Author: nripn

Market speculation about changes to capital gains taxes on stocks, coupled with ongoing election jitters, sent India’s benchmark stock indices to their lowest level in three weeks before Finance Minister Nirmala Sitharaman dismissed what she called “pure speculation”.The Nifty50 opened higher on Friday, hitting an intraday record of 22,794.7 points, before ending the day in the red. India’s VIX index, the fear gauge, ended 9% higher on Friday, reflecting increased market volatility.Markets have started to get nervous as investors are pulling out some of their money ahead of and during the ongoing national elections. Over the past month, the Nifty50…

Unlock Editor’s Digest for freeFT editor Roula Khalaf picks her favourite stories in this weekly newsletter.Years of regulatory action against German fintech N26 over its weak anti-money laundering controls may have cost the company billions of euros, co-founder Valentin Stalf told the Financial Times, as authorities finally remove a cap on its growth.In 2021, financial regulator BaFin ordered the online bank to cap the number of new customers it takes on at 50,000 per month, down from a monthly average of 170,000 at the time. The cap was raised to 60,000 last year and will be lifted starting in June,…

Lesaka TechnologiesLesaka, the NASDAQ-listed fintech company with a market capitalization of R4.5 billion ($242 million), is acquiring payments platform Adumo for R1.59 billion ($85 million) in cash and stock. The deal is expected to close in the third quarter of 2024 and will expand Lesaka’s payments footprint in the Southern Africa region to five countries. Founded in 2019, Cape Town-based Adumo provides card-acquiring point-of-sale terminals, integrated payment and reconciliation services to merchants and consumers. The company claims to process more than R24 billion ($1.3 billion) annually and has 23,000 merchants and 240,000 consumers using its services, respectively. Lesaka currently owns…

Photo: SDI Productions/Getty Images According to a study by Bain & Company and KLAS Research, three-quarters of U.S. healthcare providers and payers increased their IT spending last year, with artificial intelligence (AI), cybersecurity and IT infrastructure among the top areas of investment. AI adoption is gaining momentum, with 15% of providers and 25% of payers reporting an AI strategy by 2024. Providers and payers invest in different areas. But all organizations must balance financial pressure with the promise of return on investment (ROI), said Aaron Feinberg, author of the report and a partner in Bain’s Healthcare, Life Sciences & Technology…

(Bloomberg) — The owner of the shuttered Three Mile Island nuclear plant in Pennsylvania will invest $1.6 billion to restart it, agreeing to sell all output to Microsoft Corp. as the tech titan seeks carbon-free electricity for data centers to fuel the artificial intelligence boom.Bloomberg’s most read articlesConstellation Energy Corp., the largest U.S. nuclear reactor operator, plans to have Three Mile Island back online by 2028, according to a statement Friday. While one of the site’s two units permanently shut down nearly half a century ago after the worst U.S. nuclear accident, Constellation plans to reopen the other reactor, which…

RIYADH, RIYADH, SAUDI ARABIA, September 23, 2024 /EINPresswire.com/ — The inaugural edition of 24 Fintech in Saudi Arabia officially cemented its place as the world’s largest fintech summit and exhibition, with resounding success and global impact, and further strengthened the Kingdom’s status as a global fintech hub. Held at the Riyadh Front Exhibition and Conference Centre from 3-5 September 2024, the event attracted 36,960 attendees and was marked by groundbreaking collaborations, policy unveilings and multi-million dollar deals that underscore Saudi Arabia’s leadership in fintech.The event was organized by the Saudi Arabian Financial Sector Development Program (FSDP), the Saudi Central Bank…

A Gurugram-based fintech unicorn Mobikwik has received final approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offer (IPO) worth Rs 700 crore. The IPO will consist entirely of a fresh issue of shares of face value of Rs 2 each, and there will be no offer for sale. The company could also consider raising an additional Rs 140 crore through a pre-IPO placement, which could involve methods like private placement, preferential allotment or rights issues. Allocation of IPO funds Mobikwik has laid out clear plans for the utilisation of the funds raised through…

Thitima Uthaiburom / Getty ImagesYou may have heard of Jackson Greathouse Fall, who asked OpenAI’s ChatGPT for instructions on how to turn $100 into “as much money as possible.” He followed the chatbot’s instructions and within days created an affiliate marketing website worth over $1,378. Another ChatGPT user claimed to have made $6,147 in a week.Check: 4 Ways for the Middle Class to Earn an Extra $500 a Week from HomeLearn more: 9 Easy Ways to Grow Your Wealth in 2024The message is clear: you can earn a lot of money quickly using ChatGPT and other AI platforms. But how?…

The Nordic financial sector is experiencing unprecedented bank consolidation and fintech partnership building activity. The increase in collaboration agreements between traditional banks and fintech players is helping financial firms develop deeper competencies in next-generation digital and AI offerings in key areas such as risk management, data analytics, robo-advisors, portfolio management, and fraud detection and prevention. The increased level of regional consolidation, particularly among Danish and Norwegian savings banks, has led to more than 50 mergers and acquisitions (M&A) in the first half of 2024. This trend is expected to accelerate in the second half of the year. In addition, the…

When KCB Bank Group Chief Operating Officer Samuel Makome presented former President Uhuru Kenyatta with KCB Group’s various technological innovations at the official opening of Afro Asia Fintech Festival held at the Kenya School of Monetary Studies. (File, Standard) East Africa has long been considered a beacon of innovation in the global fintech landscape. The region’s rise has been fueled by the same major disruptions that are reshaping the financial services industry around the world, such as the use of alternative data, peer-to-peer transactions and the rise of non-traditional financial players. But what truly sets East Africa apart is its…