Embedded Finance, DeFi, ESG To Help India’s Corporates Thrive In 2023 FIS Global Innovation Report

Key facts             

•        71% of financial services firms say they will significantly invest in developing embedded finance products within the next 12 months according to the study.

•        37% of the non-financial businesses that see an impact from embedded finance plan to increase their tech or R&D budget in the next 12 months.

•        84% of financial services respondents recognise decentralized finance (DeFi) to be a major growth opportunity for their organization.

•        Environmental, social, and governance (ESG) frameworks are top of mind for financial services firms, with 83% saying they are developing new ESG products and services.

New research from FIS® (NYSE: FIS), a global leader in financial services technology, shows how businesses in India are embracing the next generation in financial technology to help fuel new growth in digital channels despite current economic uncertainty

The inaugural 2023 Global Innovation Report asked business leaders in financial services (banks, insurers, capital markets firms, and fintechs) and non-financial businesses (retail, restaurants, travel, gaming, digital content, and enterprise technology providers) in India about their business strategies and experience with embedded finance, Web3—including decentralized finance (DeFi), cryptocurrencies and the metaverse—as well as environmental, social and governance (ESG) frameworks.

According to the study, a broad majority of businesses in India say they expect a major or moderate impact from each of these trends in the next 12 months: DeFi (86%), ESG (84%), embedded finance (84%), the metaverse (85%) and crypto (83%). These key areas of fintech will continue to attract investment from firms in the coming year.

“Despite recessionary pressures and challenges in the global economy, companies in the financial services, fintech, and non-financial sectors in India are turning to innovation to succeed in 2023 and beyond.  Given the widespread agreement on the effects that embedded finance, DeFi, ESG, the metaverse, and cryptocurrencies will have in the short-term, it's not surprising that businesses are investing now to prepare for an impending surge in demand," said Rajsri Rengan, India Head of Development, Banking and Payments, at FIS. “FIS has been creating solutions in these areas to assist clients worldwide to be ready for the future of finance, by enabling them to expand their operations and provide innovative services to consumers.  Companies that take action now are more likely to maintain or attain a leadership position in the market as the next era of digital services emerges."

Embedded Finance Reflects a New Reality in India in 2023

Embedded finance is when consumers have unique, tailored financial services delivered to them at the point of need by non-financial companies. Embedded payments are most familiar to consumers, enabling the speed and convenience of paying for goods and services in an app, with just a single click. New use cases across banking, lending and investing are emerging and the drive to deliver embedded financial services is rapidly accelerating in the country.

·         More than two-thirds (71%) of financial services and fintech firms will significantly invest in developing embedded finance products within 12 months, according to the study.

·         44% of the financial services and fintech firms that are investing in embedded finance believe it will increase revenue.

·         37% of non-financial firms that see an impact from embedded finance on their business will respond by increasing their tech or R&D budget in the next 12 months.

DeFi and the Metaverse are Seen as a Competitive Edge, but Concerns need to be Addressed

Web3 focuses on decentralized infrastructure and includes concepts of cryptocurrency, DeFi, and the metaverse. According to the research, India has broader investment in Web3 initiatives when compared with global counterparts. Businesses firmly believe that to stay competitive, it is imperative to deliver all financial services in one end-to-end experience

·         84% of financial services respondents believe DeFi, which uses blockchain and digital asset technology to manage financial transactions, represents a major growth opportunity for their organization

·         However, a higher percentage (89%) assert the need to better understand the risks of decentralized finance before participating

·         Surprisingly, 61% of non-financial businesses believe it will be strategically important to have a presence in the metaverse in the next 12 months

·         Nearly two-thirds of all respondents from India (60%) already have or are currently developing products or services in the metaverse.

·         32% of respondents agreed cybersecurity is the biggest barrier to greater metaverse adoption by their organization.

ESG Will Create Opportunities for Growth in the Year Ahead

ESG is the systematic consideration of environmental, social and governance factors alongside financial factors when making decisions about investments, business practices, and commercial relationships. If supported by the right technology, ESG can open new growth opportunities and competitiveness in the Indian market.

·         Nearly all financial services companies in India (90%) view ESG as an opportunity to attract increased investment.

·         Decision makers firmly believe (87% of financial services respondents) that ESG can improve their competitiveness in the market.

·         Accordingly, 83% of financial services firms in India are developing new ESG products and services to tap into this growing demand.

About the survey

All data is based on a survey of 2,000 executives from financial services firms (banks, insurers, capital markets firms and fintechs) and non-financial services businesses (merchants, corporates and technology providers) in nine countries (Australia, Brazil, Canada Germany, Hong Kong, India Singapore, the U.K. and the U.S.). The survey was conducted by Longitude Partners on FIS’ behalf between July and September 2022.

About FIS

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).

MIT - World Peace University UG & PG Admissions 2023 Open

* MIT - World Peace University is accepting applications for undergraduate (UG) and postgraduate programmes (PG). 

MIT-WPU admissions are now open for full-time undergraduate & postgraduate programmes. The UG & PG programmes at MIT-WPU are offered in fields of law, arts, science, engineering, commerce and management. Out of 150+ programmes offered at MIT-WPU, some UG programmes are B.Des, B.A., B.Tech, BBA, B.Com, B.Pharm, B.Sc Computer Science & PG programmes available are MBA, M.Com, M.Sc Economics, M.Sc Environment Science, and more.  

Candidates interested and eligible can apply for MIT-WPU UG & PG programmes online by visiting the university's official website. Before filling the application form, candidates must read all the relevant details mentioned in the University UG and PG admission notification 2023.

Geared up for the fresh batch of students, Director of Admissions at MIT-WPU, Dr. Prakash Mainkar says "We are now enrolling a fresh batch of students with high aspirations and enthusiasm. I am optimistic that 2023-24 will be yet another exciting and bright academic year. The exposure to our students for global developments has increased substantially as a result of several seminars and conclaves that our staff and students attended in 2022 and  as we approach 2023, we see our placements growing manyfolds."

The UG and PG programmes have been designed keeping in mind the industry requirements, and are a pathway to global education with a host of specialisations offering global immersion. This helps students develop their skills to join the industry as professionals or begin their careers as entrepreneurs. Students enrolling in various programmes at MIT-WPU will also undergo social transformation through holistic learning experiences based on value-based education, research, and industry collaborations. 

Admissions are open for multiple cutting-edge, multi-disciplinary, and future-ready programmes in creative domains such as M.Sc. Yoga and Meditation, BA and Diploma in Photography, MA Political Leadership and Government, BA Government and Administration, M.Sc Physics (Photonics), M.Sc. Industrial Polymer Chemistry, M.Sc. Environment Science, and Integrated B.Tech after 10th among others. Apart from this, MIT-WPU also offers unique integrated programmes like B.Sc Integrated M.Sc. Biotechnology and Integrated Business Management that offer both undergraduate and postgraduate degrees at one go.

Students must qualify with a valid score in the MIT-WPU CET 2023 exam for respective admission criteria. The selection criteria includes assessment measures respective to each programme. For more details on the MIT-WPU admission process check the official website - https://bit.ly/3XQN2Gn

About MIT-WPU

With a rich legacy of 40 years in fostering world-class academic excellence and over 1,00,000+ alumni across the globe, MIT-WPU is one of the premier institutions of higher learning in India that offers over 150 programmes at undergraduate, postgraduate, diploma and PhD levels. It is also known for its prolific placements and career support provided to the students. Spread over 65 acres, MIT-WPU is equipped with state-of-the-art infrastructure and facilities. Over 8,000 students enrol every year for different courses, across the 11+ Schools & 30+ departments of MIT-WPU.

To know more, visit: https://bit.ly/3XQN2Gn

Airtel 5G Plus Now Goes Live In 5 Cities Across Delhi NCR

* Noida, Ghaziabad and Faridabad gets ultrafast Airtel 5G Plus services in addition to Delhi and Gurugram

* Promises to offer massive speeds, best voice experience, will work on all 5G smart phones and be kinder to the environment

* No SIM change needed; existing Airtel 4G SIM is 5G enabled

* Existing data plans will work on 5G until roll-out is complete

Bharti Airtel (“Airtel”), India’s leading telecommunications services provider today announced the launch of its cutting edge 5G services in NCR (national capital region) cities of Noida, Ghaziabad and Faridabad. Airtel's 5G services are already live in Delhi and Gurugram. 

Airtel 5G Plus services will be available to customers in a phased manner as the company continues to construct its network and complete the roll out. Customers with 5G enabled devices will enjoy high speed Airtel 5G Plus network at no extra cost until the roll out is more widespread. Airtel 5G Plus is currently operational in the following places in these cities.

TiE Bangalore Angels And LetsVenture Announce U-30 Founders Challenge, Funding Up To $250K

* TiE Bangalore Angels, a recently formed Special Interest Group of TiE Bangalore with around 80+ Charter Members interested in angel investing, and LetsVenture announced a partnership to support early-stage entrepreneurs through investments & mentoring.

* On the occasion of National Start-up Day, one of the first challenges that have been launched is the U-30 Founders Challenge for early-stage startups. The challenge is sector-agnostic and open to startup founders below 30. Applications close by February 15, 2023.

* Up to ten early-stage shortlisted startups can bag cumulative funding of up to $250K with access to mentors and investors.

TiE Bangalore Angels, a special interest group of TiE Bangalore and India’s leading startup investment platform LetsVenture have signed a partnership with the vision to enable growth opportunities for early-stage founders in the Indian startup ecosystem.

As part of the partnership, on the occasion of National Startup Day, TiE Bangalore Angels and LetsVenture have announced the U-30 Founders Challenge, inviting disruptive early-stage founders across India to apply. Based on stringent shortlisting & screening criteria, around 10 startups will be eligible for cumulative investments up to $250K. Applications open today and close by 15th February 2023. The process of selecting the start-ups for investments will be completed by end-March 2023.

Application link: https://bit.ly/U30-FoundersChallenge-TiE

Madan Padaki, President, TiE Bangalore, said:

" Enabling access to funding & investors is one of the key pillars of TiE globally and we are delighted to launch TiE Bangalore Angels formally with a group of over 80+ Charter Members committing to invest in early-stage start-ups. We are also excited to partner with LetsVenture to enable our start-ups to access a much larger pool of angel investors. The U-30 Founders Challenge is the first of many Challenges that we will roll out through this partnership. Of course, TiE Bangalore will continue to offer additional support to entrepreneurs by way of mentorship, access to markets and customers”.

Shanti Mohan, Co-founder & CEO of LetsVenture and trica, said: “As India drives the wave of entrepreneurship, we are excited to partner with TiE Bangalore to discover and enable young entrepreneurs of the country. At LetsVenture, we have been seeing young and disruptive entrepreneurs for almost a decade now and the experience is still always refreshing. We hope many entrepreneurs apply for this challenge so we can help expand their entrepreneurial horizons. We believe LetsVenture and TiE can offer valuable mentorship and the right networking opportunities."

LetsVenture and TiE Bangalore encourage early-stage startups with innovative ideas and solutions for India-specific problems to participate in the contest. In addition to funding, founders will get a chance to pitch to reputed ecosystem investors, receive mentorship as well as opportunities to network with investors and ecosystem enablers, among other things.

The U-30 Founders Challenge is the first of many initiatives to come and LetsVenture and TiE will continue to engage and enable founders and investors to boost the ecosystem at large.

About LetsVenture

Founded in 2013, LetsVenture is today organizing India’s private market by making the process of fundraising easy, efficient, and transparent for both startups and investors through its proprietary tech platform and bringing value-added products to the market.

In the last 9 years, startups have raised $120M across 600+ rounds and the marketplace have 29 Syndicates, 17000+ Angel Investors from 60 countries, and 100 Micro VC Funds.

LetsVenture is backed by Accel, Chiratae Ventures, Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma, and Anupam Mittal, among others.

About TiE Bangalore

TiE Bangalore is a chapter of The Indus Entrepreneurs (TiE), a global nonprofit organization focused on supporting entrepreneurship. With over 2,500 members, TiE Bangalore is one of the largest chapters of TiE and plays a key role in supporting the startup ecosystem in the Bangalore region.

Mahindra Launches NEMO Driver App For Its 3-Wheeler EVs In India

* Developed in-house based on Mahindra’s renowned connected mobility infrastructure

* Drivers can now remotely monitor as well as control their vehicle, and get actionable driving insights, receive critical status as live notifications and more

* Provides information on how the vehicle is positively impacting the environment

* Seamlessly manages multiple electric vehicles, helps plan trip and routes, provides access to 24x7 roadside assistance

Mahindra Electric Mobility Limited, part of the Mahindra Group, has launched the NEMO Driver Application for individual drivers. The NEMO Driver App is based on Mahindra’s renowned connected mobility infrastructure, developed in-house. It addresses key issues such as range anxiety, helps the customer to plan charging cycles and thereon increase their operational efficiency. It is interactive and gives live key statistics about the Mahindra electric 3-wheelers (Treo auto, Treo Zor and Zor Grand) including driving and charging insights.

The NEMO Driver App was designed after extensive feedback from customers. The company developed the app with the goal of making electric mobility more connected, convenient, and hassle-free. Customers can download the app for free in easy steps through the Play Store on their Android phones. An iOS rollout is also planned for a later date.

Speaking on this announcement, Suman Mishra, CEO of Mahindra Electric Mobility Limited said “I am elated to present the ideal solution that allows our driver friends to control their Mahindra last mile mobility EVs at their fingertips. This NEMO Driver App will enhance the driving pattern of EV adopters with real-time data and increase their profitability with accurate insights while conveying the message of eco-friendliness and sustainability.”

With more than 11 major features, the NEMO Driver App is poised to aid the modern era of electric mobility, with the goal of delivering an advanced spectrum of connected mobility experiences. The NEMO Driver App is a cloud-based platform that allows for the development of a new generation of shared and connected services to improve urban electric mobility.

NEMO Driver App Highlights

Instant Login- Get easy access to the app through the registered mobile number

Track Savings- Keep track of the immense savings from your EV vis-à-vis fossil-fuelled 3-wheelers.

Immobiliser- Remotely immobilise your EV from the app in case of theft.

Easy Navigation- Navigate the fastest route thereby enabling more trips and thus increased savings.

Vehicle Status Update- Get complete vehicle status information like State of Charge (SoC), Distance to Empty (DTE), Time to Charge (TTC), etc.

Find My Vehicle- Trace and find your vehicle and navigate to its accurate location.

Attention Alerts- Reduce the risk of breakdown by receiving vehicle health alerts for timely action.

Roadside Assistance (RSA)- Contact 24x7 roadside assistance and drive worry-free.

Service Reminder Alert- Get timely service reminders to ensure your vehicle is in the best operating condition.

Service Booking- Schedule vehicle service through the app.

Customer Care- Quick access to the customer care centre for faster query resolution.

Reference Guide- With reference guide feature, learn more about your vehicle.

About Mahindra Electric Mobility Limited

Mahindra Electric Mobility Limited (MEML) a part of Mahindra Group, is a global pioneer in the development and production of electric vehicles. MEML is India’s only EV manufacturer with indigenously developed electric vehicle technologies that have won global accolades. Over the years, MEML has developed one of the most diversified portfolios of electric vehicles with the Treo range of 3-wheelers, Alfa 3-wheelers and the Zor Grand for the passenger & the commercial segment. Venturing into the paradigm of alternative technology has helped MEML enable a clean, green & a smarter tomorrow for India.

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. 

The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

Fibe Enters Strategic Partnership With Narayana Health To Offer CareNow, PayLater Loans

~Patients and caregivers can get up to ?10 lacs medical expense loan in minutes at low-cost EMIs~

~Applicable on all elective and non-elective treatments with repayment tenure of up to 2 years~

Fibe (formerly known as EarlySalary) one of India’s leading consumer lending platform has entered into a strategic partnership with Narayana Health, India’s leading multi-speciality healthcare provider to offer low-cost and no-cost medical expense loan of up to ?10 lacs for all elective and non-elective treatments on EMI under the CareNow PayLater proposition. Patients and caregivers under this proposition, can now seamlessly avail of loan for healthcare emergencies within minutes with a repayment tenure of 3 months to 2 years. The scheme is also applicable to those with no lending history.

Healthcare financing has been a challenge in our country. According to a research report by Niti Aayog’s on Indian healthcare sector, only 30%-35% patients in India undergo surgery compared to 60%-65% of their global counterparts and similarly 15%-20% of undergo radiation therapy as against 40%-50% globally – these figures clearly indicate the challenges faced by Indian patients in terms of healthcare awareness, access to treatment and healthcare financing. Furthermore, WHO data also indicates that India accounts for nearly 21% of global disease burden.

In such a scenario, it is critical that healthcare providers along with finance and insurance players come together to offer comprehensive lending solutions for the mass market healthcare customers. This partnership between Fibe and Narayana Health is an effort in that direction and is expected to ease challenges faced by many patients and their caregivers.

On the partnership, Mr. Amol Maheshwari, Chief Distribution Officer, Fibe said, “With this strategic partnership, Fibe’s Health arm & Narayana Health would enable millions of Indians to afford best-in-class healthcare services. At Fibe, it’s our mission to ensure that every Indian gets first-class healthcare treatment and shouldn’t live through the stress of finances. We anticipate that through this partnership with Narayana Health, we would take Affordable Healthcare to all consumer segments creating a great value proposition for the society.”

Mr. Ashish Bajaj, Chief Marketing Officer, Narayana Health added, “Narayana Health for over two decades has been working towards making quality healthcare accessible to all. Our partnership with Fibe will further boost this vision and help patients and caregivers have easy access to affordable healthcare financing. Every year we treat over 2.5+ million patients through our network of 23 hospitals and 7 heart centres across 14 cities in India and we are confident that this partnership will benefit all those who have trusted Narayana Health for their healthcare needs.”

Adding further, Mr. Atul Bhatnagar, Group Head- Payor Relations, Narayana Health said, “Access to finance is a big concern for many Indians especially for those who don’t plan for future uncertainties. This is irrespective of their socio-economic status despite rising awareness. If not planned well, it can impact peoples savings and earnings lifelong at the family level. Our partnership with Fibe is just the beginning of bringing access to healthcare financing at a nominal cost. Narayana Health is known for its efforts in assisting patients when in need through various interventions and we will continue to work with external partners to further add on to the solutions in the coming future as well.”

To avail the loan, the patient or the caregiver availing the loan must be a resident of India, between 21-55 years of age with a minimum salary of ?15,000. The entire process takes just minutes to complete and requires basic documents like KYC details, PAN, and bank account statements.

About Fibe:

Fibe (formerly known as EarlySalary) is one of India’s leading consumer lending platforms focused on young, aspirational and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfill their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. Fibe has launched a host of financial products like cash loans, long-term personal loans and buy now pay later plans. It offers a 100% digital loan application process that takes just 15 minutes to complete. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. The company has already disbursed nearly 2.8 million loans worth $1 billion. Fibe won the Elets Healthcare Leadership Award for Excellence in Revolutionizing the Affordable Healthcare Financial Services.

About Narayana Health:

With all super-speciality tertiary care facilities that the medical world offers, Narayana Health is a one-stop healthcare destination for all. Founded by Dr. Devi Shetty and headquartered in Bengaluru, Narayana Health group is the second largest health care provider in the country in terms of operational bed count. The first facility was established with approximately 225 operational beds in the year 2000 at NH Health City in Bengaluru. The Company today operates a chain of multispecialty tertiary and primary healthcare facilities across a network of 44 healthcare facilities including 4 heart centres in India and single hospital overseas at Cayman Islands with 6,490+ operational beds across all its centres (For details, visit www.narayanahealth.org )

Marcellus Investment Managers Launch Quant Fund MeritorQ

* First Quant-based product from Marcellus

* Transparent, disciplined methodology provides exposure to good quality, undervalued stocks

* Minimum investment size of INR 10 Lakh (under advisory route)

* Suitable for investors with long-term financial goals

Marcellus Investment Managers Pvt. Ltd., India’s leading portfolio management company, has launched Marcellus MeritorQ, a unique quant-based fund designed to deliver superior risk-adjusted returns to retail investors.

MeritorQ requires a minimum investment of Rs 10 lakh. The product aims to create a diversified portfolio comprising 35-45 stocks across large, mid, and small-cap segments. The fund will be benchmarked against Nifty 500TRI .

This portfolio is built on an internally developed rule-based system to identify good quality, undervalued companies from a large universe of listed stocks. A quant approach is best suited to avoid behavioural biases and prefer process over discretion in building a long-term winning portfolio of stocks with high return on capital, solid financial condition, and clean accounts

Back testing MeritorQ over a 16-year period from July 2006 to August 2022, the fund delivered 20x returns compared to about 7.3x times for Nifty 500 TRI. MeritorQ has observed lower drawdowns and faster recovery during extremely volatile market conditions.

Speaking on the fund, Saurabh Mukherjea, chief investment officer of Marcellus Investment Managers said, “Many small retail investors have long desired that Marcellus brings a product into the market which requires a small-sized investment. By taking a quantitative and rule-based approach to investment decisions, MeritorQ is presenting investors with a viable option to help them realise their long-term goals.”

Krishnan V R, the investment adviser for MeritorQ said - “MeritorQ is a rules-based strategy with a focus on fundamentals. MeritorQ follows Marcellus’ uncompromising approach in buying high quality companies with clean accounts and those which are relatively undervalued. The strategy is suitable for investors with an investment horizon of at least three years.”

The key features of MeritorQ are:

* The portfolio construction methodology have been rigorously tested across 16 years of history and has delivered consistent performance across various market cycles on the back of 50% average annualized turnover.

* Relies on Marcellus’s forensic framework to screen for companies with clean accounts

* Combines uncorrelated factors like quality and value to deliver superior returns with lower downside risk. The strategy has had lower drawdown than benchmark both during 2008 Global financial crisis and the March 2020 Corona market crash.

The fund will be rebalanced and reviewed semi-annually on the first trading day of April and October.

About Marcellus Investment Managers:

Marcellus Investment Managers is a leading portfolio management company founded in 2018. The company strives to influence efficient capital allocation in the Indian economy and caters to the needs of around 3,000 investors & family offices in India and abroad. Marcellus’ approach to portfolio management focuses on delivering healthy returns to their investors with relatively low risk. The core investment management team at Marcellus has worked together for 15 years during which time they have authored several bestselling books on investment management including “The Unusual Billionaires”, “Coffee Can Investing: The Low Risk Route To Stupendous Wealth” and Diamonds in the Dust: Consistent Compounding for Extraordinary Wealth Creation.

With an investor base of over 8,000, Marcellus’ asset under management stand at over Rs 10,000 crore.