Sci/tech
Global fintech industry sees robust 14 pc revenue growth, India shows the way
New Delhi, June 26 (IANS) Despite significant shifts in funding and valuations, the global fintech industry saw a robust annual revenue growth of 14 per cent from 2021 to 2023, a report showed on Wednesday, adding that India is reaping the benefits of investment in digital public infrastructure (DPI).
Governments, especially in countries such as Brazil and India, are reaping the benefits of investment in integrated DPI, spurring dramatic growth in digital payments and innovation on top, according to the report by Boston Consulting Group (BCG) and QED Investors.
When we look at data, the unified payments interface (UPI) platform processed 13,115 crore transactions in FY24, aggregating to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.
Fintech leaders have hailed Prime Minister Narendra Modi’s vision to help India lead in digital payments, saying that the country’s fintech landscape is now a hotbed for innovation, reflecting the nation’s fearless spirit.
India is home to more than 10,000 fintech companies working in diverse sectors and segments.
According to the BCG report, perhaps more notably, the industry has initiated a shift from a “growth at all costs” model to one focused on profitable growth, with margins improving by 9 percentage points on average.
“Profitability and compliance are now the cornerstones of fintech success,” said Deepak Goyal, BCG managing director and senior partner and co-author of the report.
“They are essential for attracting continued investment, scaling operations, and building lasting, valuable companies,” he added.
With an annual global profit pool of $3.2 trillion on a base of $14 trillion of total revenue, the global financial services industry is both massive and ripe for innovation.
“While the $320 billion of fintech revenue represents less than 3 per cent today, the exponential advances in GenAI and continued growth in embedded finance means we’re still in the early innings of fintech’s journey, where the separation of winners and losers is becoming apparent,” explained Nigel Morris, QED Investors Managing Partner.
The global fintech market has continued to grow revenues at a robust pace: 14 per cent over the past two years across the board, and 21 per cent when crypto- and China-exposed fintechs are excluded (both at a compounded annual growth rate).
The report outlined four trends that will drive the industry in the coming years — embedded finance will be a $320 billion market by 2030; connected commerce is poised for liftoff; open banking will have a modest impact on banking, but a greater impact on advertising and Generative AI will be a game changer for productivity.
–IANS
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Sci/tech
Startups, Global Capability Centres created 8 cr jobs in India in 5 years: Labour Secy
New Delhi, July 6 (IANS) Global Capability Centres (GCCs) and startups have emerged as major players in creating jobs in India.
Together, these created about eight crore new jobs in the last five years, said Sumita Dawra, Secretary, Ministry of Labour and Employment.
Dawra said this at an event held in the national Capital by the Confederation of Indian Industry (CII) and Employers’ Federation of India (EFI), citing the Periodic Labour Force Survey (PLFS).
She also revealed the reforms such as decriminalisation of labour laws, and increasing female workforce participation, undertaken by the ministry for ease of doing business.
She noted that reforms such as social security and labour welfare are expected to drive inclusive growth in India.
In addition, “29 labour laws had been codified into four labour laws. A national career service portal is active and data from the Skills Ministry is being integrated”, Dawra said.
Further, she added that India “has about 1 crore gig workers and the gig economy is expected to give employment to about 2.4 crore people by 2030.”
Meanwhile, the government has also constituted a task force to study the impact of Artificial Intelligence on the future of work, the senior official said, calling for more research.
–IANS
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Sci/tech
Mobile tariff hike: Centre responds to misleading claims
New Delhi, July 6 (IANS) The government has responded to misleading claims regarding recent mobile services tariff hike, saying with three private and one public sector player, the current mobile services market operates through the market forces of demand and supply.
The Telecom Regulatory Authority of India (TRAI) said the rates of telecommunication services are decided by market forces, within the regulatory framework notified by the independent regulator.
“The government does not intervene in the free market decisions as the functionality is under the domain of TRAI and tariffs are under forbearance,” said the regulator.
The TRAI said the telecom service providers (TSPs) have increased the prices of mobile services after more than two years.
“In the last two years, some of the TSPs have invested heavily in rolling out the 5G services across the country. This has resulted into a significant increase in median mobile speed to the level of 100 Mbps and jump in India’s international rank from 111, in October 2022, to 15 today,” the TRAI explained.
While protecting the interests of subscribers, for the orderly growth of the telecommunication sector, which includes investments in latest technologies like 5G, 6G, IoT/ M2M for Industry 4.0 etc., “the financial viability of the sector is important,” said the TRAI.
Before last 10 years, the telecommunication sector was mired in controversies, lack of transparency and therefore, growth of mobile services was stagnant.
“During the last 10 years, due to progressive policies of the government, the rates of telecommunication services be it voice or data, have fallen exponentially,” said the telecom regulatory body.
—IANS
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Sci/tech
Haryana to introduce smart classrooms in 1,000 more primary schools: Chief Secy
Chandigarh, July 5 (IANS) To revolutionise education through technology and elevate learning outcomes for children, the Haryana government has decided to introduce smart classrooms in an additional 1,000 government primary schools under the SAMPARK programme, Chief Secretary T.V.S.N. Prasad said on Friday.
In a virtual conference with all the Deputy Commissioners, he said over 6,600 primary schools in Haryana currently benefit from smart classrooms, and this expansion aims to further integrate innovative educational technologies into the primary education system.
Prasad expressed enthusiasm for the initiative, emphasising the state’s commitment to enhancing foundational learning. He highlighted the introduction of smart classrooms marks a significant stride towards providing students with a better education experience.
He also underscored the collaborative effort with the SAMPARK Foundation to achieve a technologically advanced and inclusive education system, directing all Deputy Commissioners to oversee the effective implementation of the SAMPARK programme in their respective districts.
Additional Chief Secretary, School Education, Vineet Garg said the introduction of smart classrooms has already led to a 35 to 40 per cent increase in learning outcomes and micro competencies among students in primary schools. He highlighted the SAMPARK Foundation’s role in providing extensive training to teachers, equipping them with the necessary skills to effectively utilize new technologies.
SAMPARK Foundation President K. Rajeshwar Rao lauded Haryana for becoming the first state in the country in the effective implementation of the NIPUN Bharat Programme. The foundation currently covers 1.25 lakh government schools across eight states.
–IANS
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Sci/tech
Centre notifies new Telecommunications Act provisions, focuses on spectrum utilisation
New Delhi, July 7 (IANS) The government on Friday notified another set of sections of the Telecommunications Act 2023, that came into effect with immediate effect.
One major aspect that is being covered in the latest notification is the focus of the Central government on increasing efficiency in spectrum utilisation and various modes of achieving the same like secondary assignment, sharing/trading etc, the Ministry of Communications said in a statement.
The government issued a notification for enforcing Sections 6-8, 48 and 59(b) of the Telecommunications Act. 2023 with immediate effect. The salient features of the sections that have been brought into force include optimal utilisation of spectrum.
“The Act provides a legal framework for efficient utilisation of scarce spectrum through processes such as secondary assignment, sharing, trading, leasing and surrender of spectrum,” the ministry said.
It also enables the utilisation of spectrum in a flexible, liberalised and technologically neutral manner, along with empowering the government to establish an enforcement and monitoring mechanism for the purpose.
The Act also prescribes, with immediate effect, the use of any equipment which blocks telecommunication, unless permitted by the government.
The Telecommunication Act 2023 aims to amend and consolidate the law relating to the development, expansion and operation of telecommunication services and telecommunication networks; assignment of spectrum; and for matters connected therewith. “The Telecommunication Act 2023 also seeks to repeal existing legislative frameworks like Indian Telegraph Act 1885 and Indian Wireless Telegraph Act 1933 owing to huge technical advancements in the telecom sector and technologies,” said the ministry.
–IANS
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Sci/tech
European Commission asks Amazon to furnish details over recommender algorithms, ads transparency
London, July 5 (IANS) The European Commission on Friday sent e-commerce giant Amazon a request for information (RFI) under the Digital Services Act (DSA).
It has asked the Jeff Bezos-founded behemoth to provide more information on the measures the platform has taken to comply with the DSA obligations related to the transparency of recommender systems and their parameters, as well as to the provisions on maintaining an ad repository and its risk assessment report.
In particular, the tech giant is asked to provide detailed information on its compliance with the provisions “concerning transparency of the recommender systems, the input factors, features, signals, information and metadata applied for such systems and options offered to users to opt out of being profiled for the recommender systems”.
The company also has to provide more information on the design, development, deployment, testing and maintenance of the online interface of Amazon Store’s Ad Library and supporting documents regarding its risk assessment report.
“Amazon must provide the requested information by July 26, 2024. Based on the assessment of the replies, the Commission will assess the next steps. This could entail the formal opening of proceedings pursuant to Article 66 of the DSA,” the Commission said. Moreover, it mentioned that it can impose fines for incorrect, incomplete, or misleading information in response to RFIs under Article 74 (2) of the DSA.
In case of failure to reply, the Commission may issue a formal request by decision. “In this case, failure to reply by the deadline could lead to the imposition of periodic penalty payments,” it stated.
–IANS
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