The Indian government’s PAN 2.0 project, approved with a budget of ₹1,435 crore, promises a streamlined and efficient PAN card system. This initiative will centralize PAN data, reduce costs for fintech companies, and eliminate issues like duplicate PAN cards.
Hong Kong is aggressively pursuing a technology-driven future, leveraging its financial strength and strategic partnerships to attract global investment and cultivate a thriving tech ecosystem. Billions in government funding and a focus on ‘patient capital’ are fueling this ambitious transformation.
The Reserve Bank of India (RBI) is set to launch a pioneering pilot program in 2025, offering affordable, locally-hosted cloud data storage solutions to Indian financial institutions. This initiative aims to boost the domestic IT sector and enhance data security, challenging established global cloud giants.
Shares of Block Inc. (SQ), the financial technology company led by Jack Dorsey, closed up 4.62% on Tuesday, fueled by Piper Sandler’s initiation of coverage with an ‘overweight’ rating and a price target of $83 per share. The positive analyst sentiment comes as Block continues to invest in its cryptocurrency business and expand its reach in the fintech market.
The Delhi High Court has ordered the cancellation of a lookout circular (LOC) issued against BharatPe co-founder Ashneer Grover and his wife Madhuri Jain Grover. The court cited the quashing of the FIR against them over allegations of cheating and forgery as the reason for the cancellation. The LOC was issued by the Bureau of Immigration at the instance of Delhi Police’s Economic Offences Wing (EOW) in view of the investigation against the Grovers in the cheating and forgery FIR. The Grovers sought the quashing of the FIRs based on a recent settlement of disputes with the fintech company. The Grovers were detained at Delhi’s international airport on November 16, 2023, while attempting to travel to the US, when they were informed about the LOC issued against them. The Economic Offences Wing of Delhi Police filed an FIR against Grover, his wife Madhuri, and others under eight sections of the Indian Penal Code, based on a complaint lodged by BharatPe. BharatPe alleged that Grover and his family caused damages of almost ₹ 81.3 crore through illegitimate payments, inflated and undue payments, sham transactions, and other alleged fraudulent activities.
Nepal is welcoming a wave of digital payments as Alipay+, a leading mobile payment platform, partners with Nepal Clearing House Limited (NCHL) to enable seamless transactions for travelers from Asia and Europe. This partnership, announced at the Singapore Fintech Festival 2024, aims to boost tourism and enhance the country’s global payment connectivity.
Upstart Holdings, Inc. (UPST) exceeded analysts’ expectations for both earnings and revenue in the third quarter of 2024, reporting a loss of seven cents per share and revenue of $162.14 million. The company’s lending volume surged by 43% sequentially, indicating a return to growth. Upstart expects continued momentum in the fourth quarter with forecasted revenue of $180 million. UPST shares jumped over 14% in after-hours trading following the positive results.
Paul Giordano, Vice President of Digital Assets at MARA, discusses the transformative potential of blockchain technology in streamlining financial processes. He highlights its ability to reduce inefficiencies, lower transaction costs, and enhance security. However, Giordano also acknowledges the significant challenges posed by the regulatory landscape, emphasizing the need for alignment in areas such as anti-money laundering (AML) and know-your-customer (KYC) standards.
Borderless has announced its integration with Fireblocks, leveraging its Payments Engine and Wallet as a Service (WaaS) to streamline fiat-to-crypto payments for businesses. This partnership enables Borderless to expand its support for secure and compliant digital payment solutions, bridging the gap between traditional finance and blockchain.
IDA, a leading Hong Kong-based stablecoin issuer, has joined forces with Zand Bank, the UAE’s first fully licensed all-digital bank, to streamline cross-border transactions across the Belt and Road regions and BRICS Plus using blockchain technology. This strategic partnership aims to provide businesses with efficient 24/7 digital payments, fostering economic collaboration between the Middle East and China.
