SEAnews 2016-08-31 ArtNo.45838

【New Delhi】The second quarter of 2016 has failed to revive the investor interest in the VC-backed finetch startups, according to Pulse of Fintech, a quarterly global report by KPMG and CB Insight.
　According to the report, the investments in Fintech startups in Q2, 2016, compared to the previous quarter and the same period of last year, fell by 49% and 51% respectively. However, it is not all bad news for India - even though an absence of mega rounds ensured a fall in the dollar value of investments, the number of deals remained consistent with 2015 deals. Lending companies in the SME and P2P space attracted investments this quarter with Bengaluru and Mumbai bagging the top deals.
　"VC investment in fintech remains strong in India. We continue to see investment in key areas such as payments and mobile wallet as well as increased momentum in emerging areas like robo advisory," said Partner and Head of Fintech in KPMG India, Neha Punater in a statement.
○Govt to bear MDR cost for online payments

【New Delhi】In order to promote less cash economy, the government has said it will bear the transaction cost for all payments made to it through debit or credit cards and net banking.
　At present, customers bear the transaction cost commonly known as merchant discount rate (MDR) on payments made to the government.
　“Government departments shall take appropriate steps to bear MDR cost like other merchants. The public shall not bear any MDR cost for making payment to government through debit cards or credit cards or digital means,” said the office memorandum issued by the Finance Ministry.
○Banks shifting focus from core business: AIBEA

【Coimbatore】A policy and enforced regulation to restrict cross-selling of products in banks is the need of the hour, says CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA).
　Asserting that banks have shifted focus from their core business (of lending and accepting deposits), he said: “Lots of diversion of deposits is taking place in the name of cross-selling. Employees are being pressured to sell insurance products, of which they lack expertise. “The bank’s infrastructure is utilised by insurance companies in return for a commission and targets are given to bank staff for achieving insurance business — not deposit targets,” he clarified, adding “the AIBEA is going to take up this issue with the government.”
【News source】

India retains volume but loses value in fintech funding: KPMG and CB Insights on Q2'16

Govt to bear MDR cost for online payments

Banks shifting focus from core business: AIBEA

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