Tag: UK

Ola Financial Services plans international expansion of its insurance business

Banking & Finance

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Ola’s subsidiary, Ola Financial Services (OFS) will expand its insurance business internationally to support the operations of Ola’s mobility business through innovative insurance products designed for the UK, Australia and New Zealand market.

According to Ola’s recent MCA filings, OFS will also be launching new capabilities to the pay-later instrument to make it more appealing for the users. Further, OFS will expand its suite of products by launching new lending products in the form of two- and four-wheeler loans and personal loans to offer a comprehensive financial product ecosystem to the customer.

During 2020-21, Ola Financial Services has had a turbulent year due to external factors such as Covid on the lending environment in general and the double impact on mobility business and its spillover to the Ola Money brand. Through these new growth avenues, OFS hopes to generate regular and sustainable financial results.

Ola is looking to go public by next year and is estimated to raise around $1 billion – $2 billion from the IPO. The company is expected to file its DRHP (Draft Red Herring Prospectus) soon, after the board reaches a consensus on the route of listing. BusinessLine has earlier reported in September that the company’s board is divided between no-promoter and promoter route of listing.

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Financiers line up green deposits as investors ready as ESG concerns trump yield chase, BFSI News, ET BFSI

Personal Finance

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As investors become environmentally conscious and look to put their money in green projects, financiers are rising to the cause.

They are offering green deposits to customers which will be used to fund environmentally friendly projects.

UK-based Hong Kong and Shanghai Banking Corp (HSBC) has raised $400 million of green deposits in India and identified financing opportunities to use those funds.

Under its strategy, the bank first finds avenues to finance before raising the resources. The loans are extended for renewable projects, biodiversity linked initiatives, clean transportation and pollution control.

Once the loans are sanctioned they are matched with deposits.

While HSBC will offer deposits and lend the money raised to companies, HDFC plans to raise these funds through retail depositors.

HSBC has opened these deposits only for corporate clients currently, but there is no differentiation in interest rates with normal deposits. The bank is currently offering a tenure ranging from 90 days to five years.

HDFC bonds

Last week, India’s largest private-sector mortgage financier announced the launch of a new green deposit plan to attract environmentally conscious depositors.

The company plans to raise these deposits from individuals to lend to projects by retail borrowers.

It plans to use these funds to lend to standalone homes which use environment-friendly practices, like putting up solar panels and water recycling, or even to women borrowers or self-help groups.

These deposits to be raised from retail and HNI investors will carry interest rates up to 6.55 per cent, while the maturity period would vary from three to five years.

Senior citizens (60 years+) will be eligible for an additional 0.25 per cent per annum on deposits up to Rs 2 crore.

HDFC Chairman Deepak Parekh said, “Today, sustainability is no longer about doing less harm, but about doing more good.” HDFC anticipates growing demand for green solutions and has launched green and sustainable deposits offering for our customers who can grow their wealth while they contribute to serving the needs of a changing world, he said, adding that HDFC is committed to supporting India’s efforts for a sustainable and green low-carbon economy.

At present, HDFC has a total deposit base of Rs 1.54 lakh crore as of June end and even 1% of this the new fundraising will amount to over Rs 1,500 crore.



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More Indians trust banks with their personal data than US, UK and Australia: Report

Banking & Finance

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According to the survey data, 68 per cent Indians surveyed said that they trust their banks with personal data.

Data privacy has been questioned many times and it has been noted that many people have been reluctant to give out their personal details. In such times, it was found that more Indians trust their banks while handing out their personal data. The confidence among Indians with banks having their personal data is more than people in nations like the US, UK and Australia, said MoneyTransfers, taking in account data provided by YouGov. The survey was conducted across counties to establish which countries have the most and least trusted banking services.

According to the survey data, 68 per cent Indians surveyed said that they trust their banks with personal data. Similar response (68 per cent) was received from Germany too where people trusted banks. Both countries were placed on the third rank in comparison to other countries as “they believe banks and financial service providers are competent and ethical in their management of personal data.”

The trust factor was found to be higher than in countries like Australia and the US, UK where 57 per cent, 45 per cent and 59 per cent people, respectively, had faith in their banks when it comes to providing personal data.

It is to note that Poland was the top country where 85 per cent of the people have put their trust in banks and financial service providers with their personal data. This was followed by Indonesia, where 70 per cent of people were confident that banks and financial service providers can diligently handle their personal data. Other countries surveyed included China, France, Denmark, Italy, Spain, Sweden, Mexico, United Arab Emirates, Hong Kong and Singapore.

While conducting the survey, people were simply asked if they trust banks and financial service providers with their personal data. More than 2,250 individuals from each country were given the survey questions and asked about their trust in banking services.

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UK’s fintech firm Tide to invest over ₹1,000 crore in India

Banking & Finance

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Fintech firm, Tide, the UK’s leading SME-focused neobank, has forayed into the India market, its first international market. As part of its India chapter, Tide announced that it will create over 1,000 jobs and invest more than ₹1,000 crore in India.

These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support. Hiring has already begun and the company will be hiring both freshers and laterals across levels.

Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre, which was set up in early 2020. Its business headquarters are in Gurugram. Tide is building a robust team in India, creating a pool of talented and experienced colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time and money in running their businesses.

Also read:How China humbled Britain’s mighty HSBC Bank

“We, at Tide, are committed to serve India with our innovative business banking solutions and support the country’s post-pandemic economic recovery. Through this, Tide looks to contribute to both the countries’ vision in developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030,” said Gurjodhpal Singh, CEO, Tide India.

Besides providing business accounts and related banking services, Tide will also offer a comprehensive set of administrative solutions including invoicing, digital ledger, taxation, payroll etc. to help SMEs run their businesses easily and efficiently. Besides supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping small businesses digitise and bringing them into the mainstream.

Also read:Investment tech start-ups see surge in funding in 2021

As a first step towards this mission, Tide recently announced its collaboration with its first banking partner, RBL Bank, one of India’s fastest growing private sector banks. RBL Bank will provide the bank account infrastructure for Tide’s India platform where members (SMEs) will have an option to open current and savings accounts.

Congratulating Tide on the achievement, UK Minister for Investment, Gerry Grimstone said, “I am pleased that Tide’s innovative business financial platform, part of the UK’s world leading fintech ecosystem, is embracing the opportunities in India’s dynamic and growing SME market. The UK and India have ambitious plans to deepen our trade and investment partnership and bring benefits to both economies, and this is a great example of what we can do together.”

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