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  • Ant International Deepens Payment and Digitalisation Ecosystem with AI-Driven Embedded Finance Solutions in Year of Transformation

    Ant International Deepens Payment and Digitalisation Ecosystem with AI-Driven Embedded Finance Solutions in Year of Transformation

    December 07, 2024,Singapore : With a series of organisational and strategic upgrades in 2024, Ant International, a leading global digital payment and financial technology provider, reported robust growth over the past year among all its four pillar businesses, Alipay+, Antom, WorldFirst and Embedded Finance.

    Alipay+ expanded its vibrant wallet-based payment and digitalisation space that further strengthens WorldFirst and Antom, the two business fintech services. The new Embedded Finance segment deepens Ant International’s ecosystem by offering a rich array of FX, treasury management, inclusive lending and other AI-powered fintech solutions to clients and partners across the other three main businesses.

    “2024 has been a transformative year for Ant International,” said Peng Yang, Chief Executive Officer of Ant International. “We are committed to advance inclusive growth through AI-powered innovation and collaboration on cross-border travel, trade, commerce and inclusive finance.”

    Based in Singapore, Ant International provides partners across industries and markets a comprehensive range of digital payment and financial technology solutions. It is committed to driving inclusive growth through open collaboration and continuous innovation.

    Among Ant International’s notable progresses in 2024 so far:

    Alipay+: Ant International’s cross-border mobile payment and digitalisation technology solutions.

    Alipay+ leads the industry in collaboration with 35 leading mobile payment partners, including e-wallets, banking apps and BNPL apps, etc., connecting over 90 million merchants in 66 markets to 1.6 billion user accounts. It has also formed strategic partnerships with national standardised QR schemes, such as Singapore’s SGQR, Malaysia’s PayNet, South Korea’s ZeroPay, Cambodia’s KHQR, Nepal’s NepalPay QR and Sri Lanka’s LankaPay.
    Among the global merchants accepting QR code payments via Alipay+, over 90% are SMEs, reflecting Ant International’s focus on inclusive digital transformation.
    Cross-border transactions of global payment partners together (excluding Alipay) via Alipay+ registered three times year-on-year increase in 2024, where Alipay maintains the leadership.

    Alipay+ builds a broader digital payment and digitalisation ecosystem for other pillar businesses of Ant International.

    Antom: a leading merchant payment and digitisation services provider, offering one-stop, vertical-specific digital payment solutions to merchants of all sizes.

    Total payment volume (TPV) of Antom’s direct acquiring services nearly doubled between January and November 2024 over same period of 2023.
    Antom continues to strengthen its payment processing capabilities across all payment channels. Antom’s card processing volume grew over 10 times from that of previous year, while delivering top notch authorization rates to its global enterprise merchants.
    Antom continues to launch tech-driven innovative solutions to provide more secure and efficient services at lower cost to its customers. Antom Copilot helped enhance operational efficiency for merchants by reducing the payment channel integration time from 5 to 10 days to only a few minutes. Antom EasySafePay streamlined digital wallet payments procedures, eliminating the need to redirect from merchant checkout page to the user’s wallet app, and offers full account takeover protection to wallet users, and lead to significant payment success rate increase.

    WorldFirst: a one-stop digital payment and financial services platform for global businesses.

    In 2024, five years after its acquisition, WorldFirst achieved an annual TPV of US$100 billion, four times that of 2020. This marks its transformation into the world’s leading one-stop digital payment and financial services platform for cross-border businesses.
    Accumulatively, WorldFirst has served more than 1 million SMEs globally, with a total TPV surpassing US$300 billion and an ever-strengthening growth momentum as it expands footprints from Asia and Europe to the rest of the world.

    Under Embedded Finance, our Credit Tech and Platform Tech teams leverage cutting-edge AI and blockchain technologies to innovate secure, end-to-end embedded finance solutions to clients and partners across Alipay+, Antom and WorldFirst businesses, ranging from risk-modelling, cross-border settlement, FX and liquidity management, to credit and lending services for underserved SMEs and individuals.

    In line with G20’s commitment to lower cross-border payment costs via technology innovation, Platform Tech developed a world-leading Time-Series Transformer AI FX Model to help multi-national merchants in airline, e-commerce and other sectors to improve treasury management efficiency and reduce cost. Our FX solutions predict real-time local currency needs by the hour, with an accuracy of over 90%, significantly lowering cost and uncertainty for not only our own operations but millions of merchants, including SMEs.

    Through collaborative innovation with global financial institutions, we leverage blockchain technology to provide 24/7 real-time cross-border settlement serviceability to our global business and clients. In 2024, the blockchain solution supported over one third of Ant International’s total processing volume.

    In 2024, leveraging AI-powered Credit Tech and Risk Tech capabilities, Ant International added to ANEXT Bank, its Singapore-based MSME-focused digital bank, a new inclusive credit service under the brand bettr. Today in emerging markets including Bangladesh and Indonesia, bettr collaborates with local fintech partners to enable over 11 million unserved micro businesses and individuals, most first-time borrowers, to acquire uncollateralized loan services based on more accurate and fairer credit ratings.
    In 2024, loans under management across Ant International’s SME financing services more than doubled compared to 2023.

    “In 2025, we will continue to be laser-focused on supporting SMEs across borders with AI-powered innovative and trusted payment, digitalisation, and inclusive financing solutions through expanded public- and private-sector collaboration,” said Yang.


    Praveen

  • Unique Challenges and Safety Measures

    Car accidents in rural areas are more common than you might expect, given the lower levels of traffic. In 2022, 41% of all car accidents occurred in rural areas, with 17,283 fatalities. Interestingly, until 2016, there were historically more accidents in rural areas, but as traffic levels increased, so too did urban accidents.

    Car Accidents in Rural Areas: Unique Challenges and Safety Measures

    Photo by Peter Fazekas:

    It is fair to say that rural roads present unique challenges and risks for drivers that contribute to higher car accident rates compared to urban areas. Understanding these challenges and taking appropriate safety measures can help reduce accidents and injuries.

    Challenges of Rural Roads

    • Two-lane highways: Many rural roads are two-lane highways with no divider between opposing traffic. This increases the risk of head-on collisions.
    • High speeds: Speed limits are often higher on rural roads. Higher speeds give drivers less time to react and result in more severe crashes. 28% of motor vehicle accident deaths in rural areas during 2022 were caused by speeding motorists. If you’ve been injured in an auto accident, experienced car accident lawyers can help you get compensation if this happens to your family.
    • Blind corners and hills: Rural roads have more blind corners, hills, and impaired visibility compared to urban roads. These make it difficult for drivers to see oncoming vehicles.
    • Wildlife: Deer, moose and other animals often wander onto rural roads, increasing the risk of collisions. Between one and two million crashes each year are caused by collisions with wildlife such as deer – an adult buck can weigh as much as 160 pounds, which will cause a significant amount of damage if it hits your car at speed.
    • Poor road conditions: Rural roads may be poorly maintained with uneven surfaces, potholes, gravel, etc. This can cause drivers to lose control.
    • Limited cell service: Cell service is spotty or unavailable in many rural areas. This makes it difficult to call for help after an accident. Federal Communications Commission reports that 16% of the US has no voice and data coverage.

    Safety Measures for Rural Driving

    • Obey speed limits: Do not exceed posted speed limits, and reduce speed around corners and hills.
    • Avoid distractions: Focus fully on driving and avoid distractions like cell phones.
    • Watch for wildlife: Scan roadsides for animals that may bolt into traffic.
    • Wear seatbelts: Always wear seatbelts and ensure passengers do too. Seatbelts are critical for preventing injuries.
    • Maintain vehicles: Check tire pressure and tread, windshield wipers, lights etc. regularly to prevent accidents due to equipment failure.
    • Follow distance: Leave ample braking distance between your vehicle and the one in front of you.
    • Avoid fatigue: Do not drive when very tired, which impairs reaction time. Take regular breaks on long trips. Drowsy driving is a factor in 50,000 injury-causing crashes each year.
    • Avoid impaired driving: Never drive under the influence of alcohol or drugs. Arrange for alternate transportation.

    Be Aware of the Risks

    Rural roads present greater hazards compared to urban driving. However, being aware of these risks and taking preventative measures can help reduce accidents, injuries, and fatalities on rural roads. Drivers should focus on cautious driving behaviors and vehicle maintenance to stay safe.


    Neel Achary

  • Sarkari Awas New Portal: Govt launched portal for government housing, now allotment will be done online

    Government House Allotment: Madhya Pradesh Chief Minister Dr Mohan Yadav on Wednesday, November 20, inaugurated a new portal related to the allocation of government houses in the capital Bhopal before the Cabinet Meeting.

    Chief Minister Dr Mohan Yadav congratulated the Home Department MP for this initiative. During this, it was told that such a portal had not been created till now. As per the provisions of the Bhopal Government Housing Allotment Rules 2000, the entire housing allocation process will now be conducted online through the portal.

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    Allotment will be done through this portal

    Through the portal www.sampada.mp.gov.in, information about online housing allotment to the allottee i.e. government servant will be sent on the registered mobile number by the Home Department through SMS gateway MPHOME on real time basis. In the interest of the government servant, the work of allotment of houses in priority order will be generated through the portal. This will reduce the cases of human intervention and bias.

    During this, Chief Minister Dr. Mohan Yadav also allotted multi-storey housing houses of South TT Nagar built near New Market. These newly constructed housing houses include a total of 1210 houses of “G” and “H” category. Information about getting possession of government housing can be given through the portal.

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  • Indian stock market maintains positive outlook as RBI turns more realistic

    Sensex trades higher before RBI MPC outcome

    Indian stock market maintains positive outlook as RBI turns more realisticIANS

    Amid a positive turnaround from foreign institutional investors (FIIs) to India, the Indian stock market maintained a positive outlook throughout the week as the core sector output in October and stability in service PMI data showed signs of recovery, experts said on Saturday.

    FIIs returning to India in expectation of a dovish monetary policy by the Reserve Bank of India (RBI) also supported the sentiment.

    “RBI turns more realistic with a revision on its growth forecast for FY25. While boosting liquidity in the financial system by reducing CRR by 50 bps, RBI reiterates that maintaining macroeconomic stability remains crucial,” said Vinod Nair, Head of Research, Geojit Financial Services.

    The market closed flat on Friday. Sensex settled at 81,709.12 while Nifty ended at 24,677.80. Nifty is holding steady above the crucial 24,650 support level.

    “The primary trend remains positive, as Nifty trades near the upper band of the Donchian Channel, which is trending higher — a signal of potential bullish momentum,” said Om Mehra, Technical Analyst, SAMCO Securities.

    Additionally, India’s volatility index (VIX) remains subdued, hovering below the 15 mark, suggesting a contraction in volatility and reduced fear in the market.

    Investors are now accumulating the momentum stocks as the expected pick-up in the government capex may provide some impetus to infra, capital goods, realty, cement, and metal industries in the second half this fiscal.

    PSU banks outperformed amid a liquidity boost by RBI. The outlook for the February monetary policy meeting also turned positive as inflation is likely to moderate in Q4, supported by seasonal corrections in vegetable prices, kharif harvest arrivals, and anticipated rabi output, said market watchers.

    Bank

    PSU banks outperformed amid a liquidity boost by RBIIANS

    Inflation, though slightly higher, may continue to remain under control. The factors like soil moisture content, reservoir levels, seasonal winter vegetable price correction, suggests that food inflation may show declining trend which has been point of bother, said Siddarth Bhamre, Head, Institutional Research at Asit C Mehta Investment Interrmediates Ltd.

    For the week ahead, market direction will be influenced by the release of US payroll and US CPI inflation data, which will give some insights into the Fed’s December meeting.

    (With inputs from IANS)

  • Bhima Marks 4th Anniversary of Hoodi Store with Offers

    Bhima Jewellers_Hoodi store (1)

    December 6th, 2024 — Bhima, one of South India’s most trusted jewellery brands, is celebrating the 4th anniversary of its Hoodi store with an exclusive three-day event. To honor this remarkable milestone, the brand invites its customers to join the anniversary celebrations from December 6th to 8th, 2024. Over these three days, patrons can look forward to exclusive anniversary offers wherein they can enjoy up to INR 500 off per gram on gold, up to INR 5,000 off per kg on silver, and a flat INR 7,000 cash back per carat on diamonds and free gift card worth up to INR 1 lakh. In addition, customers visiting the showroom during this period will have a chance to participate in a special lucky draw, with the exciting opportunity to win two Aprilia scooters every day, adding an extra layer of celebration.

    These exclusive offers are Bhima’s heartfelt gesture of gratitude to its loyal customers who have been an integral part of the brand’s journey over the years. The 4th anniversary celebration is not just a milestone for the brand, but a moment to celebrate the relationships built with its valued customers. With a wide range of jewellery that caters to every occasion and taste, Bhima invites customers to explore its exquisite designs and enjoy the unmatched value of these special anniversary offers.


    Mansi Praharaj

  • PAN 2.0: Is it necessary to link PAN with Aadhaar even after PAN 2.0? know details here

    The Income Tax Department has made it mandatory to link the PAN card with Aadhaar, but if you have not linked the PAN card with Aadhaar then the PAN card becomes inactive.

    PAN 2.0: Is it necessary to link PAN with Aadhaar even after PAN 2.0? Do you know the answer to this question? Actually, it is necessary to link PAN with Aadhaar even after PAN 2.0. Let us tell you that the Income Tax Department has made it mandatory to link PAN card with Aadhaar, but what will happen if it is not linked? The answer to this question is that if you do not link your PAN card with Aadhaar, then the PAN card becomes inactive.

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    If your PAN card is deactivated, then income tax returns cannot be filed. Tax refunds are not received, and financial services are not available. Aadhaar PAN linking is done automatically for new applicants of PAN card. To link PAN to Aadhaar, write UIDPAN and enter your Aadhaar number and PAN number and send SMS to 567678 or 56161. Information like name, date of birth, and gender should match in PAN and Aadhaar card. If there is a difference in the information in PAN and Aadhaar card, then the information of both the documents has to be made the same.

    Actually, it is advisable to update the biometrics of Aadhaar card every 10 years, but there will be no need to update PAN 2.0. The new PAN card will have a QR code, which will make PAN verification easier. Along with this, PAN 2.0 will have many such features which will be helpful in preventing financial fraud.

    If your PAN card is already made, then there is no need to make a PAN card again and the old PAN card will remain valid. The new PAN 2.0 will be an upgraded version of the old PAN, people do not need to change their PAN number.

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  • RBI hikes interest rates on NRI foreign currency deposits

    RBI hikes interest rates on NRI foreign currency deposits

    RBI hikes interest rates on NRI foreign currency depositsIANS

    The RBI on Friday increased the interest rate ceilings on Foreign Currency Non-Resident Bank deposits or FCNR (B) deposits which will enable NRIs to earn more on their savings.

    The move is aimed at attracting more foreign capital at a time when the Indian rupee has come under pressure as foreign investors have been pulling money out of the Indian stock markets resulting in hot money outflows.

    FCNR(B) deposits are accounts where Non-Resident Indians (NRIs) can hold their earnings in foreign currencies like USD or GBP, protecting them from exchange rate fluctuations.

    “In order to attract more capital inflows, RBI has decided to increase the interest rate ceilings on FCNR (B) deposits. Accordingly, with effect from today (December 6, 2024), banks are permitted to raise fresh FCNR(B) deposits of 1 year to less than 3 years maturity at rates not exceeding ARR plus 400 bps and deposits with maturity between 3 to 5 years at rates not exceeding ARR plus 500 bps. This relaxation will be available till March 31, 2025,” an RBI statement said.

    Until now, interest rates on Foreign Currency Non-Resident Bank (FCNR(B)) deposits were subject to ceilings of r (ARR) for the respective currency/swap, plus 250 basis points for deposits of 1 year to less than 3 years maturity and overnight ARR plus 350 basis points for deposits of 3 years and above and up to 5 years maturity, according to an RBI statement.

    Reserve Bank Of India

    Reserve Bank has examined the recommendations of the Committee as well as the feedback receivedIANS

    Banks have now been allowed to offer higher interest across the tenors.

    The RBI has also decided to move ahead with the introduction of the Secured Overnight Rupee Rate (SORR), a benchmark based on the secured money markets.

    Financial Benchmarks India Ltd (FBIL) is being requested to take the proposal forward.

    The proposal is being taken up in line with the recommendation of the RBI’s Committee on the MIBOR Benchmark.

    The Reserve Bank had set up the Committee on the MIBOR Benchmark headed by Ramanathan Subramanian to review the rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks. The Committee recommended several important measures to further develop the interest rate derivative market and improve the credibility of interest rate benchmarks. The Report of the Committee was published on the RBI’s website inviting comments from members of the public. The Reserve Bank has examined the recommendations of the Committee as well as the feedback received.

    “The other recommendations of the Committee are under consideration,” the RBI statement said.

    (With inputs from IANS)

  • What is MuleHunter.ai, RBI’s solution to fight financial fraud

    RBIn

    New Delhi. The Reserve Bank of India’s Innovation Hub (RBIH) has taken a big step to curb financial fraud. The bank has launched the AI-based tool Mulehunter.Ai which will curb financial fraud.

    RBI has started talks with other banks to promote the adoption of its AI-based Mule Hunter AI tool. According to sources, RBIH CEO Rajesh Bansal said that this tool has already been adopted by two major public sector banks and discussions are going on with ten other banks.

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    Reserve Bank’s Mulehunter. Ai is being described as an effective step towards preventing financial fraud. It will help in speeding up the identification of fraud accounts and combating financial fraud. Let’s know what is Mulehunter.Ai and how it works.

    Mulehunter.Ai will identify the mule accounts. This platform helps in identifying and detecting “mule accounts”. Mule accounts are usually used for money laundering. Traditionally, rule-based systems and manual verification processes were used to identify these bank accounts, which were time-consuming and less reliable.

    To develop Mulehunter.Ai, 19 special patterns have been studied in collaboration with banks. Initial results have shown that this tool significantly improves both accuracy and efficiency. Its testing results are encouraging. It is three times more accurate than the manual system and also reduces time consumption by ten times.

    Will curb money fraud

    Repo rate not reduced even for the 11th time, common man disappointed but economy gets a dose
    money

    Addressing the growing challenges of financial fraud

    RBIH says that financial fraud is constantly increasing in scale and complexity, where transactions often involve large sums of money. Multiple channels are being used for fraud and it is no longer limited to small amounts but can go up to ₹1 crore.

    Bansal also said that the most effective way to curb fraud is to see where the money ultimately goes.

    RBI Governor’s warning on potential risks of AI

    Recently in the month of October, RBI Governor Shaktikanta Das warned on the potential risks of AI in the financial sector. He said that “even though AI is revolutionizing the financial sector, excessive dependence on it can pose risks to financial stability.”

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  • RBI raises limit of collateral-free agriculture loans to Rs 2 lakh

    Govt doubles FCI's authorised capital to Rs 21,000 cr in big boost to farm sector

    RBI raises limit of collateral-free agriculture loans to Rs 2 lakhIANS

    The Reserve Bank of India (RBI) has decided to raise the limit for collateral-free agriculture loans from Rs 1.6 lakh to Rs 2 lakh to enhance coverage of small and marginal farmers and permit small finance banks to extend pre-sanctioned credit lines through UPI to small borrowers to ensure greater financial inclusion.

    The two decisions were announced after the Monetary Policy meeting held here on Friday.

    At present, banks are required to extend collateral-free agriculture loans up to Rs 1.6 lakh per borrower. This limit was enhanced from Rs 1 lakh, set in the year 2010 to Rs 1.6 lakh in the year 2019.

    Reserve Bank of India (RBI)

    RBI has decided to raise the limit for collateral-free agriculture loans from Rs 1.6 lakh to Rs 2 lakhIANS

    “Keeping in view the overall inflation and rise in agricultural input costs since then, it has been decided to raise the limit for collateral-free agriculture loans from Rs 1.6 lakh to Rs 2 lakh. This will enhance the coverage of small and marginal farmers in the formal credit system. The circular to this effect will be issued shortly,” the RBI said in a statement.

    In order to ensure greater financial inclusion, the RBI has also decided to permit small financial banks (SFBs) to extend pre-sanctioned credit lines through the UPI.

    In September 2023, the scope of the Unified Payments Interface (UPI) was expanded by enabling pre-sanctioned credit lines to be linked through UPI and used as a funding account by Scheduled Commercial Banks but Payments Banks, Small Finance Banks (SFBs) and Regional Rural Banks were excluded from this ambit.

    “Credit line on UPI has the potential to make available low-ticket, low-tenor products to ‘new-to-credit’ customers. SFBs leverage a high-tech, low-cost model to reach the last mile customer and can play an enabling role in expanding the reach of credit on UPI,” the RBI said.

    “It is, therefore, proposed to permit SFBs to extend pre-sanctioned credit lines through the UPI. Necessary guidelines will be issued shortly,” the RBI statement added.

    (With inputs from IANS)

  • RBI Links FX-Retail Platform to Bharat Connect; Grants Wider Access To Fair Forex Deals

    Reserve Bank Of India

    IANS

    The Reserve Bank of India (RBI) has taken a significant step towards expanding the reach of the FX-Retail platform. The central bank has decided to link the platform with the National Payments Corporation of India’s (NPCI) Bharat Connect. This move is aimed at providing greater transparency and fairness in the pricing of foreign exchange to a broader user base, particularly individuals and Micro, Small, and Medium Enterprises (MSMEs).

    The FX-Retail platform, launched by the Clearing Corporation of India Ltd (CCIL) in 2019, is currently accessible through an internet-based application. The platform was developed with the objective of bringing greater transparency and fairness in the pricing of foreign exchange for users, especially for individuals and MSMEs.

    The linkage with Bharat Connect will enable users to register and transact on the FX-Retail platform through the apps of banks and non-bank payment system providers integrated with Bharat Connect. Bharat Connect, formerly known as Bharat Bill Payment System, is operated by the NPCI.

    Reserve Bank of India (RBI)

    IANS

    In the first phase of this initiative, a pilot facilitating the purchase of the US dollar against the rupee by individuals and sole proprietors is proposed. The scope will be expanded in the future to cover other FX transactions, including the sale of the US dollar against the rupee and other categories of users. Users will continue to have the option to directly access the FX-Retail platform and transact under the existing mechanism.

    In addition to this, the RBI has also proposed to launch podcasts for wider dissemination of information that is of interest to the general public. This is part of the Reserve Bank’s efforts to deploy traditional and new-age communication techniques to ensure transparency and greater impact of its decisions, explain the rationale behind its decisions, and disseminate various awareness messages to a wider audience.

    In a related development, the RBI has proposed to allow small finance banks to extend pre-sanctioned credit lines through Unified Payments Interface (UPI). This move is expected to make available low-ticket, low-tenor products to ‘new-to-credit’ customers. Small Finance Banks (SFBs) can play an enabling role in expanding the reach of credit on UPI, leveraging a high-tech, low-cost model to reach the last-mile customer.

    The RBI’s decision to link the FX-Retail platform with Bharat Connect and its proposal to allow small finance banks to extend credit lines through UPI are significant steps towards enhancing the accessibility and affordability of financial services in India. These initiatives are expected to benefit a large number of individuals and MSMEs, contributing to the overall growth and development of the Indian economy.