Tag: solutions

Castler partners with Mumbai Angels for secure transaction solutions

Banking & Finance

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Fintech start-up Castler has partnered with Mumbai Angels (MA) to provide digital escrow solutions.

Castler, an escrow-as-a-service provider, will help enable a convenient and safer financial transaction platform for the portfolio companies of Mumbai Angels. These companies can use Castler’s platform for several use-cases, including buyer and seller trust gap, lending, profit sharing, pooling of monies from investors, cash flow collection, mergers and acquisitions, marketplaces, gaming, real-estate, charities, and fund raisings.

Commenting on the partnership, Castler’s Co-Founder and CEO Vineet Singh (ex-CBO at Mobikwik, 99acres, and Naukri.com) said, “The current transaction environment in India is extremely uncertain and riddled with frauds, and this has led to a substantial trust gap between parties. A robust, secure, and convenient transaction ecosystem is the need of the hour for both consumers and enterprises. Teaming up with Mumbai Angels to extend secure digital escrow to their portfolio companies will act as a great catalyst for improving accessibility to the solution we offer.”

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KG Information Systems acquires Malaysian insurtech firm AETINS

Banking & Finance

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The ₹250-crore Coimbatore-based KG Information Systems Pvt Ltd, a part of the $750-million business conglomerate KG Group, has acquired Malaysian firm AETINS Sdn. Bhd through its wholly owned subsidiary in Malaysia, KG Information Systems, for an undisclosed sum. The acquisition is a part of KGISL’s growth strategy in the InsurTech space.

Aetins, which has around 250 employees, brings a range of insurance solutions for life, general and ‘Takaful’ (Islamic insurance). It serves clients in Asia Pacific, West Asia and North Africa.

KGISL has had its market presence in the Malaysia InsurTech space since 2006 and has grown with its point of sale and claims management solution for the non-life insurance segment. The acquisition will bring core insurance product and insurance solution framework into KGISL’s product offerings and open doors to enter the wider Asia Pacific, West Asia and Africa markets covering the life, non- life and Takaful insurance segments, said a release from KGISL.

Prassadh Shanmugam, Director and CEO, KGISL, said Aetins’ core insurance products, Takaful offerings and the West Asia market are the missing pieces in KGISL’s insurance offerings. “It would have taken years for us to build this capability, so the acquisition is a perfect fit for KGISL,” he said.

Speaking to BusinessLine, Shanmugam said the acquisition would be with immediate effect. Aetins’ products and solutions will alone bring over ₹200 crore revenue for KGISL in the next couple of years.

Aetins has customers in Vietnam, Pakistan, Qatar, MENA and Cambodia. The acquisition will give access to MENA markets for KGISL, which has a good presence in the Eastern markets.

KGISL currently has 260 clients, and with its new acquisition will add 30-plus larger insurance clients. Nearly 40 per cent of the company’s revenue is from the insurance space, he said.

On plans for the next four years, Shanmugam said that KGISL plans to induct 6,000 to 8,000 employees and reach revenue of around ₹1,000 crore. The company has plans to enter the UK and US markets, he said.

“We plan for an IPO in 3-4 years with employee stock options. We will continue to look for acquisition for growth,” he said.

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ICICI Bank launches digital banking solutions for corporates

Banking & Finance

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Private sector lender ICICI Bank on Wednesday announced the launch of a comprehensive set of digital banking solutions for corporates and their entire ecosystem including promoters, group companies, employees, dealers, vendors and all other stakeholders.

Called ICICI STACK for Corporates, it provides customised digital banking services to companies in over 15 sectors such as financial services, IT/ITES, pharmaceuticals, steel and their entire ecosystem, the lender said in a statement.

Also read: 20 lakh customers of other banks log in to ICICI Bank mobile app

“Armed with the bank’s state-of-the art digital platforms, these services can further be tailor-made for companies within an industry. The four main pillars of the ‘ICICI STACK for Corporates’ are digital banking solutions for companies; digital banking services for channel partners, dealers and vendors; digital banking services for employees and curated services for promoters, directors and signatories,” ICICI Bank further said.

It has also opened eight ecosystem branches —five in Mumbai and three in the National Capital Region (NCR) to supplement these efforts. It plans to launch another four such branches in this financial year.

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