Digital Financial News

IDEMIA said Wednesday that it has joined hands with Airtel Payments Bank and HMD Global to expand the reach of Digital Rupee applications on feature phones. The three organisations will be working together to introduce an offline payment system over the next few months that will facilitate the use of digital rupee on feature phones, promoting financial inclusion. “Once this is commercially launched over the next few months, Nokia feature phone users in India, will be able to access the digital Rupee thanks to this collaboration which will empower the Nokia feature phone users with this latest technology and strengthen our government’s vision of inclusive digital economy for all,” said Ravi Kunwar, vic president (India and APAC), HMD Global. IDEMIA said it is the first time that an attempt is being made to bring the Central Bank Digital Currency issued by the Reserve Bank of India on feature phones via an application interface. It added that the endeavour will facilitate digital transactions to much wider consumers, particularly in areas with limited connectivity. Under the collaboration, IDEMIA’s technology will offer an offline layer to ensure instant and secure transactions without the need for online validation.

India is gearing up for a grand display of its digital prowess during the upcoming G20 Summit, with showcase of its tech advancements and flagship platforms like Aadhaar and UPI, while an all-new GITA application is expected to be another draw for visiting delegates. Delegates visiting the Digital India experience zone at the G20 Summit venue in New Delhi's Pragati Maidan will get a chance to discover the GITA application and seek answers to life's deeper questions inspired by Shrimad Bhagwad Gita, a senior official from IT Ministry said.

Dhiraj Nim, Economist/FX Strategist, ANZ Research, says “the rupee could remain in a tight range of about 82.80, 82.90 to 83.10, the recent lows that have been established. My own forecast for September end is 83 per dollar, but there are a couple of more headwinds out there, apart from the dollar strength, namely the crude oil prices, which have surprised everybody on the upside. The rupee in near term could maintain a bit of weakening bias but we expect the RBI to remain present in the market to smooth out any volatility.”The dollar index has seen quite a bit of surge and is already very close to that 105 mark. Do you see more strength there? Our house view is that the dollar index could be at 105 by the end of this quarter. So, at least in the near term, we do not see significant upside, but let us be mindful that 105 is not a very easy level for any currencies in the emerging market space.

digital payment system, now country's first UPI ATM was launched on Tuesday. Hitachi Payment Services has introduced 'the country's first-ever UPI-ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI), “ This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals," Sumil Vikamsey MD and CEO - Cash Business Hitachi Payment Services said. National Payments Corporation of India (NPCI), said, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions.

ASEAN Summit in Jakarta will be extremely critical for all stakeholders particularly ASEAN members to drive home point on ASEAN solidarity amid major geo-political upheavals including in SE Asia and Indo-Pacific region. It is imperative for the ASEAN leaders under Indonesia’s presidency to reiterate ASEAN solidarity on key challenges including in the South China Sea region. The ASEAN should be united on matters of Code of Conduct negotiations with China.

China has ordered officials at central government agencies to not use Apple's iPhones and other foreign-branded devices for work or bring them into the office, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The orders were given by superiors to their staff in recent weeks and it wasn't clear how widely the orders were being distributed, the WSJ said.

On Wednesday, Bitcoin saw a modest uptick, trading at $25,798, marking a nearly 0.50% increase. The financial landscape is buzzing with anticipation as Davis Polk, a prominent grayscale legal firm, ardently advocates for the SEC's approval of the Bitcoin spot ETF. 

Rohit Srivastava, Founder & Market Strategist, Indiacharts.com, says “if you look at both daily and weekly charts, the smallcap index has like an 86 reading on the daily chart, it can appear high. But in extended moves, these readings can remain there for a prolonged period of time. So I will give it a while. I think there is a need for some kind of a pullback which may not happen immediately. So I will push it forward till the largecaps really catch up.”We are headed to 20,000 but it looks like we have hit a break as far as the last 1-2 hours are concerned. Do you still believe that the rally to 20,000 is intact and likely to happen in September itself?Yes, that remains my view. In the short-term intraday, we are just going to be watching 19,530. What is important about 19,530 is not just the 20-hour average but also if we take the last two highs from where the market sold off and drew a trend line, that support also comes in at around 19,530. That is sort of a breakout point that will get retested between 19,530 and 19,520.

Joe Biden at the G20 Summit include delivering for developing nations, making progress on key issues like climate, technology and reshaping the multilateral development banks, the White House has said, expressing hope that the bloc will be able to make headway on those topics under Prime Minister Narendra Modi's leadership. On Thursday, President Biden will travel to New Delhi to attend the G20 Leaders' Summit. On Friday, President Biden will participate in a bilateral meeting with Prime Minister Modi and on Saturday and Sunday, the President will participate in the official sessions of the G20 Summit. As Biden heads to the G20, he is committed to working with emerging market partners to deliver big things together, National Security Advisor Jake Sullivan said during a press briefing on Tuesday. «That's what we believe the world will see in New Delhi this weekend,» he said. America's commitment to the G20 has not wavered, and it hopes the G20 Summit in New Delhi will show that the world's major economies can work together even in challenging times, Sullivan said. «So, as we head into New Delhi, our focus is going to be on delivering for developing countries; making progress on key priorities for the American people, from climate to technology; and showing our commitment to the G20 as a forum that can actually, as I said before, deliver,» he said.

trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. «Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries.

«I do not think people expecting them to grow very much but the PE expansion is now getting into a zone which hopefully the festive season will give one positive surprise to us but if it does not you could have a lot of grief sitting all there,» says Ajay Srivastava, Dimensions Corporate.Just wanted to understand what do you make of the strength in the mid and the small caps and the disconnect with what the large cap universe has been doing? Do you think it is getting a little toppish when it comes to individual segments at least within the mid and small cap universe and is it time to tread with caution?I keep saying this again and again that this India is a market of flows, I think that is where we are at this point of time that the midcap, small cap, mutual funds are driving this market into PE expansion. I do not think people expecting them to grow very much but the PE expansion is now getting into a zone which hopefully the festive season will give one positive surprise to us but if it does not you could have a lot of grief sitting all there.

TSMC, the world's largest contract chipmaker, will decide this week whether to invest in chip designer Arm Holdings' blockbuster initial public offering (IPO), Chairman Mark Liu said on Wednesday. Speaking on the sidelines of the SEMICON Taiwan summit, Liu said his company was still evaluating the matter and, when pressed on when a decision may come, he added «this week».

A Russian beauty salon in Yekaterinburg has become one of the first businesses in the nation to accept a digital ruble payment – breaking new ground for the nation’s CBDC.

Sanjiv Bhasin, Director, IIFL Securities, says “ this is the time to start to get overweight on Reliance, Apollo Hospital and ICICI. Apollo Hospital is seeing peer groups which are getting listed and their market cap move up whereas this stock has done nothing. Bhasin further says Tata Tele would be the first of two midcaps which are dark horses. The midcaps may be a little frothy, but there is a lot of value. The other dark horse is JP Power. JP Power last quarter came out with an EBITDA profit of 450 crore.Is it getting a bit more difficult to find gems and dark horses because a lot of these stocks have already seen a massive runup?Well it will always be a glass half full or half empty. Ask those people who are sitting and waiting for that inevitable correction. Corrections do not happen by choice and money is not made by default. It is only made by staying invested. There could be a lot of froth on the midcaps but who is to answer? The type of flows we are getting into mutual funds are all directed towards that.

G20 presidency has helped India earn respect of other countries by focussing on inclusivity, digital infrastructure and efforts to bring in the African Union within the fold of the grouping, said Deloitte South Asia CEO Romal Shetty. In an interview with PTI, Shetty said the decision of the Indian government to hold G20 meetings in several cities has also helped in trade, tourism, besides promoting infrastructure development. With regard to the proposal to bring the African Union in the G20 fold, he said Africa is a continent of 1 billion people and its inclusion in G20 will enhance trade opportunities with Asia and rest of the world.Also Read: G20 Summit 2023 LIVE Updates: Xi skipping G20 summit seen as new setback to India-China ties «India has focussed a lot on inclusivity. Prime Minister (Narendra Modi) says that nobody should be left behind. Every voice should be heard. One of the things India has done is to bring in Africa or try to bring in Africa in G20. »Also look at it from trade perspective. My view is if you look at Africa, a billion people continent. If you look at South Asia, a two billion people continent. You are actually bringing people together. You can have trade with 3 billion people. Today the trade levels are fairly low," Shetty said.

Alphabet's Google on Tuesday tentatively settled a class action by 21 million consumers alleging that it had violated U.S. federal antitrust rules by overcharging customers on its U.S. Google Play Store, according to a court filing. Consumers claimed they might have spent less on apps and had more options if it weren't for the alleged monopoly. Google had denied wrongdoing and declined to comment on the proposed settlement.

Former ASIC chairman Greg Medcraft has urged the leader of the ASX’s new clearing and settlement advisory group, Alan Cameron, to make sure the exchange does not abandon blockchain technology and be left behind in the global capital markets technology arms race.

Peter McGuire, CEO, XM Australia, says “the uncertainty across the whole sector was severely sold down as far as the producers were concerned. It has rallied very strongly in the last couple of months from that early $70s all the way through to early 90s. There seems to be further upside ahead of it. Many traders are now saying $100 is achievable in September, and I would not be surprised if it takes that number out.”What is leading to the crude rally and do you see an escalation above $90 on Brent?Yes, a couple of things.

challan number, etc. are correctly filled in the income tax challan. Now, the income tax department has launched a new feature on the income tax return (ITR) portal to correct mistakes in the income tax challan. Do keep in mind that you can only use this feature within seven days of making the income tax payment. If the mistake has to be corrected after seven days, the old process (offline method) has to be followed. According to Milin Bakhai, Associate Partner, N.A. Shah Associates, a Mumbai-based chartered accountancy firm, “The new feature of online challan correction is applicable in respect of challan pertaining to AY 2020-21 (FY 2019-20) and onwards. This means that if an individual is making a tax payment related to AY 2020-21 or any year after that now and a mistake has been made. In such a case, specific corrections can be done online within a specified time period instead of visiting the income tax office.”

Airtel, India’s second largest telco, is looking to monetise offerings under its music streaming app Wynk by leveraging the creator economy it has built in addition to subscription and advertising, a senior executive said. It will also look to scale up and monetise features of Wynk like the digital concert feature by introducing aspects of interactivity, which will also make it a compelling consumer 5G use case, thus helping push data consumption in the long run, Adarsh Nair, chief executive-digital services and chief product officer at Airtel, told ET. “We have over 1,000 artists on the Wynk for Artists programme and six of them have been signed by music labels. When this happens, we charge a ‘finder’s fee’—similar to the A&R (artists and repertoire) representative in the traditional sense,” Nair said. A&R representatives are essentially music scouts that look for new talent for record labels and music publishers to sign. The Wynk for Artists programme was launched a year back and it allows new artists to put their music on the Wynk platform.

A Chinese central bank chief has claimed the digital yuan will revolutionize the way the nation makes retail payments, and suggested the CBDC could one day “completely replace” cash.