Financial Technology

Forbes releases first cryptocurrency rich list; Ripple co-founder Chris Larsen at top with $7.5-8 bn net worth

As per the publication, there are now nearly 1,500 cryptoassets in existence, valued at an aggregate $550 billion

Bitcoin investments under I-T dept's radar; CBDT sends out notices, says profits from crypto currency trading taxable

Finance Minister Arun Jaitley said in his Budget speech earlier this month that all crypto currencies, which include bitcoins, are illegal

Temasek's venture capital arm Vertex Ventures raises $210 million fund for India and Southeast Asia investment

The new fund is Vertex’s first with external investors. Vertex’s previous two funds for southeast Asia were fully funded by Temasek Holdings.

EU banks face stiff competition from fintech firms, as banking rules treat software as a cost rather than an investment

EU banking rules treat software as a cost rather than an investment, forcing lenders to cover expenditure on digital applications with an equal amount of capital

Circle Internet Financial announces instant no-fee transfer of funds between Europe and America

Boston-based Circle Internet operates its app-based peer-to-peer payment network using blockchain.

Online banking to kill physical banks in 5-6 years: NITI Aayog CEO Amitabh Kant

He said that with proliferation of mobile phones and Internet based transaction, it will be easy for financial technology firm to do analysis and provide loans to person who requires it and has good credit history

Indian government is expected to issue rules to regulate financial tech space

The government is expected to come out with regulations for financial technology space as the industry is likely to witness increased payments and lending activities.

Polaris Acquires SaaS Software Company IndigoTX

The GO TX System allows brokers the luxury of a single platform that provides trading in multiple instruments and integrates front, middle and back-office functions.

Polaris Software Acquires Laser Soft Infosystems

This acquisition is in line with the Polaris 3.0 vision of achieving leadership in Financial Technology through focus on account expansion and Intellect expansion.

Financial tech companies will face major challenges regarding national security

It is unlikely Germany, France or many countries would allow a foreign takeover of their major banks, which raises uncertainty about how far they will allow overseas firms to run payments and other parts of finance, one of the top names in private equity said.