Paytm considering JV option for insurance business clearance
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Reuters
Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration
IPO-bound Paytm may bring in an external partner for its general insurance venture, even as the digital payments company is in the process of acquiring Raheja QBE General Insurance Company, people aware of the matter said.
This may make it easier to obtain regulatory clearance, they indicated.
While Paytm
announced the Raheja acquisition last year, the deal is yet to close.
Indian law on foreign ownership in the insurance sector limits foreign direct investment at 74%.
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Payments Fintech Banking Circle Chooses European Firm SIA to Provide Instant Payments
Banking Circle, the Payments Bank for the digital economy, has chosen
SIA, an established European hi-tech firm in payment services and infrastructures, controlled by
CDP Equity, in order to introduce its instant payments service in Europe “connecting to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem.”
As stated in the announcement:
“Thanks to SIAnet, the ultra-fast fiber optic network infrastructure, Banking Circle enables European financial institutions and corporates to execute instant payments in less than 10 seconds with a maximum amount currently set at 100,000 euros per individual transaction, 24/7, all year long, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).”