Mumbai-based fintech startup CredAble’s wholly-owned subsidiary, Equentia Financial Service Pvt Ltd, has been granted a non-deposit taking Non-Banking Financial Company (NBFC) licence by the Reserve Bank of India (RBI), announced the company in its recent blog post. The startup is currently also looking into blockchain to improve its value proposition for its platform participants.
The company partnered with MonetaGo, to participate on its blockchain platform which prevents double-financing of invoices and mitigates trade finance fraud. CredAble has developed a proprietary Credit Assessment Model, which analyses financial, transactional and company-specific parameters to generate credit scores for prospective borrowers and minimizes the risk of default.
Blockchain Will Significantly Improve International Remittances: Santanu Paul
Speaking at the recently concluded Confederation of Indian Industry’s blockchain summit in Hyderabad, NPCI independent director and chairman of Innovation Council, NPCI stated that now international remittances take five days, but with blockchain, the time will be trimmed to 30 seconds and the cost of the transaction will plummet from perhaps $20 currently to a few cents.
“Blockchain is the first technology which man is creating to protect machines from human beings. The database will be tamper-proof. Blockhain is automating trust,” he added.
D Raju, chairman of CII Telangana said, “In 2019, businesses are expected to spend $2.9 billion on the technology, up almost 90% from 2018, as per International Data Corporation. The global blockchain technology revenues are expected to top $23.3 billion in the next 4-5 years.”
In other news, Singapore-based real-time omnichannel marketing solutions provider Resulticks announced Kulmeet Bawa as company’s Chief Operating Officer and President, JAPAC. Bawa will be responsible for the company’s global strategy formulation and will drive Resulticks’ marketing and business development efforts in the JAPAC region.
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