Latest news with #FinancialInclusion
Yahoo
05-08-2025
- Business
- Yahoo
India's SBI Life and AU SFB forge bancassurance alliance
India's SBI Life Insurance has formed a corporate agency partnership with AU Small Finance Bank to enhance the availability of insurance solutions in the country. This initiative aligns with the government's vision of 'Insurance for All by 2047' by extending coverage throughout the country. The collaboration will facilitate the distribution of life insurance products, serving various financial needs such as protection, savings, investment and retirement planning. These services will be accessible to customers through AU Small Finance Bank's network, which includes more than 2,500 contact points across 21 states and four union territories. Moreover, the alliance will utilise AU Small Finance Bank's digital channels. SBI Life Insurance Business Strategy president Abhijit Gulanikar said: "Our partnership with AU Small Finance Bank is a strategic step towards deepening insurance adoption across India. 'AU's strong rural reach and community connect bring us closer to the shared vision of 'Insurance for All by 2047', making protection more accessible – one household at a time." AU Small Finance Bank executive director and deputy CEO Uttam Tibrewal said: "This partnership with SBI Life Insurance reinforces our shared commitment to delivering reliable, need-based insurance solutions to diverse communities across urban and semi-urban areas of India. 'By combining the strengths of both institutions, we aim to drive true financial inclusion and secure a better tomorrow for millions." In November 2024, AU Small Finance Bank partnered with Bharti AXA Life Insurance to provide life insurance solutions to its customers. AU Small Finance Bank's portfolio encompasses a full spectrum of banking offerings including remittances, deposits, loans and credit cards. "India's SBI Life and AU SFB forge bancassurance alliance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India.com
04-08-2025
- Business
- India.com
India Post Payments Bank Launches Aadhaar-Based Face Authentication
New Delhi: India Post Payments Bank (IPPB) has announced the nationwide rollout of Aadhaar-based Face Authentication facility for customer transactions — a breakthrough initiative aimed at empowering every Indian, especially the elderly and differently-abled, by making banking more secure, inclusive, and convenient. The face authentication feature, developed under the framework of UIDAI (Unique Identification Authority of India), enables customers to perform banking transactions using facial recognition, eliminating the need for physical biometric inputs like fingerprints or OTPs. With this, IPPB strengthens its mission of 'Aapka Bank, Aapke Dwaar' by making banking more accessible, inclusive, and customer-centric. Key Benefits of IPPB's Face Authentication Feature: Inclusive Banking for the elderly, differently-abled, and individuals with worn fingerprints. - Secure Aadhaar Authentication without dependency on OTP or fingerprint sensors. - Fast & Contactless Transactions for a smoother customer experience. - Safe Banking During Health Emergencies, where physical contact may be risky. - Support for All Banking Services, including account opening, balance inquiry, fund transfers, and utility payments. The launch of IPPB face authentication facility is aligned with Digital India and Financial Inclusion missions of the Government of India. It sets a benchmark in how technology can be used not just to enhance convenience, but to uphold the values of equity, access, and empowerment. IPPB has said that it encourages all its customers, especially those who have faced challenges with fingerprint-based authentication, to experience the simplicity and power of this new feature.
Yahoo
02-08-2025
- Business
- Yahoo
Launch of Global Impact Champions Awards for Financial Health
SINGAPORE, Aug. 2, 2025 /PRNewswire/ -- The Global Finance & Technology Network (GFTN) has launched the inaugural Global Impact Champions Awards, with the 2025 theme being Financial Health. These awards spotlight FinTech startups delivering scalable solutions that improve people's financial lives - helping individuals manage daily needs, build resilience to shocks, plan for a secure future, and feel confident about their finances. Winning FinTech startups from around the world will be awarded up to US$1 million, subject to terms and conditions. Winners will be presented the awards and invited to speak at the Singapore FinTech Festival (SFF) 2025 in November, attended by a global audience of over 60,000 participants from more than 135 countries. The winners will be informally showcased at the GFTN International Advisory Board (IAB) meeting in The Hague in October. "Financial inclusion is a means to an end. Financial health is the outcome we need, where people can manage daily needs, plan for the future, handle shocks, and feel confident about their financial lives," Her Majesty Queen Máxima of the Netherlands, United Nations Secretary-General's Special Advocate for Financial Health and Chair of GFTN IAB, said during the 2024 Singapore FinTech Festival. Why Financial Health is the Next Step to Financial Inclusion? "A decade of fintech innovation has shown us that financial inclusion is only the start. What truly matters is financial health - helping people manage daily needs, plan for the future, withstand shocks, and gain confidence in their financial lives. The Global Impact Champions Awards for Financial Health is GFTN's effort to discover the impact makers - those who not only build systems but also transform lives," said Sopnendu Mohanty, Group CEO of GFTN. Awards' Significance Financial access is expanding - eight in ten adults now have an account, but access alone does not ensure financial health. In a world shaped by economic volatility, rising debt, and the disruptive effects of AI and automation, too many people remain financially insecure. Only one in three adults globally could cover two months of expenses after an income loss, underscoring the urgent need to strengthen household resilience. While FinTech innovation has expanded the reach of financial services, real progress depends on improving outcomes and ensuring that people can manage daily needs, navigate uncertainty, and plan for the future with confidence. The Global Impact Champions Awards for Financial Health aim to accelerate this shift by spotlighting innovators who deliver measurable improvements in people's financial lives. The awards will recognise FinTech's potential to move beyond access toward inclusive, AI-enabled solutions that build long-term financial wellbeing, agency and security. Why Award FinTech Startups? FinTech startups are reimagining financial services to improve people's financial health, not just expanding access. Many are developing solutions that help users budget, save, build credit safely, plan ahead and manage unexpected shocks. They are leveraging emerging technologies, such as AI, blockchain, and mobile-first platforms, to deliver inclusive, data-driven and user-centric financial tools. Yet despite their promise, startups remain under-recognized in global efforts to strengthen resilience and wellbeing. By awarding FinTech startups, GFTN seeks to accelerate investment and visibility for high-potential ventures delivering tangible, scalable improvements in people's financial lives. Dates to Note: 1 August 2025: Awards open. Click here for the Application form. 7 September 2025, 2359 hours (SGT): Awards submission close. 29 October 2025: Top 3 finalists will be informally showcased at GFTN IAB Meeting at The Hague, the Netherlands. 12 – 14 November 2025: Formal award ceremony at the SFF 2025. About the Singapore FinTech Festival 2025 The Singapore FinTech Festival (SFF) 2025, organised by the Monetary Authority of Singapore (MAS), Global Finance & Technology Network (GFTN) and Constellar, in collaboration with the Association of Banks in Singapore, will be held from 12 - 14 November 2025, marking its 10th anniversary. This year's event will focus on celebrating a decade of innovation and collaboration in the FinTech industry, while also addressing critical challenges in global finance to shape the next decade. The Insights Forum will be held from 10 - 11 November 2025. About GFTN The Global Finance & Technology Network (GFTN) is a Singapore-headquartered organisation that leverages technology and innovation to create more efficient, resilient, and inclusive financial systems through global collaboration. GFTN hosts a worldwide network of forums (including its flagship event, the Singapore FinTech Festival); advises governments and companies on policies and the development of digital ecosystems and innovation within the financial sector; offers digital infrastructure solutions; and plans to invest in financial technology startups through its upcoming venture fund, with a focus on inclusion and sustainability. GFTN is a not-for-profit organisation established by the MAS in 2024. For more information on the awards, please visit GFTN Global Impact Champions Awards or contact the Impact Champions Awards Team at impactawards@ Note: The International Advisory Board and the Office of the UNSGSA are not involved in reviewing applications or selecting finalists and will not be informed of applicants or candidate details. View original content to download multimedia: SOURCE GFTN Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
FF News
10-07-2025
- Business
- FF News
UK Businesses Lose £70bn Annually Due to Lack of Accessible Payment Options, New Study From AlixPartners and Project Nemo Suggests
UK Payment Accessibility Gap is costing businesses up to £70 billion each year, based on a collaborative study conducted by Project Nemo and AlixPartners. The study emphasizes how revenue and customer retention are being impacted across industries by the absence of inclusive, user-friendly payment options. The report calls for a move toward greater financial inclusion as the UK's need for easily accessible payment methods increases. Approximately 25% of the UK population has a disability that impacts their daily life. Yet, according to this new research, 70% of disabled people frequently experience problems completing a transaction, while 70% of UK-based disabled individuals actively avoid shopping at locations where they anticipate payment difficulties. The report's findings, based on a survey of 300 UK-based disabled individuals and 50 caregivers and on the results of a focus group session, underscore the business value in implementing accessible payments services. Two-thirds (65%) of disabled people claim to have chosen to shop at retail locations specifically because of their accessible payment terminals. A further 60% have recommended businesses with accessible payment solutions to their peers. The physical and technological barriers to in-store payment services that disabled customers highlighted during the research include: Physical Accessibility: Barriers around payment terminals, including difficulty reaching card readers and navigating tight spaces. 57% of survey respondents highlighted the need for terminals or card readers to be more accessible. Disabled people have, however, found the introduction of contactless payments significantly beneficial – according to our study, it is still the highest ranked payments feature for improving accessibility. Barriers around payment terminals, including difficulty reaching card readers and navigating tight spaces. 57% of survey respondents highlighted the need for terminals or card readers to be more accessible. Disabled people have, however, found the introduction of contactless payments significantly beneficial – according to our study, it is still the highest ranked payments feature for improving accessibility. Technological Barriers: Payment terminals often have small, low-contrast text, poorly positioned screens, and lack features like audio guidance or tactile buttons. Customers with visual impairments cited issues with small, low-contrast text and poorly positioned screens. Auditory challenges were also prevalent, with deaf or hard-of-hearing customers often missing audio prompts. Payment terminals often have small, low-contrast text, poorly positioned screens, and lack features like audio guidance or tactile buttons. Customers with visual impairments cited issues with small, low-contrast text and poorly positioned screens. Auditory challenges were also prevalent, with deaf or hard-of-hearing customers often missing audio prompts. Staff Assistance: A lack of training can mean that staff are often not aware of the specific needs of disabled customers, leading to rushed transactions and a lack of patience or understanding. These barriers can cause customer avoidance, negative experiences, and reputational issues. Of the 70% of those disabled people participating in the research report who claimed to have had issues with payments services in-store, 47% stated that they left the shop without making the purchase. Commenting on the study's findings, Jonathan Hughes, a Partner and Managing Director at AlixPartners and a payments industry expert, said: 'Technology is advancing fast – and so is the opportunity to make payments more accessible for disabled customers, yet we've found that UK businesses are losing tens of billions of revenue annually by overlooking this growing market segment. It is clear that the payments industry is at the forefront of a significant opportunity to drive growth, enhance customer loyalty, and make a real difference. For example, some respondents indicated that they would benefit from using technology that allows them to leave the store and pay automatically, or from using their own smartphone to relay instructions. Ultimately, investing into inclusive payment systems makes clear business sense.' Dr. Yalini Pathy, a Director at AlixPartners, commented: 'Inclusive in-store payments systems play a huge role in creating a better experience for everyone and should be designed in a way which ensures that no customer is lost in the process. With social media and e-commerce having transformed modern retail in recent years, it has never been more important to invest in the in-store customer experience. Customers increasingly expect in-store payments to be as seamless as e-commerce transactions, but there is clearly still some catching up to do.' Joanne Dewar, Project Nemo Lead, added: 'Accessibility isn't just the right thing to do—it's a £70bn commercial opportunity hiding in plain sight. At Project Nemo, we've heard numerous real stories—from people who want to spend but are blocked by avoidable barriers. The good news is that many of the solutions are simple and already exist. With fintech innovation accelerating and inclusive design gaining ground, leaders who act now can unlock growth, trust and loyalty—and show what inclusion really looks like in practice.' Businesses need to use modern payment systems and technology that works for everyone in order to close the UK Payment Accessibility Gap. This is important for long-term growth.
Time of India
01-07-2025
- Business
- Time of India
Finmin launches campaign for saturation of financial inclusion scheme at panchayat, urban local body level
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The finance ministry on Tuesday launched a nationwide campaign for the saturation of Financial Inclusion (FI) schemes at the gram panchayat (GP) and urban local body (ULB) Department of Financial Services (DFS) under the finance ministry organised events at 33 locations across the event witnessed participation from public representatives, state government officials, SLBC conveners, bankers and beneficiaries, DFS said in a Gujarat, Chief Minister Bhupendra Patel graced the event virtually, it campaign will conclude on September 30 covering all 2.70 lakh GPs & ULBs in the country, it this period, the campaign will cover activities such as re-KYC of all saving bank account holders and opening of bank accounts for unbanked adults under PMJDY On first day of the saturation campaign, camps were held in 2087 GPs across the camps received warm response from the beneficiaries nationwide, it added.
