In Brief: Fintech cos with Chinese links under govt scanner; Former Cognizant CEO sets up PE fund

In Brief: Fintech cos with Chinese links under govt scanner; Former Cognizant CEO sets up PE fund
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22 Sep, 2020

The government is looking at fintech applications with Chinese connections to check for data and privacy breaches, Mint has reported, citing anonymous sources. India has already banned over 150 Chinese applications, including popular video sharing platform TikTok, and now has shifted focus on app-based lending companies as they have access to more sensitive information such as income tax and Aadhar details, the report added.

Former Cognizant CEO D'Souza sets up private equity fund Recognize

Former Cognizant chief executive officer (CEO) Francisco D'Souza has set up a $1 billion US-based private equity fund, Recognize, The Times of India has reported, citing sources. D’Souza has already raised a couple of hundred million dollars. Recognize will invest in niche tech assets and has technologists with deep domain expertise both in services and software, it added.

Aurigo Software rolls out Masterworks 2021

Aurigo Software, which provides software services for construction and infrastructure projects, on Tuesday told TechCircle that it released a new cloud solution called Masterworks 2021, earlier this month, to help with capital planning using artificial intelligence. Masterworks 2021 offers a user interface to provide for business insights leveraging AI and machine learning technology, enhanced security authentication, improved mobile application, and new collaboration tools to drive better decision making in capital planning, according to a statement. Earlier this year, design software and services company Autodesk was set to acquire a minority stake in Aurigo to tap into the Austin, Texas-based company’s market and bolster its construction technology offering.

Tiger Global moves Delhi HC

New York-headquartered alternative investments firm Tiger Global Management has moved the Delhi High Court seeking a stay against the Flipkart-Walmart deal tax ruling.  The order had termed the private equity investor's stake sale in e-commerce major Flipkart to US-based retail giant Walmart in 2018 for Rs 14,500-crore, as prima facie designed to avoid tax, according to a report by the Economic Times. The appeal has sought an injunction against the Authority of Advance Rulings' order issued in March this year. Delhi HC has scheduled the matter for September 22, 2020 (Tuesday).

BFSL, Signzy jointly unveils video KYC for customer on-boarding process 

Bank of Baroda Financial Solutions (BFSL), a wholly-owned subsidiary of Bank of Baroda, has partnered with regulatory technology firm Signzy, for digitising customer verification through video know your customer (KYC). Under this deal, BFSL will enable a quick, zero-contact and paperless KYC that will replace the need for physical submission of KYC documents, a statement said. BFSL will leverage Signzy’s artificial intelligence (AI) and machine learning (ML)-enabled video e-KYC solution to onboard over a lakh new credit card customers every month.

Online trading platform Sharekhan rolls out discounting broking platform 

Mumbai based stock brokerage firm Sharekhan, a fully owned subsidiary of  BNP Paribas has launched Espresso, a new discount broker via a separate company. Espresso is expected to help clients succeed by ensuring that they don’t pay brokerage on loss-making trades, a statement said. The company had already commenced beta testing of the project, three months ago, and found that simplified login (using mobile number/ email id), holding report, ledger report, and tax report are considered as ‘above expectations’ by their beta-testers.