Juspay Technologies, the pioneers of 1-click, frictionless digital payments in India, announced the launch of its new offering ‘OpenPPI’ that helps Prepaid Instruments (PPI) like digital wallets implement and comply with RBI’s PPI interoperability regulation. Reserve Bank of India (RBI) had issued a mandate in May 2021 that all prepaid cards and wallets that are full-KYC-compliant, have to be fully interoperable by March 31, 2022. With the launch of Juspay’s OpenPPI, existing and prospective PPI players can comply with the new regulation using an end-to-end secure cloud solution. The OpenPPI solution will enable interoperability through UPI for PPIs.
Interoperability comes as an important initiative towards improving financial inclusion in India. With this, prepaid instruments in the form of wallets, will start supporting the features of UPI Apps, enabling them to operate as ‘Digital Banks’ in transferring money between wallets and bank accounts. Prepaid instruments like prepaid cards can now be used to withdraw cash of upto 2 Lakhs for full KYC accounts.
On the launch of OpenPPI, the Co-Founder & COO of Juspay, Sheetal Lalwani, said, “Implementing PPI Interoperability is a game-changer to increase the adoption of UPI and PPIs. Interoperability essentially means that your wallet can now act as your bank account enabling you to transfer money from wallets or cards seamlessly. It opens up multiple possibilities for wallet usage – a person can now scan any UPI QR code and pay with their Wallet balance instead of using their bank account through UPI. As a leading tech provider of UPI solutions, Juspay is delighted to launch OpenPPI, a new-age tech solution that helps companies fully comply with the new regulation.”
Prepaid instruments today account for one fifth of digital payments and are expected to more than double in next 3-4 years as per market reports. The new regulation will accelerate the migration of small and convenience payments from cash to PPI instruments and wallets. The regulation also requires PPIs to be compliant with the same level of security and customer support as mandated for UPI, thereby giving customers more confidence to adopt PPIs.
Speaking about interoperability, Mr. Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI, said, “Prepaid instruments have the potential to bring India’s large unbanked population to the digital financial ecosystem, ranging from crediting salaries to disbursing Government subsidies. This move is a win-win for both the PPI and UPI ecosystems. The convenience of doing full KYC today further enhances the scope of financial inclusion and brings frictionless payments to the masses. This initiative also gives PPI players a level playing field in terms of growing their acceptance ecosystem.”
Adding further perspective, Mr. G Padmanabhan, Ex-RBI Executive Director, said, “Interoperability of prepaid instruments like wallets, is going to convert them from a niche product to mass product. Sharing of infrastructure brings forth economies of scale in an tech driven ecosystem. Achieving PPI interoperability through the cynosure of the payments world – the UPI – is a rhythm changing initiative.”
Many banks and fintech companies are already in the process of implementing the interoperability requirements. Speaking about the efforts undertaken by Slice, a prominent FinTech player, Mr. Rajan Bajaj, its Founder-CEO, said, “This step by RBI to mandate all PPIs with KYC-compliant to be fully interoperable, is definitely a welcome move. I believe that this will not only benefit the customers but also the fintech ecosystem as a whole, as it will now make digital transactions easier and much more seamless. We are extremely happy to partner with Juspay in implementing an initiative like this which will further deepen financial inclusion in our country.”
Juspay is a key player in UPI and offers Industry leading On-Cloud tech stack which powers the UPI technology for large banks like Axis Bank, ICICI Bank and Yes Bank. Juspay is also the UPI payment provider for leading merchants such as Amazon, Google, CRED, Bajaj, Ola, Swiggy, among others. PPIs can also seamlessly integrate with Juspay’s existing suite of payments offerings and get accepted across all major merchants in India.
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
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