rated banks in the world from the major rating agencies of Moody’s, Standard & Poor’s and Fitch Ratings.
QNB Group serves a customer base of more than 23 million customers with more than 29,000 staff resources operating from more than 1,200 locations and 4,300 ATMs.
MULTIMEDIA AVAILABLE :
Business Wire India
OTCXN, a blockchain-powered capital markets infrastructure company, announced that it has signed Prime Trust to serve as a neutral, third-party custodian of assets for trading entities and exchanges that use OTCXN technology to facilitate clearing and settlement of OTC block trades and cross-exchange trading. Prime Trust is a chartered, regulated and insured trust company with full fiduciary powers and AML/KYC procedures supporting both US and international clients.
The biggest problem for institutions in the cryptocurrency space prior to OTCXN’s launch has been the lack of a clearing and settlement solution that eliminates trading counterparty and settlement risk while connecting all global liquidity providers and exchanges. OTCXN’s multi-custodian solution solves this problem and delivers global liquidity access with a single account at the preferred custodian of a trading desk or exchange.
Prime Trust will play a key role in supporting the expansion of the OTCXN network by providing clients with safe, capital efficient access to global liquidity through OTCXN’s market leading trading platforms.
“Bringing Prime Trust on-board to use OTCXN’s Custodian Desk platform to support our mutual institutional clients trading digital assets such as cryptocurrencies over OTCXN’s unique network, is an exciting development. Prime Trust is one of only a few regulated US entities offering neutral custody services in Fiat and Cryptocurrencies. They stand out for their experienced management team with deep securities and fiduciary industry backgrounds, hot and cold hardware-based wallets, and client asset safety,” stated Rosario M. Ingargiola, CEO and Founder of OTCXN.
Prime Trust is a financial institution dedicated to the blockchain industry that, as an SEC Qualified Custodian, provides custody of tokens, Fiat and other alternative and traditional assets, as well as funds processing, AML/KYC compliance, and transaction technology for the new digital economy. As a blockchain-driven trust company, its mission is to provide exchanges, portals, platforms, brokers, real estate syndicators and direct-issuers with best-in-class solutions to seamlessly meet the needs of their securities offerings, as well as their secondary markets.
“OTCXN is an exciting and well thought-out institutional-grade digital asset trading network unlike anything we’ve worked on until now,” says Scott Purcell, Prime Trust’s CEO and Chief Trust Officer. “OTCXN’s strategic technology aligns perfectly with our continued mission to support an ever-evolving digital economy; and, we are excited to play a role in bringing more infrastructure to the industry.”
The OTCXN solution has strong appeal to custodians that hold crypto-assets for institutional clients because the cryptocurrency is always held in deep, cold storage, rather than being held at an exchange or being in-flight, as it is when traded over-the-counter. The OTCXN approach significantly increases safety for institutional clients and reduces administrative overhead for custodians with clients engaged in active trading. The solution provides custodians with continuous net settlement reporting, with point-in-time snapshot features and workflow tools to support periodic net settlement movements between custodial accounts.
OTCXN has launched its OTC Block Trading platform which delivers an institutional RFQ-style workflow with instant, atomic clearing and settlement of trades against provable assets at a custodian, and no initiator settlement risk. Later this year, OTCXN will be launching its high-performance matching engine, LiquiMatch, as both a Dark Pool and Central Limit Order Book-style exchange for cryptocurrencies. Clients of custodians on the network can access liquidity across all OTCXN trading platforms with a single account at a custodian.
Any OTC desk, liquidity provider, fund or exchange can join the OTCXN network by holding a portion of Fiat/Crypto trading assets at a custodian, including Prime Trust.
OTCXN is a capital markets infrastructure company using asset digitization, proprietary blockchain technology, real-time collateral management and an array of institutional trading platforms to organize global liquidity and make it tradable via a single account at any custodian on the network. OTCXN has developed the first technology platform that eliminates counterparty and settlement risk without the use of balance sheet and credit, and without becoming a counterparty to transactions. For more information, visit www.otcxn.com and @OTCXN.
Business Wire India
In order to use this service, the customer has to download the Axis Tap & Pay app from the Play Store and add the details of Axis Bank credit and debit cards on the application to activate the contactless payment facility. After linking the card/s on the app, the customer can just tap the NFC-enabled mobile phone on contactless POS machines to make the payment without the need of carrying a physical plastic card.
All payments through Axis Tap & Pay are secured as the solution generates a token-card for the transactions, which is separate from the actual debit/credit card number, thereby increasing customer privacy and security. Also, the merchants can benefit from increased transaction volume as well as quicker checkout times and thus reducing queues at cashiers.
Recently, Axis Bank launched Instant Credit Cards for its pre-approved customers wherein they have an option to avail virtual Instant Credit Cards through the Axis Pay, within minutes after authentication. Once the Instant Credit Card is generated it can be linked with Axis Tap & Pay and used at the POS terminals immediately. This will enable customers use instantly issued card not only for ecommerce transactions but also for Point of sale transactions using NFC technology. With this end to end capability, customers can use their Axis Bank Credit Cards during the festive season without having to wait for the physical card.
Speaking on the launch, Mr. Sanjeev Moghe, Head of Cards & Merchant Acquiring Business, Axis Bank said, “The payments market is evolving, accompanied with a shift in consumer behavior. We see a tremendous growth opportunity for the contactless payments adoption and therefore, our new offering, ‘Axis Tap & Pay’ is designed to cater to this segment. This proposition will enhance the customer experience by expediting the payment process and making it more secured and eliminating the need of carrying a physical plastic card.”
Mr. Porush Singh, Division President, South Asia, Mastercard said, “Mastercard has always focused on making digital payments convenient, safe and secure for users and the launch of this application is another step in this direction. Today, the Indian market has over 15 million contactless cards and is expected to cross the 50 million mark by 2020. Mastercard is excited to be at the forefront of this revolution and our partnership with Axis Bank bears further testament to this. Going forward, Tap & Go will emerge as one of the most convenient, safe and secure payment methods across categories for digital payments.”
Adding to it, Mr. T.R. Ramachandran, Group Country Manager - India and South Asia, Visa said, “Visa is proud to partner with partners like Axis Bank for creating innovative payment solutions. The recently launched Instant Credit Card of the bank has empowered the consumer to get a card digitally and now the Tap and Pay solution will enable them to use it for contactless transactions at retail outlets. Global Trends indicate that the proliferation of contactless significantly increases card usage and replaces cash transactions thus complementing our country’s efforts to move millions of citizens into the digital economy."
As per the Reserve Bank of India guidelines on contactless payments on a card, a maximum of Rs. 2000 per transaction is allowed. Thus, one can make payment upto Rs 2000 per transaction using Axis Tap & Pay.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 3,779 domestic branches (including extension counters) and 12,834 ATMs across the country as on 30th June 2018, the network of Axis Bank spreads across 2,211 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has ten overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi, Sharjah and Dhaka and an overseas subsidiary at London, UK.
Business Wire India
International Financial Corporation (“IFC”), a member of the World Bank Group, and Ant Financial Services Group (“Ant Financial”), the world’s leading tech company and the operator of Alipay, jointly announced the 10x1000 Tech for Inclusion programme at the 2018 Annual Meetings of the International Monetary Fund and the World Bank Group.
The initiative will include a comprehensive programme that embraces interactivity and the exchange of ideas to provide training to 10,000 tech experts in emerging markets from both public and private sectors over the next 10 years.
Alibaba Group founder and Executive Chairman Jack Ma said that the programme aims to build an interactive and open platform to increase support for tech leaders and skilled individuals who are working to alleviate poverty and make basic financial services more broadly accessible in Indonesia, which will be the first stop of the programme within emerging markets.
“I believe that investing in people is investing for the future. Cultivating talent is one of the most significant things the Alibaba ecosystem can do. My hope is that emerging markets will benefit from the individuals that are nurtured under this new 10x1000 Tech for Inclusion programme and be able to embrace a brighter future through the digital economy,” said Ma, who is an adviser to the Indonesian government steering committee for e-commerce.
The 10x1000 Tech for Inclusion programme will seek support from local public and private sector partners in emerging markets. A series of Techfin workshops will be held across China and various countries. The workshops will aim to inspire tech leaders and local talent to become “drivers for change” in the digital era, promoting technology inclusion and global sustainability.
“Technology offers the largest dividend of the digital era bringing unprecedented opportunities for financial inclusion,” said Eric Jing, Executive Chairman and Chief Executive Officer of Ant Financial. “Individuals with talent in technology are the drivers for change who can inspire innovation that will lead to a better collective future. Now is the time for Alipay to share its knowledge and experience in digital financial services to broaden the tech communities and ecosystem within emerging markets.”
IFC and Ant Financial have partnered on initiatives to extend micro-credits to small- and women-owned businesses in China and over the past year have driven collaboration on inclusive digital finance, green digital finance and business-environment enhancement. In 2016, Ant Financial signed onto the World Bank Group Universal Financial Access 2020 goal and committed to increasing access to financial services for 100 million underserved individuals.
Philippe Le Houérou, IFC CEO, said, “Digital finance is transforming the financial landscape, creating new markets, empowering consumers and putting banking in the hands of unreached millions worldwide for the first time. The joint programme will further deepen knowledge and create new opportunities for digital financial services to expand financial access and improve lives.”
About Ant Financial
Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide. Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. By the end of March 2018, together with its local partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.
Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.
Business Wire India
Moody’s Corporation (NYSE:MCO) and Reis, Inc. (NASDAQ:REIS) announce today that Moody’s wholly-owned subsidiary, Moody’s Analytics Maryland Corp., successfully completed the previously announced tender offer to purchase all of the issued and outstanding shares of common stock of Reis at a purchase price of $23.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181015005308/en/
The tender offer expired at 11:59 p.m., New York City time, on October 12, 2018. The depositary for the tender offer has advised that as of the expiration of the tender offer, a total of 9,800,276 shares of common stock of Reis were validly tendered and not validly withdrawn in the tender offer (excluding shares with respect to which notices of guaranteed delivery were delivered) representing approximately 84.7% of Reis’s outstanding shares of common stock. All of such shares have been accepted for payment in accordance with the terms of the tender offer.
As a result of the tender offer, Moody’s now indirectly owns a sufficient number of shares in Reis to complete a “short-form” merger under applicable Maryland law without stockholder approval. Upon completion of the merger, all outstanding shares of common stock of Reis other than shares held by Moody’s, Moody’s Analytics Maryland Corp., Reis, or any of their respective wholly-owned subsidiaries will be canceled and converted into the right to receive $23 per share in cash without interest thereon and less any applicable withholding taxes. Moody’s expects to complete the merger later today. In addition, in connection with the merger, the common stock of Reis will cease to be traded on the NASDAQ Stock Market.
ABOUT MOODY'S CORPORATION
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody’s Corporation (NYSE:MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The corporation, which reported revenue of $4.2 billion in 2017, employs approximately 12,300 people worldwide and maintains a presence in 42 countries. Further information is available at www.moodys.com.
Reis provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
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Other factors, risks and uncertainties relating to our acquisition of Reis could cause our actual results to differ materially from those indicated by these forward-looking statements, including difficulties or unanticipated expenses in connection with integrating Reis’s operations, products and employees into Moody’s and the possibility that anticipated synergies and other benefits of the acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the acquisition could have an adverse effect on the business of Reis or its prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in the global marketplace that have an adverse effect on the business of Reis; and the accuracy of any assumptions underlying any of the foregoing. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of the Moody's annual report on Form 10-K for the year ended December 31, 2017, the tender offer documents previously filed with the SEC by Moody's and its acquisition subsidiary Moody’s Analytics Maryland Corp, as amended, the solicitation/recommendation statement on Schedule 14D-9 previously filed by Reis, as amended, and other filings made by Moody's from time to time with the SEC or materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on Moody's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody's to predict new factors, nor can Moody's assess the potential effect of any new factors on it.
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Business Wire India
Bank of America reported its third-quarter 2018 financial results. The news release, supplemental filing and investor presentation can be accessed in the following ways:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181015005455/en/
Investor Conference Call information
Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the financial results in a conference call at 8:30 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795.
Please dial in 10 minutes prior to the start of the call. Investors can also listen to a live audio webcast of the conference call and view the presentation slides by visiting the Events & Presentations section of the company’s Investor Relations website.
Replay information for Investor Conference Call
Investors can access replays of the conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from noon on October 15, through 11:59 p.m. ET on October 22.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.
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Business Wire India
Intuit Inc. (Nasdaq: INTU) opened the polls for voting in its 2018 Intuit QuickBooks Global Firm of the Future contest. The public vote, which closes October 31, 2018, will determine which of the contest’s five finalists − Cloud Bookkeeping Services, PJCO, Reconciled, Regional Business Services Ptd Ltd or Wealth Café Business Advisors Pvt Ltd. − will be named the grand prize winner. Representing Canada, the United Kingdom, the United States, Australia, and India, respectively, these forward-thinking firms represent some of the top accounting firms from around the world, having embraced online technologies to grow their practices and help their small business clients succeed and prosper.
During the voting period, Intuit invites the public to visit the Firm of the Future contest website and vote once per day for the firm that they feel best embodies the Firm of the Future. For every vote and social share that takes place, a donation from Intuit will be made to Kiva.org (up to $25,000 USD), an international nonprofit based in San Francisco, California that invests in entrepreneurs from underserved communities around the world who are looking to create a better future for themselves, their families and their communities.
To learn more about the finalists, the public can view videos in the online gallery on the Firm of the Future contest website. These videos highlight how each firm has embraced online technologies and how they have helped a specific small business client to succeed.
“These five firms represent the most innovative firms in the industry, and we are eager to see how they will continue to grow and drive success for their own businesses and small business clients,” said Ariege Misherghi, global leader of Intuit’s Accountant Segment, Small Business and Self-Employed Group. “These firms have recognized the benefits of being a Firm of the Future and have successfully navigated the path forward. Each firm is already a true champion, and we’re excited to celebrate these finalists and see who will be named the grand prize winner.”
To help the finalists in their video submission process, Intuit provided a videographer and film producer to work directly with each finalist to create a high-quality video showcasing what makes his or her firm a Firm of the Future. The five finalists (in alphabetical order) are:
Anyone wishing to vote must first register, and all registrants will only be permitted to vote once per day during the open voting period. The top five global finalists and the small businesses identified by each firm will each receive a $5,000 USD cash prize as well as one ticket to Intuit’s annual conference, QuickBooks Connect, November 5-7, in San Jose, California. The grand prize winner and the small business they support will be revealed on the main stage and receive additional cash prizes of $25,000 USD and $15,000 USD, respectively.
Register for QuickBooks Connect and meet the finalists and grand prize winner in-person in November. The conference offers a dynamic lineup of speakers, including Alex Rodriguez, Founder and Chief Executive Officer of A-Rod Corp, Mindy Kaling, Actor, Writer, Producer and Director and Dylan Lauren, CEO and Founder of Dylan’s Candy Bar.
Intuit’s mission is to Power Prosperity Around the World. Our global products and platforms, including TurboTax, QuickBooks, Mint and Turbo, are designed to empower consumers, self-employed and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide, unleashing the power of many for the prosperity of one. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.
Business Wire IndiaPhonePe, India’s leading digital payments platform, announced a lucrative offer exclusively for Jio customers. Customers can now avail a Flat Rs.100 cashback on their first transaction on PhonePe App. The cashback is only applicable for new PhonePe customers who do a Jio recharge for Rs.149 or above and pay through UPI.
Jio customers can now enjoy unlimited calling & 1.5 GB daily data for 28 days at an effective price of Rs.49 & for 84 days at an effective price of Rs.299.
To avail the offer, all a customer has to do is:
Bengaluru-headquartered PhonePe is the fastest growing payments company in India. With over 100 million installs, the PhonePe App drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, buy gold, shop online, and offline. Customers can also use PhonePe as a payment option across 3 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc.
For more details, please visit https://www.phonepe.com or download the PhonePe app.
Business Wire India
Visa Inc. (NYSE:V) today announced the commercial expansion of the Visa Token Service for credential-on-file (COF) token requestors, marking a major milestone towards further securing consumer payments in the digital channel.
With this expansion, acquirer gateway and technology partners Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Ezidebit, eWAY, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus,SafeCharge, SecureCo, Square, Stripe, Worldpay and YellowPepper are or will soon be able to tokenize credential-on-file digital payments on behalf of their merchant and payment clients.
Built on top of the EMVCo Payment Tokenization Standard, the Visa Token Service offers another layer of security by replacing sensitive cardholder information, such as personal account numbers and expiration dates, with a unique digital identifier (a “token”) that can be used for payment without exposing a cardholder’s more sensitive account information. In addition to enhancing security, expired or compromised payment credentials can be seamlessly updated in the background by the financial institution, eliminating a significant point of friction for consumers and merchants.
Merchants also get the added security protection of being shielded from data breaches that occur elsewhere in the ecosystem since the Visa card number is replaced with a token unique to the merchant or gateway acquirer partner.
“Today, we welcome 20 partners into the Visa Token Service who will help scale tokenization to their thousandsof merchant clients and millions of customers around the world. This opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments,” said Ansar Ansari, senior vice president, digital payment products, Visa. “Making digital transactions even more secure is one of Visa’s biggest priorities. Working with Visa, these partners will help secure cardholder data and make digital payments safer, resulting in frictionless digital commerce experiences for consumers.”
“Adyen is excited to be the first acquirer in the payments ecosystem with in-market solutions to support and offer Visa Token Service to our global merchants,” said Kamran Zaki, president, North America, Adyen. “In addition to improving security, Visa network tokens through Adyen will allow our merchants with cards on file to reduce involuntary churn and improve authorization rates without any additional work on their part.”
“Worldpay is committed to protecting the integrity of every transaction and this solution integrates well with our own security and tokenization products,” says Asif Ramji, chief product officer, Worldpay. “By forming strong relationships with companies like Visa to bring global scale to every merchant, we ensure their ability to deliver positive customer experiences. Importantly, Worldpay merchant partners who take advantage of our implementation of the Visa Token Service do not need to wait for individual certification and approval to begin protecting their customers’ data.”
“The integration of the Visa Token Service within the CyberSource Token Management Service is an important milestone in our quest to enable clients to create new digital commerce experiences and deepen consumer engagement across channels,” said Andre Machicao, senior vice president, CyberSource, a Visa solution. “The powerful integration of these services provides merchants additional value and simplifies access to future Visa Token Service enhancements, especially in the area of credential life cycle management. Dynamic updates of credentials when a card is lost, stolen or expired will help our clients improve the consumer experience and lift conversion.”
Since the launch of the Visa Token Service in 2014, Visa has added over 60 global token requestors—including mobile and wearable manufactures, issuer wallets, online merchants, payment service providers and acquirers—from 40 markets onto the token platform. The addition of 20 merchants, acquirer gateways and token requestors will bring scale globally and support Visa’s commitment to security and convenience of online and mobile payments from both traditional eCommerce as well as credential-on-file transactions.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visacorporate.tumblr.com and @VisaNews.
Business Wire India
For the same schemes and tenor, the new Fixed Deposit customers would get 8.75% instead of 8.50% earlier. The existing loan and FD customers are offered a rate of 9% which previously was 8.75%. The rate of interest, has thus recorded a rise of 0.25% on a tenor of 36-60 months across all customer categories.
For the recently launched special tenor scheme of 15 months with a minimum FD size of Rs. 1 lakh, the FD rate of interest would be up to 8.05% for new customers and 8.40% for senior citizens.
Upon renewal, senior citizens will now earn a higher rate of interest of 9.35% which previously was 9.10% and new customers will be offered rate of interest of 9% compared to 8.75% prior, for a tenor ranging between 36 to 60 months.
|Tenor in months||Minimum deposit (in Rs.)||Cumulative||Renewal|
|Existing rates||New rates w.e.f 17 Oct 2018|
|New Customers||12 – 23||25,000||8.00%||8.00%||0.25% extra|
|24 – 35||8.15%||8.15%|
|36 – 60||8.50%||8.75%|
|Special tenor scheme|
|Senior Citizens||12 – 23||25,000||8.35%||8.35%||0.25% extra|
|24 – 35||8.50%||8.50%|
|36 – 60||8.85%||9.10%|
|Special tenor scheme|
|Bajaj Group employees/Existing FD or loan customers||12 – 23||25,000||8.25%||8.25%||0.25% extra|
|24 – 35||8.40%||8.40%|
|36 – 60||8.75%||9.00%|
|Special tenor scheme|
Bajaj Finance Fixed Deposit has been accredited 'FAAA/Stable' rating by CRISIL and 'MAAA (Stable)' rating by ICRA which indicate highest degree of safety with regard to timely payment of interest and principal on the instrument. Deposit book stood at Rs. 9,427 crore as of 30 June 2018 which was a growth of 85% from Rs. 5,095 crore as of 30 June 2017. Deposits contributed to 14% of the standalone borrowings.
Features and benefits of Fixed Deposit
Higher interest rates for senior citizens
Senior citizens investing in the Bajaj Finance Fixed deposit earn an additional 0.35% rate of interest over and above the card rate.
Minimum deposit and flexible tenor
The customer can start with a minimum deposit of Rs. 25,000 and earn high return. Customers have the flexibility to choose from a tenor ranging between 12 to 60 months, to suit their financial needs.
Online Application Process
Customer can easily invest in FD with an easy online application process
600+ Branches across India
Offered in over 600 branches across the country, to enhance the customer experience
Online Account Management
Online access to Fixed Deposit account, to keep a track of the investment easily
About Bajaj Finance Ltd
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 21 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Re-Financing Loans. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
To know more, please visit: https://www.bajajfinserv.in
In case of any query, feel free to contact Bajaj Finserv Customer Care.
Business Wire India
|Plan your 2019 travels with AirAsia & HDFC Bank|
AirAsia today announced its collaboration with HDFC Bank, to offer guests up to 20% discount on fares. Existing HDFC Bank users can grab this special deal and book their flights from 22nd October to 28th October 2018 for travel period starting from 21st January 2019 to 20th September 2019.
This offer is available on all flights operated by AirAsia’s Group network, viz. AirAsia India (Flight code i5), AirAsia Berhad (Flight code AK), Thai AirAsia (Flight code FD) and AirAsia X (Flight code D7). The discount applies to all bookings made through www.airasia.com/hdfcbank
Guests can choose from interesting domestic destinations like Kolkata, Goa, Jaipur, Chandigarh, Guwahati, Imphal, Visakhapatnam, among others and also opt to fly to international destinations across 120 countries like Krabi, Sydney, Auckland, Melbourne, Singapore, Bali & many more destinations.
AirAsia BIG Members can also take advantage of the sale by redeeming flights using their AirAsia BIG Points. For more updates on AirAsia’s latest innovations, as well as promotions, activities and contests, connect via Twitter (https://twitter.com/airasia) or Facebook (facebook.com/AirAsia).About AirAsia India
AirAsia (India) Ltd is a joint venture between Tata Sons Limited & AirAsia, with AirAsia Investment Limited. AirAsia India commenced operations on 12th June 2014 and currently flies to 21 destinations across India with a fleet of 19 A320 aircraft.
Business Wire IndiaAdding yet another milestone to its ever-expanding ecosystem, Finvasia received an approval to transfer its MCX membership to Capital Market Membership. The approval is a testament to the fact that the company is committed to provide its clients with products and services that meet and even exceed their expectations.
The single SEBI registration will allow its clients to trade on NSE, BSE, MCX & NCDEX from a single trading account. This much anticipated unified trading account is a turning point for the financial market as investors will now be able to trade and monitor all their investments under one roof. Traders will be able to maintain a single financial balance for all exchanges they wish to trade on and will benefit from using the available balance in Commodities Market even after the Capital Market hours. This would further reduce compliances for all.
Furthermore, Finvasia has also received NCDEX membership and is extending zero brokerage services for all clients who wish to trade on NCDEX.
Co-founders, Sarvjeet Singh and Tajinder Pal Singh, added that, “This change was much awaited and will create a conducive environment for investors. Traders will be able to diversify their portfolios more efficiently, with multiple asset classes and all major exchanges in one account.”
Finvasia is amongst India’s fastest growing FinTech company, offering financial services ranging from zero brokerage, zero clearing, zero account opening, zero AMC to name a few. With offices in Mississauga (Canada), London (UK), Chandigarh (India), we are registered as Commercial Clearing and Trading Member of National Stock Exchange of India Limited (NSE) and Member of Bombay Stock Exchange (BSE), Multi Commodity Exchange of India (MCX), NCDEX and AMFI. Further, the company acts as Depository Participant with CDSL and building a blockchain based Non-Banking Financial Corporation (NBFC) digital lending platform after receiving approval from RBI. Finvasia received FDI funding from some of the industry’s notable Venture Capitalists against a valuation of INR 1.5 Billion in its pre-launch phase.
Business Wire India
Vietnam International Bank (UPCoM: VIB) announced its financial statements of the first 9 months 2018 with positive results.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181023005507/en/
A clerk at VIB (Photo: Business Wire)
Profit before tax grows 176%
VIB reported profit before tax of VND 1,720 billion, up 176% year-on-year (YoY), equal to 86% of its full year target. The revenue increased by 48% YoY, in which interest income and non-interest income up 50% and 37% respectively; the latter accounted for 16% of total revenue and continued upward trend. The cost-to-income ratio (CIR) significantly dropped from 57% in 2017 to 48%. Provision expense in 9 months was lower than YoY in the context that VIB no longer has bad debts in VAMC. The return on equity ratio (ROE) reached 19.4%.
The total asset of the bank reached over VND 132,500 billion, up 8% year-to-date; lending and deposits reached VND 95,200 billion and VND 89,200 billion, up 13.1% and 14.8% year-to-date, respectively. Non-performing loan ratio (NPL) remained at 2.5%.
VIB ranks among biggest retail banks
VIB puts strong focus on Retail Banking business unit. Lending reached 67,400 billion, up 58% year-on-year, helping VIB become one of the biggest retail banking. VIB continued to maintain the first position in auto-loans taking 25% share of total market. VIB rank top 3 in Bancassurance sales in Vietnam, increasing by 202% YoY. Multi-channel credit card development model grows strongly; number of credit cards increased by 84% YoY and total credit card spending of Q3/2018 went up by 214% YoY. The positive growth in both size and quality has made VIB’s retail revenue in the first 9 months of 2018 rise 92% YoY.
Effective risk management, no bad debts at VAMC & ready for Basel II
According to Moody’s report issued on Aug 2018, Moody’s has upgraded the long-term local and foreign currency deposit and issuer ratings of VIB from B2 to B1. VIB’s capital adequacy ratio (CAR) reached 12.4%. Ratio of short-term deposits used for long-term loans stood at 38.2 %, lower than permitted maximum limit of 45%.
In July 2018, VIB was recognised by the State Bank of Viet Nam and VAMC as one of five banks to re-purchase all bad debts that they sold to VAMC. Three years ago, only VIB & Vietcombank are ready to apply Base II standards.
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Business Wire India
|(From L to R): Ashish Goyal, Co-Founder & CFO and Akshay Mehrotra, the Co-Founder & CEO|
EarlySalary has gone on to become India’s largest consumer lending application by crossing the INR 550 Crores disbursal mark. The large demand for the products that the start-up offers, helped achieve this milestone. EarlySalary has provided over Rs. 550 Crores in financial assistance to over 135,000 Unique Customers and disbursed cumulatively 350,000 loans which has made them the first line of credit for young working Indians. Also, it is now disbursing Rs.80 Crores a month. The platform processes 60,000+ loan applications every month and disburses 35,000+ loans with a small team of just 150 people.
24 - 30 year olds are the largest user base of the application.
55% of the customers work for the top 200 corporates in the country and nearly half of them are at their first jobs.
Customers with a monthly salary of above Rs.18,000 can apply for a loan.
Product portfolio includes 7 to 51 days bullet loan product wherein nearly 40% of the customer base has now been offered 3 months to 12 months EMI loans on repeat loans.
Shopping Limit at No Cost EMI on Flipkart, Amazon & Big Bazaar is the second most used product feature with over 4K transactions per month.
In the current market, a very small percentage of users have access to instant credit, EarlySalary is helping to bridge that gap which is why the mobile application generated over 7 million downloads and helps build more affordable credit and financial inclusion to young underserved working professionals in the country.
Elaborating on this announcement, Akshay Mehrotra, Co – Founder and CEO, EarlySalary said, “We are a customer focus organisation and our mission is to provide financial assistance to the underserved classes. Today, our Machine Learning Algorithms have evolved to the next level and help us cater in real-time to many more customers than what we had initially anticipated. We are happy that we have crossed loans disbursals of Rs.550Cr in such a short span and believe that in the next 18 months we can disburse 10x of this and cross a billion dollar worth disbursal.”
Adding to the announcement, Ashish Goyal, Co-Founder & CFO, EarlySalary said, “Consumer lending is fuelled by an immense rise in the young working population, our ability to lend to young first time customers helps create a strong niche yet provides a large underserved market potential, giving EarlySalary a unique opportunity. We are extremely proud that we have disbursed over 350,000 loans in such a short duration.”
The mobile first application has a presence in 17 cities across the country. The EarlySalary 2.0 Mobile Application has also recently been introduced to provide simpler interface to accommodate complex product needs of the customers in a simple and elegant way which include customer service requests, limit management, self - serving platform, chatbot etc.
Users can currently avail loans of up to Rs 2 lakhs; a line of credit ranging from 50 days to 2 years and interest-free EMIs for shopping. a About EarlySalary.com
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail of financial assistance. The company offers banquet of products tailor to need of young India including salary advances, instant loans, interest free EMI options and a line of credit to shop. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting.
EarlySalary earlier this year raised INR 100 crores in January 2018 from Eight Roads (Fidelity) Ventures & existing investors, Chiratae Ventures (IDG Ventures India) & DHFL. With more than 7 Million Downloads and loans worth Rs.550Cr already being disbursed, EarlySalary is helping customers borrow within minutes. EarlySalary has fast become the 1st line of credit for young working professionals in India.
Like us on Facebook: Facebook.com/EarlySalary
Follow us on Twitter: @Early_Salary
Business Wire India
Algorand, a first-of-its-kind blockchain and cryptocurrency purpose built for business, announced today the closure of a $62M equity investment and the addition of senior executive hires from leading global technology brands. Steve Kokinos, co-founder and Chairman at Fuze, and W. Sean Ford, co-founder of uPromise and former CMO of LogMeIn, join Algorand as CEO and COO, respectively. The $62M comes from a broad global investment group representing the venture capital, cryptocurrency, and financial services communities. The funding, combined with the executive hires, will help launch the revolutionary blockchain protocol designed by MIT’s Silvio Micali.
“At USV we believe that foundational innovation is required to deliver on the promise of blockchain technology,” said Albert Wenger, managing partner at Union Square Ventures. “Algorand is building a crucial part of that with their novel consensus algorithm that solves for security, decentralization and scalability.”
“Algorand is a company uniquely approaching the blockchain and cryptocurrency space from both a technology and business perspective,” said Jamie Goldstein, founding partner, Pillar Venture Capital. “Silvio Micali is an award-winning cryptographer, and the technology he and his team have developed has the potential to transform industries. With the addition of Steve and Sean, he is now joined by a senior leadership team that has deep expertise in building enterprise companies at scale.”
“We have been developing Algorand as a technology for several years with the ultimate goal of creating a business-ready protocol for a truly global and decentralized economy,” said Silvio Micali, Algorand founder, MIT computer science professor and Turing Award winner. “Our team of scientists is comprised of some of the most accomplished minds in cryptography, theory, and finance, and we are very excited to add the proven business acumen we need to help bring our protocol to market.”
Bringing a combined 40+ years of proven technology experience in leading disruptive brands, Kokinos and Ford offer deep and unique expertise in driving the growth of innovative tech companies. A serial entrepreneur, Kokinos has founded and grown three successful companies – Fuze, BladeLogic, and WebYes, Inc. while Ford has built a reputation for operational execution and go-to-market expertise at a variety of tech companies including uPromise, Oracle and LogMeIn.
Based in Boston, and founded by cryptography pioneer and Turing award winner Silvio Micali, Algorand solves the “blockchain trilemma” with a platform that delivers decentralization, scalability and security. Algorand provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. Algorand’s first-of-its-kind, permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality required to build systems for billions of users.
For more information, visit https://www.algorand.com/.
Business Wire IndiaWipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company, today announced the appointment of Ms. Arundhati Bhattacharya, a widely acclaimed banker with four decades of experience across India’s financial sector, to its Board of Directors for a period of five years effective January 1, 2019, subject to the approval of shareholders.
Bhattacharya, who was the first woman chair of State Bank of India, India’s largest lender, will serve as an Independent Director and brings with her a deep understanding of all facets of banking including credit, foreign exchange, treasury, retail operations, mergers and acquisitions and the capital and bond markets.
She is credited with spearheading a range of technological initiatives, shaping the digital transformation of State Bank of India. She is also recognized for reimagining people practices with a special focus on women.
Welcoming Ms. Bhattacharya to the Board, Azim Premji, Chairman, Wipro Limited said, “I am confident that her deep repository of knowledge spanning across the financial services sector combined with her understanding of technology and proven expertise in driving operational transformation will immensely benefit Wipro.”
Commenting on her appointment, Ms. Bhattacharya said, “I am delighted and privileged to be invited to join the Board of Wipro Ltd., an organization which is globally respected both for its technology leadership and its unflinching commitment to values. I look forward to contributing to the company’s growth charter."
Bhattacharya is a postgraduate degree holder in English. She is also an Associate of the Indian Institute of Bankers.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 160,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Business Wire IndiaRakesh Bhatia Ex-CEO HSBC Bank, Indonesia & Catholic Syrian Bank has been appointed as an advisor to the Fintech Startup CredAble. Over his eventful career that spans over 30 years, Mr Bhatia has held key roles such as CEO - HSBC Indonesia, Global Head - Trade & Receivable Finance at HSBC and MD & CEO of Catholic Syrian Bank. An alumnus of IIM – Ahmedabad, Rakesh is now investing, working and advising a number of Fintech firms across India and S E Asia. As an Advisor, he will contribute to the expected exponential growth of CredAble.
Nirav Choksi, Co-Founder & MD was quoted as saying, “We are very excited and fortunate to have Mr. Bhatia agree to be on the advisory board of CredAble. Mr. Bhatia’s participation on our advisory board is a huge endorsement for our vision for CredAble. His vast experience and expertise in Global Supply Chain Financing and Trade Finance proves invaluable as we evolve our strategy for the growth of CredAble. His insights will help us create innovative solutions for our customers and financial partners to optimize their Supply Chain financing programs.”
Mr Bhatia shares the following on his association, “I am very excited to work with CredAble and hope to contribute to their efforts in building the supply chain financing ecosystem in India. I have been impressed by the energy and dedication of Nirav and his team in building this company and remain confident of their future success.”
Bhatia has lived in India, Hong Kong, Indonesia, London, Bahrain & Singapore. Bhatia would share the panel with Anita Belani who is also a board advisor with CredAble and coaches the leadership team on Human Share Capital Strategy. Other advisors include veteran bankers Mr. Suresh Balasubramanium and Mr. Anil Gudibande. With guidance from Mr Rakesh Bhatia, CredAble is confident that it is moving closer to its vision.
Founded in March 2017 by Nirav Choksi & Ram Kewalramani, CredAble is a Fintech company focusing on Supply Chain Financing with a mission to increase the working capital availability to the various stakeholders in the industry. CredAble’s vision is to lend and support the growth of participants in the Supply Chain ecosystem. It has developed industry leading technology based proprietary tools The Dynamic Discounting and Receivables Xchange Platform (DDRX) and its unique Just in time financing platform and is using these tools to support vendors of large corporate who have traditionally been constrained in getting credit support.