Digital Financial News

EY India has selected 11 entrepreneurs as finalists for EY Entrepreneur of the Year-India (EOY) 2023 Awards in its silver jubilee year. These finalists have combined revenues of over Rs 14,70,000 crore, market capitalisation of over Rs 42,00,000 crore and employ over 12,50,000 people worldwide. In addition to these finalists, EY has also announced that Venu Srinivasan, Chairman Emeritus, TVS Motor Company will be honoured with the Lifetime Achievement Award and Tata Sons’ Chairman Natarajan Chandrasekaran will be felicitated with Special Jury Award.

₹1,250 crore initial pubic offering (IPO). The company is now waiting for approval from the Securities and Exchange Board of India (Sebi) for the initial public offering (IPO), the people cited above said on condition of anonymity, adding that they expect approval soon enough. In November, Digit General Insurance, which runs Go Digit, filed an addendum to its IPO documents, stating that Irdai had issued it a show-cause notice related to its “non-disclosure of change in the conversion ratio of the compulsorily convertible preference shares, issued to Fairfax." The company is likely to go public in the first half of 2024, one of the two people cited above said.

In the dynamic world of cryptocurrency, a new contender is making headlines with its potential to outperform Polygon (MATIC) significantly. This alternative, starting at just $0.01, is on the radar of investors and analysts alike, with projections setting its sights on a monumental climb to $12 by 2024. Amidst the crowded digital currency market, this emerging token stands out for its innovative technology, promising utility, and strategic roadmap that could not only rival but potentially eclipse the success of established players like Polygon. As we delve into its ecosystem, tokenomics, and future plans, it’s clear why this cryptocurrency is considered a game-changer, attracting attention from all corners of the investment world.

Apple and Microsoft have secured exemptions for their iMessage and Bing search engine respectively from new EU tech regulations, after successfully convincing antitrust regulators that their services do not serve as gateways for businesses to reach end-users. The European Union's Digital Markets Act (DMA), set to take effect in three weeks, mandates tech giants like Apple, Microsoft, Google, Amazon, Meta Platforms, and ByteDance to allow third-party apps or app stores on their platforms and facilitate user switching to competitors. Additionally, these companies are barred from favoring their services over rivals.

Narendra Modi on Tuesday told the Indian diaspora at the 'Ahlan Modi' event in Abu Dhabi that he has come to meet his family members in the gulf country, adding that he has brought the fragrance of the soil where they were born. The Indian prime minister, who was addressing the Indian diaspora at Sheikh Zayed Stadium said that he has brought the message of 140 crore brothers and sisters of the country where they (the Indian diaspora) were born and the message is that India is proud of them, they are the pride of Bharat. Thanking UAE's President Sheikh Mohamed bin Zayed Al Nahyan for the warmth and hospitality extended to him, the prime minister said India-UAE relations reaching unprecedented heights, and both the countries are partners in each others' progress.

NEW DELHI : India and the UAE concluded a bilateral investment agreement and also signed a framework agreement on the India-Middle East Economic Corridor (IMEC) during Prime Minister Narendra Modi’s two-day visit to the UAE. Modi met with his counterpart, UAE president Mohamed bin Zayed Al Nahyan, on Tuesday for both one-on-one and delegation-level talks. The bilateral investment agreement came after the two countries signed their Comprehensive Economic Partnership Agreement (CEPA) in 2022.

edtech unicorn Upgrad plans to go for an initial public offering (IPO) in around two years, cofounder and managing director Mayank Kumar said on Tuesday. Kumar said the company will go for an IPO once it reaches milestones such as achieving $750 million in revenue, maintaining an 80% gross margin, and sustaining a 50% net margin.

MUMBAI : Advertising expenditure in India is expected to grow at 10.2% in 2024, slower than last year’s 11.3%, according to media investment company GroupM. But even at that pace, India would still be among the fastest-growing ad markets globally. Overall advertising expenditure this year is expected to increase by ₹14,423 crore to ₹1,55,386 crore, GroupM said Tuesday in its annual forecast titled ‘This Year Next Year’.

In a year marked by inflation and economic challenges; interestingly, there has been a surge in the discretionary spending on consumer products by India’s growing middle class. One of the driving factors behind this consumption uptick is the improved access to unsecured loans. The rise of fintech and digital lenders has played a pivotal role in improving the ease of borrowing especially for the tech-savvy Gen Z customers. Further, advent of data analytics and increased focus on customer centricity has ushered in innovative products including no-cost EMI options. According to a study, ~75% of customers used credit to acquire consumer durables and home appliances.

Infosys has signed a multi-year contract with Singaporean shipping company Pacific International Lines (PIL) to accelerate PIL’s digital transformation initiative and help revamp PIL’s existing customer portal and deploy a scalable and modern technology platform. “This will enable PIL to further their ‘Driving Connectivity’ mission, which is aimed at connecting their businesses across the markets that they serve. In addition, PIL's web and mobile applications will undergo a comprehensive overhaul to simplify user experience and enhance customer engagement,” Infosys said in a statement on the exchange.

Revenue from operations during the third quarter fell 3% year-on-year (YoY) to Rs 2,045 crore.

Soulmate AI is a trending new project integrating artificial intelligence with personal companionship. It caters to the massively increased interest in AI girlfriends, offering users a unique opportunity to engage with digital companions like never before.

With the 2024 Budget announcement on the horizon, Singapore’s web3 community is voicing a critical need for government support.

Mint explains why bitcoin is surging again. The recent surge in bitcoin prices was driven by an estimated $1.1 billion flowing into ETFs during the past week — the highest weekly inflow since the launch of bitcoin spot ETFs. This inflow has seen ETFs collectively amass 200,000 bitcoins, pushing up the price of the digital asset, which has a limited supply and a cap on the number of new tokens added every day.

When the World Trade Organization meets this month in Abu Dhabi, will anyone from the Biden Administration stand up for U.S. economic interests? It’s a fair question now that Federal Trade Commission Chair Lina Khan and leftwing groups are hijacking U.S. trade policy.

Paytm for for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said. ALSO READ: Paytm Payments Bank's director has resigned, company confirms Paytm's banking unit on Jan. 31 was hit by a central bank order to wind down its business due to persistent non-compliance with rules and a day later Paytm said it would not be originating loans for «maybe a couple of weeks» to resolve operational challenges.

Indian Statistical Institute for collaboration in multiple research activities, which will be carried out under the cyber-physical systems (CPS) umbrella for three years. The two have set up a virtual interdisciplinary research centre to foster both fundamental and applied research in sustainable and trustworthy cyber-physical systems with immediate impact in deploying AI and CPS in the Indian ecosystem, a statement said.

The Blockchain Association has sent a second letter to the House Financial Services Committee and Senate Banking Committee expressing concerns over a bill sponsored by Senator Elizabeth Warren.

Creator Festival — Creators United 2024. The event, set for 15 March 2024, is the festival's second edition. The event will be organised collaboratively by Mad Influence in association with the Government of Maharashtra. The festival, which will be held at NESCO, Mumbai, is an exclusive, invite-only event, designed to offer a unique and engaging experience to over 1,000 influencers in addition to brands, agencies, and industry experts who will all come together for a celebration of creativity, innovation, and collaboration. «Celebrating innovation and creativity is essential to Maharashtra's values. As we embrace digital transformation, initiatives like Creators United 2024 play a pivotal role in fostering collaboration and driving economic growth,» Chief Minister of Maharashtra, Eknath Shinde, said in a statement.

Insurance players need to underwrite disruptions to make the vision of 'insurance for all' a reality by 2047, regulator IRDAI's chief Debasish Panda said on Tuesday. The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry. It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here. «There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a different lens,» he said, acknowledging the role of actuaries in designing the insurance products and drive the growth of the sector.

Digital payments company Visa on Tuesday named Shruti Gupta as vice-president and head of commercial and money movement solutions (CMS) for India and South Asia. In her new role, Gupta will head Visa’s business and corporate solutions including commercial solutions, integrated money movement and Visa government solutions, the company said in a statement. “I am delighted to welcome Shruti Gupta to the Visa family. With rich experience in the banking and finance domain, particularly in commercial solutions and strategy, Shruti adds a wealth of knowledge to our team. We are pleased to have her expertise reinforce our efforts in shaping the future of money movement in the market," said Sandeep Ghosh, group country manager, Visa India and South Asia.