RBI hints at incoming regulations for Big Tech
The Reserve Bank of India (RBI) counted “Major technologies in financial services” as challengers of banks in its semi-annual Financial Stability Report (FSR) of June 2021.
The central bank has recognized that Big Tech companies are keeping the promise of supporting financial inclusion and generating sustainable efficiency gains, such as encouraging banks to be more competitive. However, it highlighted important policy questions that arise.
“Specifically, concerns have intensified around a level playing field with banks, operational risk, problems too big to fail, challenges for antitrust rules, cybersecurity and data privacy, ânoted RBI.
Big tech presents at least three unique challenges, he added. First, they straddle many different (non-financial) industries with sometimes opaque overall governance structures. Second, they have the potential to become dominant players in financial services. And third, large technologies are generally able to overcome the limitations of financial service delivery by exploiting network effects.
L&T sells Nxt Digital Business to Mindtree
Mindtree finalized the acquisition of the Nxt Digital business from Larsen & Toubro on Friday. The Rs 198 crore buyout was announced in May and aimed to synergize Nxt Digital’s core business with Mindtree’s Internet of Things (IoT) capabilities.
Engineering and construction company L&T owns a 61% stake in Mindtree. The parent company had founded Nxt Digital to develop IoT applications and make the company’s operations data-driven by digitizing its factories and other assets.
UPI hits new high in June 2021
The Unified Payment Interface (UPI), operated by the National Payments Corporation of India, has reached new heights, indicating greater digital adoption during the pandemic.
Compared to the previous record of March 2021, when Rs 5.04 lakh-crore of silver passed through 2.73 billion transactions, June saw an absolute increase of Rs 42,486.7 crore (+ 8.4%) and 75.8 million transactions (+ 2.8%)..
Since July 2017, the number of monthly transactions has jumped more than 241 times, from 11.63 million to more than 2.8 billion transactions in June 2021.
The value of transactions has also increased over 160 times in those 48 months.– from Rs 3,411 crore in July 2017 to over Rs 5.47 lakh-crore. In terms of compound annual growth rate, volume and value have grown an astounding 294.4% and 255.9% CAGR over the past four years.
DRL’s D2C game in America
India is full of over 600 Direct to Consumer (D2C) stories, but did you know about Dr Reddy’s Laboratories’ D2C offering in the United States?
DRL’s HealthCareAisle store brand reached milestone in January 2021, achieving $ 100,000 in sales in one week, according to its annual report released yesterday. The company registered the HealthCareAisle brand in 2019 to sell a diverse line of over-the-counter drugs.
Dr Reddy’s began selling its Habitrol over-the-counter (OTC) nicotine patches on Amazon in 2016, on an experimental basis. Soon after, he added the pain reliever Doan’s to check his price online. She started building her D2C brand under Lindsay Proffitt, and HealthCareAisle was born soon after.
âAt the current growth rate, Amazon’s direct-to-consumer channel is now a key growth engine for OTC business, and the team plans to launch products on Amazon first, then others. channels, âthe company said in its annual report. .
HCL Tech appoints Country Manager for Spain and Portugal
HCL Technologies has appointed Adolfo CalviÃ±o Asensio at the head of Spain and Portugal to accelerate business in the region in key industry verticals.
Asensio has over 25 years of industry experience and joins HCL after working at Accenture, where he was part of the team responsible for growing their business in Spain.
HCL Technologies has invested in leaders in all markets. In June, she appointed national business leaders to boost and accelerate HCL’s presence in Asia: Joonho Moon (South Korea), Terry Tai (Taiwan) and Nguyen Ha Tuan (Vietnam).
Birlasoft’s go-to-market strategy is working
Mid-sized IT company Birlasoft recorded contracts worth $ 888 million in 2020-2021, according to its annual report released yesterday. The result was attributed to the merger of KPIT with Birlasoft in 2018.
âAlmost 97% of the total transactions closed in fiscal 2021 were from existing customers, reflecting the strong cross-selling the company has focused on since the merger,â the company said.
It closed 2020-2021 with revenue of $ 480 million, with manufacturing and life sciences the main contributors at 41 percent and 26 percent. The United States is the largest market for Birlasoft, contributing 77% of revenue.