The Indian Banks Association (IBA), representing interests of the banking community, and the Payment Council of India (PCI), a lobby group for payments systems and settlement providers, are reportedly in talks to set up a non-profit venture to regulate digital payments. The regulatory body will operate under RBI’s Self-Regulatory Organization (SRO) framework for payment system operators and have members from both the banking and payments industry, , The Economic Times reported, citing three people familiar with the matter. While the discussion is in early stages, a formal proposal for the RBI could be finalised in the coming weeks, it said.
Shanghai, Hong Kong stock exchanges suspend Ant Group IPO
The Shanghai Stock Exchange and the Hong Kong Stock Exchange have suspended the initial public offer (IPO) of Jack Ma-led Ant Group. The financial technology conglomerate was set to be listed on November 5 after raising a record-breaking $37 billion in the public sale of shares. However, the stock exchanges said they had to halt the IPO due to changes in the “financial technology regulatory environment” and other major issues, which could result in the company failing to meet the issuance and listing conditions or information disclosure requirements. The action came just one day after China’s top financial regulators held supervisory interviews with Ma and other Ant Group executives.
Time Doctor, Redington partner to launch remote working solutions in India
Las Vegas, Nevada headquartered Time Doctor said it has partnered with IT software distributor Redington to supply its time tracking and employee productivity monitoring solutions to enterprises and startups in India. The tools, it said in a statement, will make remote working easier for organisations and help them be more competitive in global markets, source the best talent, streamline operations, and increase profitability and ROI.
Winvesta offers 3,000 US stocks to Indian investors
UK wealth-tech startup Winvesta has offered investors in India access to 3,000 US stocks, ETFs and bonds to diversify their portfolio. The company, in a statement said that its mobile platform has added new products, enabling investments in over 2,200 US stocks, including those of companies such as Tesla, Facebook, Google and Apple, as well as 900+ ETFs and bonds with no upfront costs, annual maintenance fees or brokerage commissions.
QuEST Global, Microsoft to set up CoE in Pune
Product engineering company QuEST Global said it has partnered with Microsoft to launch a Centre of Excellence (CoE) at its facility in Pune. The CoE will be used by QuEST to tap into Microsoft Azure technologies and achieve next-level expertise in research, strategy, and creation/refining of innovative solutions for customers in industrial and healthcare sectors, the company said. It will also use the centre for training and upskilling of engineers and the development of new initiatives around upcoming technology domains such as quantum computing and Azure Media Service, the statement added.
BharatPe appoints ex-Union Bank chairman as independent director
Homegrown merchant payments network BharatPe said it has appointed former Union Bank chairman Kewal Handa as independent director. The executive will join founders Ashneer Grover and Shashvat Nakrani on the board of BharatPe and mentor the company on its overall business strategy as it moves to grow its footprint, a statement said. He has diverse experience in finance, commercial, strategy and business development segments, and has served as the managing director of Pfizer India and independent director of ING Vysya Bank in the past.