In this article, we discuss how the consent requirement under the new data law interplays with use of data to cross-sell/up-sell other products by fintechs. Continuing on the fintech and DPDP series, our partners Sreenidhi Srinivasan and Aparajita Srivastava speak about using data (collected for one purpose) to cross-sell/up-sell other products. For example, what if, as aRead more
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This article discusses the first step for fintechs to get ready for the new data law. It originally appeared in the July 2023 Edition of FinTales, our monthly fintech newsletter. No piece of legislation has taken more punches than our elusive data protection law. You’ve heard this before, but we’ll say it again. The dataRead more
“Bribery, corruption, money laundering, millions and millions and millions of dollars….[…]…..somebody has to sound the alarm.”– Meryl Streep, The Laundromat The Prevention of Money Laundering Act (or, as its friends call it, the ‘PMLA’) is a long-arm law. It gives its enforcing agency, the Enforcement Directorate (or as its, umm.. acquaintances call it, the ‘ED’),Read more
“The price of doing the same old thing is far higher than the price of change.” – Bill Clinton Regulating emerging tech is an exercise in navigating dichotomies. Governments and regulators across the world are grappling with pretty much the same questions: Will the old, tried, and tested laws endure the onslaught of new technologies?Read more
On May 30, 2023, RBI released its Annual Report 2022-23. It describes RBI’s achievements and policy initiatives in the last financial year. But more importantly, it specifies RBI’s agenda for 2023-24. We highlight some key action items. On May 30, 2023, RBI released its Annual Report 2022-23. It describes RBI’s achievements and policy initiatives in the last financial year.Read more
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“Be careful or be roadkill.” – Calvin (Calvin & Hobbes) There are two kinds of fintech: the conscientious and the reckless. The former treads with caution. They know that being cavalier isn’t an option if you deal with public money. Then there’s the reckless. The sort that calls your grandmom if you default on aRead more
A sneak peek at a fintech founder’s diary as she navigates business opportunities and regulatory curveballs. A Tale of Two Cities begins with the now immortal lines: it was the best of times, it was the worst of times. If Charles Dickens wrote about the Indian fintech ecosystem today, we think it would be eerily similar,Read more
A letter from a disgruntled Rs.100 note reminding UPI that cash is still king. “This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner.” – PM Modi That’s PM Modi lauding UPI crossing 6 billion transactions in July. Like any icon,Read more
An analysis of RBI’s card directions that restrict fintech’s access to card transaction data and their interplay with RBI’s outsourcing guidelines. In April 2022, RBI notified the directions on Credit and Debit Cards. In these directions, it asked co-branding partners to keep their hands off card transaction data. The RBI has, this time, gone straight for the fintechRead more