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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The pocket money app ditched a recognized bank in favour of a little-known non-bank entity to serve as its prepaid wallet partner. It has lost customers and credibility as a result.
On 24 February, R (name changed to protect identity), a 14-year-old from New Delhi, got a curious SMS from IDFC First Bank: “Zeta, a service provider to FamPay in the FamPay IDFC wallet program, is discontinuing operations. Hence to avoid inconvenience, we will discontinue credits w.e.f. 28.02.23. Kindly utilise the credit balance by 31.03.23. Thank you.”
In panic, R opened the FamPay app to check the status of the pocket money he had saved over the past several months. He wanted to immediately transfer it to his parents’ bank account. The app suggested another option: To re-verify his credentials to …
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
Lenders stand to gain a lot more than borrowers in the current challenging market environment
A local fintech deal to consolidate operations, feedback on Saudi Arabia’s proposed IPO rules, and Ras Al Khaimah’s casino economy.
