Fintech
US fintech platform TIFIN debuts in the Indian market with conversational AI assistant MyFi
New Delhi: US-based AI-based fintech platform TIFIN on Monday marked its debut in the Indian market with the launch of MyFi, a conversational app artificial intelligence (AI) assistant that offers personalized investment guidance.
MyFi deploys research- and fact-based investment intelligence and artificial intelligence models to generate personalized investment recommendations based on users’ investment portfolio.
MyFi is a custom product designed especially for India. It draws inspiration from its magnifi counterpart, which has successfully established itself in the US, MyFi co-founder and CEO Kiram Nambiar told PTI.
“Building on the success of its global offerings, TIFIN seeks to revolutionize wealth management outcomes in India with a strategic move to strengthen its commitment to the region and mission of impact through rapid innovation. MyFi is registered with SEBI as a Registered Investment Advisor (RIA) and operates in strict compliance with all relevant government regulations,” the company said in a statement.
“MyFi leverages learnings from the TIFIN portfolio, but was created in India and specifically designed for Indian investors to facilitate informed, long-term financial decision making…” said TIFIN founder, president and CEO , Vinay Nair.
MyFi is compatible with Android and iOS operating systems.
“With MyFi, informed investing becomes accessible to millions of people in India. Think of the app as an assistant that not only offers you options based on market realities, but does so in the context of your current investment portfolio, all in a conversational, simplified language that you can understand.
“Based on years of learning from successful TIFIN products, it truly takes the guesswork out of investing,” Nambiar said.
He said that MyFi is currently targeting existing mutual fund investors in India, with plans to onboard new investors in the future.
Citing a report by the Association of Mutual Funds in India (AMFI), Nambiar said that Indian mutual funds currently have over 8.76 million SIP accounts and have added 8.1 million new investor accounts alone in April-May 2024, largely driven by Millennials and Gen Z.
“MyFi aims to cater to the growing investor community in India and plans to expand its platform offerings as new investors embark on their investment journey,” he said.
MyFi is a subscription-based model with plans starting from Rs 299 per month.
Founded in 2018 by IIT-Madras graduate Vinay Nair, TIFIN raised $109 million in May at a valuation of $842 million.
Headquartered in Colorado, USA, it has approximately 260 employees worldwide, including more than 100 in India.
Posted Jul 1, 2024, 06:24 IST
Fintech
Lloyds and Nationwide invest in Scottish fintech AI Aveni
Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.
The investment is led by Puma Private Equity with additional participation from Par Equity.
Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.
The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.
Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.
“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”
Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.
“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.
Fintech
Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay
Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.
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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.
Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.
“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.
The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.
The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.
Fintech
Rakuten Delays FinTech Business Reorganization to 2025
Rakuten (Japan:4755) has released an update.
Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.
For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.
Fintech
White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay
You are reading Entrepreneur India, an international franchise of Entrepreneur Media.
White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.
This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.
By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.
White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.
Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.
The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.
Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.
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