Digital Financial News

The US Securities and Exchange Commission (SEC) announced Thursday that it will settle charges against Tennessee-based fintech firm Linus Financial over sales of an unregistered cryptocurrency lending product.

India took centre stage at the '2023 Regional Cooperation and Integration Conference: Strengthening Regional Cooperation and Integration through Economic Corridor Development (ECD),' organized by the Asian Development Bank (ADB) in Tbilisi, Georgia, from September 5 to 7. The event witnessed participation from more than 30 member countries, including senior officials from ADB's Developing Member Countries, representatives of development partner agencies, and regional cooperation organizations, stated the Ministry of Commerce and Industry press release. Led by Sumita Dawra, Special Secretary (Logistics) of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry, the Indian delegation showcased the transformative PM Gatishakti National Master Plan. This initiative, termed 'Made in India,' is a comprehensive approach to integrated planning for multimodal infrastructure connectivity, aimed at enhancing logistics efficiency and socio-economic development. The primary objectives of the conference were twofold- first, to explore ways to integrate spatial transformation and area-centric approaches into Economic Corridor Development (ECD), strengthening regional cooperation; second, to share knowledge on the application of the ECD framework and operational guidelines for investable projects, read the press release. Dawra emphasized that PM Gatishakti goes beyond infrastructure connectivity, focusing on socio-economic area-based development as part of regional connectivity. She highlighted the Indian government's targeted investments in infrastructure, its adoption of geospatial and cutting-edge technologies, and the positive impact on both Ease of Doing Business and Ease of

Meta's Twitter (now X) rival Threads has rolled out a «keyword search» feature to more countries, including India, on both mobile and web — which the company started testing in Australia and New Zealand last week. Along with India, the company rolled out the feature in Argentina, Mexico, the UK, and the US.

World Bank on Friday lauded India's Digital Public Infrastructure in a G20 document. It said India’s Digital Public Infrastructure has had a transformative impact, extending far beyond just financial inclusion. The international financial institution in a document applauded India, stating what the country has achieved in just six years would have otherwise taken about five decades. India has developed some of the finest digital public goods infrastructure which could change lives the world over.

Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA, says “the overall average merchant power tariffs will be on the higher side. So entities, whether they are thermal based players or even some renewable energy players, have some amount of merchant capacity and will definitely make much better money from merchant sales than they have often been in the past, particularly in the late 2018 to 2021 period. They can look forward to better merchant tariffs over the next two to three years.”Looking at the demand supply in the power sector, it appears that demand is going to be outstripping supply. Would you like to react?Over the next two to three years, we are expecting demand growth of anywhere between 5% and 6%, depending upon the underlying situation. Our median estimate is somewhere around 5-5.5%. But there could be upsides depending upon how quickly the economy takes off. So we are looking at 5-6% demand growth. At best, the capacity will be barely able to catch up.

Google is opening a new visitor centre at its headquarters in Mountain View, California with new public spaces, a pop-up shop featuring local businesses and a Google Store on October 12, as the tech giant celebrates its 25th anniversary this month. The new destination will give people a chance to experience Google and its hometown community from a public cafe and a Google Store to an events space and pop-up shop featuring local businesses.

Srinivas Jain, Executive Director, SBI Mutual Funds, spoke to ET Now on the sidelines of the Global Fintech Fest (GFF). Jain said: “Fintech will be big. There is this beautiful saying in English that we always overestimate the short term and underestimate the long term. So whatever I am going to say, what it is going to be in five years will surely be 5x of that. It is very difficult to articulate what it is going to be in five years. But for sure, we are still underpenetrated when it comes to fintech technologies reaching the masses.”How fintech helps banks and mutual fundsThe cost of acquisition of customers will only keep going down. Digital gives the capability to bring the cost down over a period of time. In fact, the acquisition costs have already come down thanks to all the DPI stacks that are there, whether it is Aadhaar, UPI, and things like that. So operationally cost will come down, acquisition cost also will come down.

G20 Summit, a global consensus is emerging among investors recognising the potential of India's economic and industrial prowess, making several sectors attractive to global investors. We reached out to money managers to filter out P20 (20 portfolio) stocks as the India growth story, which is the best among large economies, is getting wider attention and appreciation with the G20 presidency.Sonam Srivastava, smallcase manager and founder of Wright Research1) InfosysThe IT sector has been India's flagship in showcasing its global prowess. Companies like Infosys and TCS reflect the country’s strength in digital solutions, IT services, and software development, aligning with digital discussions in G20.2) Tata MotorsAs India pushes for electric vehicles, Tata Motors, with its growing EV segment, stands out.

Asia Summit on Thursday that «the need of the hour is an Indo-Pacific where international law, including UNCLOS (United Nations Convention on the Law of the Sea), applies equally to all countries, where there is freedom of navigation and overflight, and where there is unimpeded lawful commerce for the benefit of all». He also addressed the India-Asean Summit in Jakarta, where he unveiled a 12-point plan across sectors ranging from connectivity to digital public infrastructure (DPI) and counter-terrorism. "India believes that the Code of Conduct should be effective for the South China Sea, be UNCLOS compliant and, in this, the interests of those countries which are not part of the discussions should also be kept in mind," the PM said. At the East Asia Summit, the PM pitched for everyone's commitment and joint efforts to strengthen the sovereignty and territorial integrity of all countries against the backdrop of China's increasing military assertiveness in the South China Sea.

China is planning to showcase its digital yuan to the ASEAN nations, and could seek to make “cross-regional use” of its CBDC in the bloc.

Two digitally native wealth management firms are merging into a digital family office serving entrepreneurs, professionals and retirees.

Viacom18 aims to build a profitable sports business, having committed investments of over ₹34,000 crore for properties like Indian Premier League (IPL) digital rights, India bilateral cricket matches, Women's Premier League, Indian Super League, and 2024 Summer Olympics, said Viacom18 Sports CEO Anil Jayaraj, in an exclusive interview to ET. The company recently bagged the TV and digital rights to all the domestic and international cricket matches held in India for ₹5,963 crore till 2028. The company will be paying ₹67.76 crore per match, including ₹35.23 crore a match for digital and ₹32.53 crore per match for TV. Last year, the company won the digital rights to the IPL for a sum of ₹23,758 crore till 2027. «We want to run a profitable sports business.

IMF) and the Financial Stability Board (FSB) has set out a roadmap to coordinate measures to stop crypto assets from undermining macroeconomic and financial stability. However, the synthesis, put together at the request of the Indian G20 presidency, stopped short of endorsing a blanket ban on such assets, saying it can be “costly and technically demanding to enforce”. The crypto asset regulation is a key part of the agenda for G20 leaders when they meet in New Delhi this weekend. The IMF-FSB Synthesis Paper: Policies for Crypto-Assets provides comprehensive guidance to address the macroeconomic and financial stability risks posed by crypto-asset activities and markets, including those associated with stablecoins and those conducted through so-called decentralised finance (DeFi). The paper cautioned that these digital assets could have significant implications for monetary stability and capital flows, especially if they are granted official currency or legal tender status.

As per primeinfobase.com, 1551 independent directors in 825 (out of total 2123) companies listed on NSE shall complete (minimum) a 10-year tenure by 1st April 2024.

Public Tech platform for frictionless credit will be akin to the "UPI moment" for lending in India, ushering in a new era of efficiency in disbursing loans in rural areas, executive director Ajay Choudhary said. «This is going to be revolutionary. This will be another UPI (Unified Payments Interface) moment for the credit.

central bank digital currency (CBDC) transactions being carried out per day at a system-wide level is currently at 18,000, with the figure expected to rise dramatically in coming months, a government official said. In July, RBI deputy governor T Rabi Sankar had said that the central bank was aiming for a million retail CBDC transactions per day by the end of the current calendar year. The government official said on Thursday that the number of retail CBDC transactions would rise exponentially in coming months as interoperability with UPI QR codes would kick in. Sankar had said in July that 13 banks had already done partial interoperability where the UPI QR codes could be scanned for CBDCs.

Amidst the dynamic crypto landscape, Bitcoin currently trades at $25,787, reflecting a subtle rise of 0.04 percent on Thursday. However, a confluence of factors has spurred speculations on its future trajectory. Notably, the 'historic' heatwave has taken a toll on the crypto mining industry, leading to a significant 9% drop in Marathon's Bitcoin production. 

Another top executive at the failed FTX cryptocurrency exchange is scheduled to appear in court in New York Thursday afternoon to face undisclosed criminal charges

NEW DELHI : A blanket ban on crypto assets may be hard to pull off, and nations must instead apply rules on money laundering and terror finance to these assets and service providers, an influential policy paper said, while noting that increased adoption of these assets could undermine monetary policy transmission. The joint paper from the International Monetary Fund (IMF) and G20’s risk watchdog, the Financial Stability Board (FSB), has attempted to offer a roadmap for regulating crypto assets and helping nations integrate virtual digital assets into their digital financial systems.

digital economy firms and the second a global minimum corporate tax rate of 15%. The finer details are yet to be agreed. Talks are in progress on certain tax amounts member nations are entitled to.