Opportunities for fintech in 2023

by · January 7, 2023

Hello,

Ahead of the National Startup Day celebrations on January 16, the Department for Promotion of Industry and Internal Trade (DPIIT) will be organizing the Startup India Innovation Week next week (January 10 to 16).

The week-long event – ​​celebrating the spirit of entrepreneurship and innovation in the country – will consist of knowledge-sharing sessions for entrepreneurs and enablers of the Indian startup ecosystem.

In other news, Paytm Payments Bank has received the Reserve Bank of India’s approval to appoint Surinder Chawla, the current Head of Branch Banking, RBL Bank, as the new Managing Director, The coin reported.

Following the departure of Satish Kumar Gupta, the former CEO of Paytm Payments Bank, in October last year, Paytm said it would bring in a full-time CEO once it received “regulatory approvals”.

Now, really little is known about how early humans dressed their bodies and survived harsh winters. So when did humans first start wearing clothes? Well, that was 300,000 years ago!

Archaeologists in Germany have uncovered some of the earliest evidence of the use of clothing, with newly discovered cut marks on a cave bear paw suggesting the prehistoric animals were skinned for their fur.

In today’s newsletter we will talk about

  • Opportunities for fintech in 2023
  • Folktales through children’s clothing
  • A digital gold saving app

Here’s your trivia for today: Which country’s film industry is known as “Nollywood”?

Investor

Opportunities for fintech in 2023

PVP

2022 has been a challenging year for the Indian startup ecosystem and technology in general. But in 2023, a completely new world awaits, especially for the fintech sector.

In this special holiday episode, Sanjay Swamy and Shripati Acharya, Managing Partners of Prime Venture Partners, discuss the exciting opportunities that await the sector and how entrepreneurs can grow in it.

New start:

  • For a fintech to work, a strong, reliable and trusting banking partnership is a core requirement. What fintechs need is distribution, product innovation and aggregation efficiency to stand out and create trust.
  • In addition to the team, startups must build products by taking into account data privacy expectations, PCI DSS compliance, software compliance, etc., from day zero.
  • Since fintech in India is going to be a huge space, Sanjay urges startups and founders not to wait; do some reps and get something going.

Startup

Folktales through children’s clothing

history tailors

It is interesting how living in a joint family and hearing traditional folk tales passed down through generations can generate a startup idea. That’s exactly how Krishna Siddhapura and her artist husband Bhautik started Story Tailor, a comfortable, eco-friendly clothing brand for children, hand-printed with designs inspired by the stories of the Panchatantra.

Clothes with a story:

  • Story Tailor was launched in 2021. The target group is children aged 0-8 and offers both comfort and party wear for boys and girls. Krishna claims their idea is unique.
  • Each dress/outfit comes with a flip book where the story is written and illustrated, which can be used for coloring.
  • The clothes are available on their own website, First Cry, Nestery, and Myntra. All the clothes are produced in-house, including design, printing and sewing. Prices start from Rs 999.

Startup

A digital gold saving app

Jar

In today’s age, when investments can be made with a click, Nishchay AG and Misbah Ashraf are tapping into India’s penchant for gold with Jar, an app that helps people invest in digital gold.

Founded in 2021, the Bengaluru-based app allows users to make daily savings by taking extra money from their online transactions and automatically investing it in digital gold.

Cloud away:

  • When a Jar user spends, they also save. The application rounds the consumption to the nearest 10 and invests it in gold.
  • Users also have the option to select a fixed amount that Jar will invest in gold on a daily basis.
  • The investments in digital gold are backed by physical gold of the same amount, and investors can choose to withdraw their gold or liquidate it at any time.

News and updates

  • Give up: Jack Ma is relinquishing controlling rights to Ant Group Co., as the billionaire retreats further from his online empire following China’s unprecedented tech meltdown. The company offers 10 people, including the founder, management and employees, independent voting rights, effectively removing Ma’s control over Ant.
  • Netflix ads: At the Consumer Electronics Show in Las Vegas, Netflix President of Worldwide Advertising, Jeremi Gorman, provided an initial insight into how the ad-supported tier has performed and the streamer’s future plans.
  • The best of electric cars: Besides TVs, laptops, smart home equipment and all kinds of crazy miscellaneous gadgets, the annual Consumer Electronics Show is also a major automotive technology show. And with people more environmentally conscious than ever, here are some of the best electric vehicles and related innovations at CES 2023.

Which country’s film industry is known as “Nollywood”?

Answer: Nigeria

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