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The Look at the Role of Cryptocurrencies in India’s Cashless Revolution

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We recently shared the news that restrictions on the ability of banks in India to work with cryptocurrency exchanges was overturned by the country’s Supreme Court.

With this in mind, and given the growing interest in India as a fintech power, we spoke with Neeraj Khandelwal, co-founder of CoinDCX, a cryptocurrency trading platform and liquidity aggregator in India. The company, founded in 2018 and based in Singapore, was recently nominated for the Excellence in Finance – Companies award by FiNext. Last month, CoinDCX launched its cryptocurrency derivative trading platform, DCXfutures. Bain Capital Ventures is among the firm’s investors.

Finovate: The biggest news in India in terms of the cryptocurrency market has to be the Supreme Court’s overturning of the Central Bank’s ban on cryptocurrencies. What can you tell us about the impact of the ban and the effect of the ruling striking it down?

Neeraj Khandelwal: The banking ban was related to the suspension of banking relationships with individuals or businesses dealing with cryptocurrencies, but crypto businesses were still free to operate on their own. In response, CoinDCX innovated and offered peer-to-peer services for the buying and selling crypto through INR.

After the verdict, banking relations have resumed once again. CoinDCX became the first cryptocurrency platform in India to integrate bank account transfers, just six hours after the Supreme Court’s ruling. Today, we are seeing 10x growth in signups on a day-to-day basis. Our product, Insta, which allows customers to buy crypto with INR, has also seen high hits. Overall, the market is in an upswing.

Finovate: What is the potential of the cryptocurrency market in India? How widespread are cryptocurrencies now and what factors are driving growth in adoption in India?

Khandelwal: Less than five million people currently hold cryptocurrencies in India today. However, listing websites like exchangewar.info have shown that the highest volumes are coming from India, so there is indeed great potential here. With a population of over one billion, India stands to contribute significantly to a large part of the global crypto volume and the industry as a whole.

In India, there is a growing number of cryptocurrency exchanges and startups that are constantly innovating to strengthen and expand the industry. In addition, India holds many favourable advantages for cryptocurrency adoption—for instance, with an average age of 27 years, India has a huge working population with disposable income on the rise. 

Finovate: Many of us outside of India are fascinated by the country’s cashless experiment. At this time, what has been learned from that experience and what is the future of cashlessness in India?

Khandelwal: The writing on the wall is crystal clear that cashlessness is the way to go. This was first witnessed on an extremely large scale during the time of demonetization in late 2016. The National Payments Corporation of India (NPCI), which is the umbrella body for retail payments and settlements in India, revealed that the value of UPI transactions for December 2019 was INR 2.02 Lakh Cr. This figure is expected to grow as cashlessness brings greater convenience and faster transactions.

As cryptocurrencies are entirely digital, it promotes greater benefits for cashlessness in comparison to fiat currencies. I believe that in the coming years, the Indian economy will be built on the foundation of a cashless society, with both digital fiat and cryptocurrencies working in parallel.

Finovate: You are part of the founding team of CoinDCX. Can you tell us a little about the company, the market it serves, and the role it plays in helping pave the way for broader adoption of cashless technologies?

Khandelwal: CoinDCX specializes in crypto-enabled fintech services. Sumit Gupta and I founded CoinDCX in 2018, with a mission to connect billions of people to global financial markets. Today, CoinDCX is reputed to be India’s most trustworthy cryptocurrency trading platform and remains one of the strongest products in our service offerings. CoinDCX has empowered its traders with a bouquet of industry-first crypto-based products to trade better using liquidity from the world’s leading exchanges like Binance, Huobi Global and OKEx.

By bringing all crypto-trading products under a single roof, our products are designed to cater to all types of traders, keeping their experience, risk tolerance, and frequency of trading into consideration.

Our users have found the platform to be simple and effortless. Anyone can trade in 500+ markets with DCXtrade, convert their INR to cryptocurrencies and vice versa on DCXInsta, earn by lending their holdings with DCXlend, and leverage their trades up to 6X in 250+ Altcoins using DCXmargin.


Here is our weekly look at fintech around the world.

Asia-Pacific

  • Alipay to encourage 40 million merchants and service providers to use its mini programs as competition with WeChat intensifies.
  • Hong Kong will soon have a new challenger bank as Standard Chartered’s Mox Bank opens for business later this year.
  • Southeast Asian ride-hailing firm turned super app company Grab to use Wirecard for payment processing.

Sub-Saharan Africa

  • Visa and Nigeria-based mobile money platform Paga forge strategic partnership to bring more security and convenience to mobile payments.
  • South African cloud platform builder Jini Guru teams up with product engineering firm Azilen Technologies to build fintech solutions for emerging markets.
  • Modern Ghana features WorldRemit Country Manager Gbenga Okejimi on the country’s fintech industry.

Central and Eastern Europe

  • Total Croatia News features Microblink in its look at Croatian companies making the Financial Times’ 100 Fastest Growing Companies in Europe roster.
  • International Banker profiles Poland’s digital banking leader mBank.
  • Hamburg, Germany-based lender Kreditech rebrands as Monedo

Middle East and Northern Africa

  • Saudi Arabia Monetary Authority (SAMA) hires payments technology company HPS to provide a QR-based payments system.
  • Orange Money goes live in Morocco after receiving authorization from the Bank Al Maghrib.
  • Business Chief Middle East looks at the top 10 fintech startups in the Middle East and UAE.

Central and Southern Asia

  • FamPay, a Bengaluru, India-based fintech that is building a payments network for teens, picks up $4.7 million in seed funding.
  • Bloomberg Quint looks at the controversy over the Reserve Bank of India’s moratorium on Yes Bank and its impact on fintech companies in the country.
  • My Republica asks whether or not India’s cashless revolution can be extended to Nepal.

Latin America and the Caribbean

  • Mexican fintech Clip launches new “point of sale in the palm of your hand” solution, Clip Total.
  • Born2Invest look at how fintech platforms are supporting female entrepreneurs in Mexico.
  • Fintech-as-a-service company Rapyd partners with Brazilian payment providers Dock and Banco Rendimento.

Top image designed by Freepik

Source: https://finovate.com/the-look-at-the-role-of-cryptocurrenies-in-indias-cashless-revolution/

Fintech

Unibank completes processing stage of TranzAxis migration

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Azerbaijan-based Unibank has connected its in-house processing directly to Mastercard, a step towards its full migration to Compass Plus’s open payments platform TranzAxis.

Unibank is one of the largest private banks in Azerbaijan

Unibank had previously migrated the processing of its card base from local networks to TranzAxis, and has also implemented TranzAxis Fraud Management.

The Azerbaijani lender is also migrating its acquiring network to a new platform and plans to complete the migration of all card and account data.

Farid Mamadezadeh, CTO at Unibank, is confident that this project will enable the bank to “not only launch the most advanced and highest quality products and services to market, as demanded by our customers now and well into the future, but do so in the fastest time.”

He adds: “This migration project is strategic for us. The TranzAxis platform, built on the most advanced and cutting-edge technology, represents a new generation of industrial-strength systems for banking service automation.”

Unibank is one of the largest private banks in Azerbaijan. It was formed in 2002 following the merger of Azerbaijan MBank and Promtekhbank. The bank recently announced financial results indicating that it current total assets sit at around $470 million.

The project has been described as one of the largest for Compass Plus in recent years. Alexey Osipov, executive vice president at the firm, says that the deal proves his firm’s software is up to the task of meeting high industry standards.

Related: Oracle signs new core deal in Azerbaijan

Source: https://www.fintechfutures.com/2020/05/unibank-completes-processing-stage-of-tranzaxis-migration/

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Infosys and Avaloq partner to strengthen wealth management capabilities through digital platforms

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Infosys, the global leader in next-generation digital services and consulting, today announced a strategic partnership with Avaloq, a leading wealth management software and digital technology provider headquartered in Zurich, to provide end-to-end (e2e) wealth management capabilities through digital platforms. As part of the announcement, Infosys will be a strategic implementation partner for Avaloq’s wealth management suite of solutions to help clients modernize and transform their legacy systems into cutting-edge digital advisory platforms.

Infosys will leverage its Global Delivery Model and a standardized approach to implement Avaloq’s solutions for clients. Avaloq’s specialized knowledge and experience in providing end-to-end wealth management solutions combined with Infosys’s global presence and digital transformation capabilities will help create a one-stop-shop for wealth management clients. Infosys will work closely with Avaloq to develop market opportunities beyond Switzerland and go to market capability for targeted accounts across multiple geographies. With an initial focus on EMEA and APAC regions, the partnership aims to offer e2e products and services as Software-as-a-Service (SaaS), private cloud or public cloud across the globe. Additionally, Infosys and Avaloq will jointly run specialized courses for Infosys experts to get enabled on the Avaloq platform.

Avaloq will also leverage Infosys’s delivery strengths including scale, its Global Delivery Model, its standardized implementation approach, proprietary Infosys tools, and accelerators to reduce the total cost of ownership for product implementation.

Mohit Joshi, President, Infosys, said, “We are excited to partner with Avaloq, a market leader in providing wealth management solutions. We are making significant investments in this partnership, which will materially enhance the value we offer to our financial services clients and will complement our approach to provide industry-focused wealth management solutions. I am excited about taking Avaloq’s SaaS and other cloud-based offerings to our wealth management clients to help them seamlessly scale up their operations.”

Juerg Hunziker, Chief Executive Officer of Avaloq, said, “Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. We plan to extend our leadership position and provide our SaaS and BPaaS services to the global wealth management segment. Avaloq’s industry-leading wealth management products coupled with Infosys’s proven delivery strengths will provide an integrated end-to-end solution for wealth management. With its global reach, large talent pool and impeccable delivery track record, Infosys is the perfect partner to help us achieve this goal.”

Source: https://australianfintech.com.au/infosys-and-avaloq-partner-to-strengthen-wealth-management-capabilities-through-digital-platforms/

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Fintech

Infosys and Avaloq partner to strengthen wealth management capabilities through digital platforms

Published

on

Infosys, the global leader in next-generation digital services and consulting, today announced a strategic partnership with Avaloq, a leading wealth management software and digital technology provider headquartered in Zurich, to provide end-to-end (e2e) wealth management capabilities through digital platforms. As part of the announcement, Infosys will be a strategic implementation partner for Avaloq’s wealth management suite of solutions to help clients modernize and transform their legacy systems into cutting-edge digital advisory platforms.

Infosys will leverage its Global Delivery Model and a standardized approach to implement Avaloq’s solutions for clients. Avaloq’s specialized knowledge and experience in providing end-to-end wealth management solutions combined with Infosys’s global presence and digital transformation capabilities will help create a one-stop-shop for wealth management clients. Infosys will work closely with Avaloq to develop market opportunities beyond Switzerland and go to market capability for targeted accounts across multiple geographies. With an initial focus on EMEA and APAC regions, the partnership aims to offer e2e products and services as Software-as-a-Service (SaaS), private cloud or public cloud across the globe. Additionally, Infosys and Avaloq will jointly run specialized courses for Infosys experts to get enabled on the Avaloq platform.

Avaloq will also leverage Infosys’s delivery strengths including scale, its Global Delivery Model, its standardized implementation approach, proprietary Infosys tools, and accelerators to reduce the total cost of ownership for product implementation.

Mohit Joshi, President, Infosys, said, “We are excited to partner with Avaloq, a market leader in providing wealth management solutions. We are making significant investments in this partnership, which will materially enhance the value we offer to our financial services clients and will complement our approach to provide industry-focused wealth management solutions. I am excited about taking Avaloq’s SaaS and other cloud-based offerings to our wealth management clients to help them seamlessly scale up their operations.”

Juerg Hunziker, Chief Executive Officer of Avaloq, said, “Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. We plan to extend our leadership position and provide our SaaS and BPaaS services to the global wealth management segment. Avaloq’s industry-leading wealth management products coupled with Infosys’s proven delivery strengths will provide an integrated end-to-end solution for wealth management. With its global reach, large talent pool and impeccable delivery track record, Infosys is the perfect partner to help us achieve this goal.”

Source: https://australianfintech.com.au/infosys-and-avaloq-partner-to-strengthen-wealth-management-capabilities-through-digital-platforms/

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