CURRENT AFFAIRS

Detailed explanation-1: -Singapore Central Bank, India’s IFSCA To Pursue Fintech Innovations. The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) signed a FinTech Co-operation Agreement to facilitate regulatory collaboration and partnership in FinTech technology.

Detailed explanation-2: -Deutsche Bank + Traxpay Thus, the bank partnered with Traxpay – a German fintech company that offers discounting and reverse factoring solutions for its corporate clients. This collaboration now enables the bank to play a leading role in supply chain financing across the globe.

Detailed explanation-3: -Gujarat, India, 18 September 2022… The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA)1 today signed a FinTech Co- operation Agreement (CA) to facilitate regulatory collaboration and partnership in FinTech.

Detailed explanation-4: -Framework For FinTech Entities In IFSCs On the other hand, ‘techfin’ companies like Amazon and Apple use their existing customer data and technology to set up separate branches of financial services. The framework covers techfin technology that aid or assist activities in financial business.

Detailed explanation-5: -India has the highest FinTech adoption rate globally The Fintech sector in India has seen a funding of $8.53 Bn (in 278 deals) in FY22. As of July 2022, India has 23 Fintech companies, which have gained ‘Unicorn Status’ with a valuation of over $1 Bn.