NEW DELHI: With digital payments constantly growing, financial service providers need to collaborate with fintech developers to build "resilient front-ends" to safeguard consumer interest in view of rising cyber frauds, a top finance ministry official said on Monday.Speaking at a FICCI event on FinTech, K Rajaraman, Additional Secretary in the Finance Ministry, said an area that "needs to be highlighted is cyber security and fraud prevention. Now that there is an explosion in the use of digital platforms. A lot of the activities of fintech have been focused on how to provide resilient front-ends for the financial services providers".Financial service providers must not hesitate to actually collaborate with fintech (financial technology) innovators for beefing up cyber security and fraud prevention, he said. Citing an example of recent cyber attack on New Zealand's stock market, he said, cyber security should get continuous attention from all stakeholders.Last month, New Zealand's Stock … [Read more...] about Fintech cos need to focus on providing resilient front-ends for financial service providers: Govt
As part of the EASE Reforms, Doorstep Banking Services is envisaged to provide convenience of banking services to the customers at their door step through the universal touch points of Call Centre, Web Portal or Mobile App. Customers can also track their service request through these channels. … [Read more...] about Public sector banks to bring doorstep financial services to you in October
The appointment of Injeti Srinivas as the chairman of the International Financial Services Centres Authority this July, just months before market regulator Securities and Exchange Board of India was to get a new chairman, sets the stage for the most interesting tussle. … [Read more...] about Will IFSCA be the boss of India’s financial markets?
At present only non-financial services like pick up of negotiable instruments (cheque, demand draft, pay order, etc), pick up new cheque book requisition slip, pick up of 15G or 15H forms, pick up of IT or GST challan, issue request for standing instructions, request for account statement, delivery of non-personalised cheque book, demand draft, pay order, delivery of term deposit receipt, acknowledgement, etc, delivery of TDS or Form 16 certificate issuance, delivery of the pre-paid instrument or gift card are available to customers. … [Read more...] about FM Nirmala Sitharaman unveils Doorstep Banking Services by PSBs, declares EASE 2.0 Index results
"If a Chinese company sells its products abroad, it needs a legal channel to receive the payment. What we offer is such a cross-border payment tool," said Cheng Fei, cross-border business director of Lakala Payment Co Ltd, at the ongoing financial services thematic exhibition of the 2020 China International Fair for Trade in Services (CIFTIS). … [Read more...] about China’s financial sector accelerates opening up amid pandemic