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Financial News
Banking Frontiers
7d
412
Digitization embraces the senior citizens
- Shriram Capital's Chief Digital Officer Ajay Thomas shares how the company has transformed 2-wheeler loan origination and launched an all-in-one Super App for consolidated financial services.
- The company revamped its Loan Origination System and decreased manual entry fields by 30%, achieving a 30% increase in automation, while also simplifying the KYC process through API automation.
- Shriram Finance completely digitalized its fixed deposit product and implemented measures to assist senior citizens with tailored initiatives such as an FAQ section and a WhatsApp-based platform.
- Digital transformation involves non-product drivers of customer loyalty such as transparency and trust, personalization, and a seamless omni-channel experience. Shriram aims to create a financial super app that embodies these traits.
- Balancing intellectual capabilities with a humane perspective is important in designing AI systems, according to Thomas, as well as integrating domain expertise, prioritizing data privacy and bias, and establishing a feedback loop.
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Fintechnews
7d
270
Image Credit: Fintechnews
Singapore Will Not Include Credit Card Fraud in Shared Responsibility Framework
- Singapore's government clarifies that the Shared Responsibility Framework will not apply to credit card fraud cases.
- Existing robust protections for consumers are already in place, including safeguards implemented by global card schemes and card issuers.
- Security measures such as the 3-D Secure protocol and real-time transaction monitoring have been strengthened to combat fraud effectively.
- Existing regulations and chargeback mechanisms offer consumer protection and recourse in cases of unauthorised transactions.
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16 Likes
Pymnts
7d
1.8k
Image Credit: Pymnts
AWS to Invest $11 Billion in Georgia to Expand AI Infrastructure
- Amazon Web Services (AWS) plans to invest at least $11 billion in Georgia to expand infrastructure to support cloud computing and artificial intelligence (AI) technologies.
- The investment is expected to create at least 550 new skilled jobs and bolster the state’s position as technology hub.
- The investment will help expand data centers in the state, creating hundreds of new AWS jobs and supporting jobs in construction and the data center supply chain.
- Microsoft also announced plans to invest $80 billion to build AI-focused data centers, citing a golden opportunity for American AI.
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3 Likes
Fintechnews
7d
216
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Singapore Passes Scams Bill to Restrict Bank Accounts of Potential Victims
- Singapore’s Parliament has passed the Protection from Scams Bill, granting authorities the power to issue Restriction Orders (ROs) that temporarily freeze bank transactions and credit facilities for individuals identified as potential scam victims.
- ROs will be issued as a last resort after other interventions have been explored, and will initially last 30 days and can be renewed up to five times if necessary.
- The bill includes an appeals process for individuals who believe an RO was wrongly issued, and internal controls ensure that ROs are approved at an appropriate level of seniority.
- The legislation grants immunity to banks and their staff for actions taken in good faith and with reasonable care when enforcing ROs, and non-compliance could result in fines of up to S$3,000.
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Pymnts
7d
379
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Financial Services Legislation Is in the Spotlight as the 119th Congress Settles In
- The 119th Congress is poised to consider financial services legislation that may touch on credit cards, earned wage access, and digital assets.
- The roles and scope of the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) are yet undetermined.
- Key legislation to be considered includes the Credit Card Competition Act, the Earned Wage Access Consumer Protection Act, and bills related to digital asset markets, crypto, and AI.
- There is a growing bipartisan consensus in Congress regarding the need for crypto and AI legislation, with potential bills on stablecoins and regulation of crypto assets expected to move forward.
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22 Likes
The Fintech Times
7d
54
Hitting the $1billion Mark: 2025 Looks Promising for Digital Lending in the Philippines
- The digital lending market in the Philippines is projected to reach $1 billion by the second half of 2025.
- In 2024, the lending market size was estimated to be $796 million, and it is predicted to continue growing.
- Non-bank digital lenders are expected to make up 55.2% ($556.5 million) of the market, while digital banks will comprise 44.8% ($451 million).
- The growth in digital lending is driven by the accessibility it provides to the financially underserved population and the support of the government in promoting digitalization.
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3 Likes
Pymnts
7d
195
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Apple Under Fire for Fake AI-Generated News Summaries
- Apple is facing criticism over its AI-driven news summary feature.
- Inaccurate and misleading headlines have been produced on iPhones.
- The BBC highlighted the issue in December and Apple repeated the offense in January.
- Apple is urged to address the accuracy issues by media outlets.
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11 Likes
Pymnts
7d
333
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Gig Economy Platform Angi Services to Settle FTC Complaint
- Gig economy platform Angi Services, formerly Handy Technologies, is set to settle a complaint filed by the Federal Trade Commission (FTC) and the New York attorney general.
- The authorities allege that Angi Services deceived workers about potential earnings and failed to disclose fees and fines.
- Angi Services has agreed to pay $2.95 million and make substantial changes to its business practices.
- The settlement aims to hold Angi Services accountable and provide restitution to thousands of misled workers.
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20 Likes
Medium
7d
112
Image Credit: Medium
Fintech Industry Trends: A Comprehensive Startup Perspective
- The core pillars of fintech - AI, Cybersecurity, Cloud Computing, and Big Data - are driving innovation and reshaping the financial services industry.
- Digital-first banking platforms, AI and ML automation, and blockchain technology are transforming how consumers interact with financial services.
- Embedded finance and RegTech are gaining traction, while Big Data analytics and cybersecurity are key focus areas for fintech startups.
- Emerging markets and acquisitions present opportunities and challenges for fintech startups.
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6 Likes
Pymnts
7d
325
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PayU-Backed BRISKPE Launches Cross-Border Payments Platform for Indian Small Businesses
- BRISKPE, backed by PayU, has launched a cross-border payments platform for Indian small businesses.
- The platform offers account-to-account transfers, card collections powered by PayU, and wallet-based collections through PayPal.
- It aims to help SMBs overcome payment challenges in international trade and offers a flat 1% fee on A2A transactions.
- BRISKPE raised $5 million in seed funding from PayU in May 2024.
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19 Likes
Pymnts
7d
144
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As Hiring Stalls, Will Consumers Pull Back on Spending?
- Job openings increased in November, but so did layoffs, creating uncertainty in the labor market.
- This uncertainty may lead consumers, especially those living paycheck to paycheck, to reduce their spending or reprioritize their expenses.
- The latest Job Openings and Labor Turnover Survey (JOLTS) report showed a 3.3% growth in job openings in November, primarily in the financial activities and professional services sectors.
- However, layoffs and discharges also increased, and job openings remained 9.3% lower than in November 2023.
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8 Likes
Pymnts
7d
392
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‘Cyber Trust Mark’ Program for Smart Devices Set to Go Live
- The United States government is preparing to launch its cybersecurity labeling program for consumer internet-connected devices.
- The Cyber Trust Mark is a voluntary label designed to improve device security by providing consumers with more information about the security of the products they purchase.
- Major manufacturers and retailers, including Amazon, Google, Best Buy, Samsung, and LG Electronics, have supported the initiative.
- Companies will soon be able to submit their Internet of Things (IoT) products for testing to earn the label, with certified products expected to arrive in stores this year.
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23 Likes
Pymnts
7d
45
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Autonomous Machinery Looks to Cultivate Future of Farming, Heavy Industry
- Autonomous solutions are reimagining the industrial and agricultural sectors by automating repetitive and labor-intensive tasks.
- In agriculture, autonomous machines like self-driving tractors and drones equipped with AI and machine vision are improving precision and reducing resource waste.
- In heavy industry, autonomous technologies such as robotic arms and self-navigating forklifts are enhancing productivity, optimizing operations, and improving safety.
- Advancements in AI, robotics, and real-time connectivity are driving the shift towards automation in these sectors.
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2 Likes
Pymnts
1w
275
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CFPB Sues Experian, Alleging Improper Investigations of Consumer Complaints
- The CFPB sued Experian, alleging improper investigations of consumer complaints.
- CFPB claims that Experian unlawfully failed to properly investigate consumer disputes and included incorrect information on credit reports.
- Experian rejects the lawsuit, stating it is without merit and that the company will vigorously defend its legal position.
- CFPB's lawsuit seeks a stop to Experian's alleged unlawful conduct, redress for harmed consumers, and a civil money penalty.
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16 Likes
TechBullion
1w
33
Image Credit: TechBullion
How future yachting projects like Project Zero will be more energy efficient thanks to puRO system
- Future yachting projects like Project Zero are focused on energy efficiency and sustainability.
- The puRO system is a freshwater purification solution that optimizes energy use.
- It transforms seawater into drinkable water using advanced reverse osmosis technology.
- PuRO systems reduce the carbon footprint, enhance fuel efficiency, and provide a reliable source of fresh water.
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