The Weekly Wrap: all you need to know by Friday COB | February 2nd

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The recent move by the Reserve Bank of India (RBI) to restrict Paytm Payments Bank Ltd (PPBL), the digital banking arm of One97 Communication, from providing various banking services has caused a significant impact within the FinTech sector. Many observers have characterized it as one of the most stringent regulatory actions taken against a fintech company in recent memory.

In an official notification dated January 31, the RBI prohibited the payments bank from enrolling new customers and suspended its fundamental services, such as UPI, Immediate Payment Service (IMPS), bill payments, and deposit acceptance, effective from February 29.

“In a recent statement, Paytm’s founder Vijay Shekhar Sharma, reassures its users,  ‘To every Paytmer, your favorite app is working, will keep working beyond 29 February as usual. We salute you for your relentless support. For every challenge, there is a solution, and we are sincerely committed to serving our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it.’

Deals of the week

• ModernFi secures $18.7m to bring Tech-Forward platform to banks
• National Bank of Oman joins UnionPay to drive mobile payments
• DailyPay to expand in Northern Ireland with £24m investment
• Kriya raises new £50m funding facility with Viola Credit
• DailyPay to expand in Northern Ireland with £24m investment
• Arab Bank & Mastercard launch cross-border payments services in Jordan
• YouLend secures private securitisation deal with J.P. Morgan
• TCS signs 15-year deal with UK insurance firm Aviva
• Conferma Pay & ConnexPay team up to simplify payment processes
• Nuvei integrates ERP payments & AR Automation into Microsoft Dynamics 365

Be on the lookout for

The 3rd edition of FinTech Festival India is set to take place in Hall No. 1C, Yashobhoomi (IICC), New Delhi, from March 6-8, 2024. Building on previous successes, the event aims to redefine the future of FinTech, showcasing its transformative impact on the financial services sector. As pioneers in organizing future-ready events, the festival promises a unique experience, celebrating the collaborative spirit of the Indian and global FinTech communities. Originating as city experiences in Delhi, Mumbai, Bangalore, Chennai, Gandhinagar, Pune, and Hyderabad, the festival has evolved into the ultimate hub for FinTech luminaries, innovators, and game-changers.