Indian City Advances as Fintech Hub as Visa, Reuters Move In
Multinational giants Thomson Reuters and Visa will launch their operations in the south Indian city of Vishakhapatnam next month, as the city gains prominence as a leading financial technology hub in the country. Global data and technology provider Thomson Reuters will join the world’s leading payments network Visa in launching operations in Vishakhapatnam, a coastal Indian city in the southern state of Andhra Pradesh. Vishakhapatnam, also known as Vizag, has taken notable steps toward fostering Fintech development by welcoming industry firms to gain an operating presence in the city. The....
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A port city and industrial center in the Indian state of Andhra Pradesh, on the Bay of Bengal, is witnessing a major push for it to become India’s FinTech hub. In a report from The Hindu, digital banking, data analytics, blockchain and cybersecurity investments are being launched to make the Indian city of Visakhapatnam an attractive location for businesses. According to J.A. Chowdary, Special Chief Secretary to the Chief Minister and IT Advisor, the idea is to establish a world-class technology ecosystem with a focus on bringing startups in Visakhapatnam, so that it will become the....
According to Reuters, Visa announced today that it will begin accepting cryptocurrency USD Coin (USDC) to settle transactions on its payment network. The move by the fintech giant coincides with the growing institutional acceptance of digital currencies. The company has launched a pilot payment program with Crypto.com, and plans to roll out its services to various partners later this year. Visa’s recent move is to no surprise, as rival merchants such as MasterCard began to […]
The Indian banks are increasingly collaborating with fintech startups in the country to develop banking solutions. India decided to do away with over 80 percent of its currency in circulation overnight. The move, almost brought the country’s economic machinery to a grinding halt as people flocked to the banks and post offices to exchange their old high-value banknotes for new ones. As experts debate about its potential impact on the country’s economy, Indian banking institutions have decided to upgrade their operations and infrastructure to match present day requirements. According to a....
Frankfurt is set to become a disruptor in Berlin’s plans of becoming Europe’s and Germany’s FinTech hub as Frankfurt sets its sights on beating Berlin to the podium. A recently launched project known as TechQuartier in Frankfurt brings together 120 founders of FinTech companies to share ideas. According to The Local, a German news site, the project reflects how the banking world in the city is attempting to play catch up in the growing sector. Of course, while Frankfurt may be riding the wave that is seeing more startups in the city, it’s reported that most founders of companies will....
Bundesbank President Jens Weidmann has expressed that FinTech requires more regulatory oversight because of its potential to threaten financial stability and the banking sector. In a Reuters report, Weidmann, who is part of the European Central Bank’s Governing Council, is reported as saying that a clearer picture is needed to understand better in what way FinTech could potentially pose a risk to the finance industry. He said: Many believe the most disruptive potential is to be found in blockchain or distributed ledger technology, which promises to allow payment transactions and securities....