Fintech’s direct lending mission

by · December 27, 2022

Hello,

Next stop: renewable energy.

India is planning a $2 billion incentive program for the green hydrogen industry, reported Reuters, to cut emissions and become a major exporter in the area. The aim is to reduce the production costs of green hydrogen by a fifth over the next five years, among other things by increasing the scale of the industry.

In other news, 2022 was about saying goodbye to some classic tech products and services. From the iconic Internet Explorer to the groundbreaking iPod, here’s all the technology that was discontinued this year.

But hardcore iPod fans refuse to let go and modders take matters into their own hands. You know what they say, where there’s a will…

Oh, and here’s an interesting video about how oysters make pearls.

Spoiler alert: It’s just science.

In today’s newsletter we will talk about

  • Fintech’s direct lending task
  • TruKKer: An Uber for trucks
  • Urban Company best for gig workers

Here’s your trivia for today: Who became the first woman to hold a seat on the New York Stock Exchange?

In depth

Fintech’s direct lending task

Following the Reserve Bank of India’s digital lending guidelines, many fintechs are now queuing up at the regulator’s doorstep hoping for a lending license that will help them shift from asset-light growth and capitalize on NBFCs.

Lending rush:

  • While PhonePe, Razorpay, BharatPe, OkCredit etc were not granted licenses, Ftcash and 4Fin were approved this year.
  • Blacksoil co-founder Ankur Bansal says the reason behind the rush is the uncertainty surrounding FLDG/cash security regulations related to unregulated entities.
  • A Bain India CXO survey revealed that nearly 60% of fintech executives believe that obtaining appropriate licenses will drive long-term relevance and sustainable growth.
Fintech's NBFC license

Gulf

TruKKer: An Uber for trucks

Riyadh-based TruKKer is a truck aggregator platform for businesses to find onshore logistics and shipping support without the involvement of middlemen and freight brokers. It is also a marketplace for truck owners and fleet owners to find the right customers.

Truck solutions:

  • TruKKer has taken on board around 50,000 lorry drivers and lorry drivers to date.
  • The startup has so far served more than 750 businesses for cargo movements, last mile delivery, port movements and more.
  • It offers trucks with capacities from one ton to 7 tons, as well as trailers measuring 40 feet in length.
TruKKer, Dubai

Report

Urban Company best for gig workers

According to the Fairwork India Ratings 2022 report, Urban Company was the fairest platform for gig workers in India, with a score of 7/10. It was the only company that checked for bias in its job assignment systems and adopted anti-discrimination policies.

Labor conditions:

  • The report assessed platforms against fair wages, fair conditions, fair contracts, fair management and fair representation.
  • bigbasket, Flipkart and Urban Company ensure that their workers earn at least the local minimum wage on an hourly basis after factoring in labor-related costs.
  • Dunzo, Ola, PharmEasy and Uber received zero points.
Gig worker

News and updates

  • Opening: China will begin issuing new passports and travel permits in Hong Kong to mainlanders as it removes some tourism barriers. The government will also resume express checkpoints at the Hong Kong and Macau borders.
  • To the relief: Spain on Tuesday announced measures worth 10 billion euros ($10.65 billion) to ease the pain of inflation in its third major package this year, bringing total aid to 45 billion euros since early 2022.
  • No pay rise: Britons hoping for a New Year’s pay cut to compensate for skyrocketing food and energy costs may be disappointed. The average UK worker’s pay in 2023 is expected to fall back to 2006 levels when inflation is taken into account, according to PwC.

Who became the first woman to hold a seat on the New York Stock Exchange?

Answer: Muriel Siebert in 1967.

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