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AWS FinTech Day 2019; Why AWS for FinTech?

The advent of financial technology (FinTech) brought about considerable efficiency, transparency, and accountability in the functioning of the banking and finance industry. Banks began welcoming and cooperating with their FinTech disruptors to manage technology trends such as Cloud, Mobile, and Blockchain to survive in a market powered by disruptive technologies. Amazon Web Services (AWS) adoption for FinTech has also led to these banking and finance companies accelerate lowering their costs immediately.

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FINJS & FinTech World Forum 2019: Exploring Experts’ Focus

The FINJS (JavaScript for Finance) and FinTech World Forum are the leading conferences shaping the growth trajectory of the global financial technology (FinTech) industry by assimilating the finest (forthcoming) technological and business solutions. FinTech professionals from all over the world assemble to acquaint with the innovative technologies shaping new industry trends. FINJS is a capital markets network that showcases innovations driven by web technologies. FINJS events are invite-only and include CTOs, e-Commerce managers, development managers, product managers and other thought-leaders from banks, buy-side, and industry-leading technology platforms. Thought leaders from the entire finance industry and core experts from the larger technology community exhibit how they leverage JavaScript—the interpreted programming language with applicability via web technologies also to FinTech—to offer finance solutions. The latest FinTech advances and demos (1:1 live demos) are exhibited at the FINJS event with experts hailing from the largest Fortune 500 companies sharing futuristic insights and valuable experiences. Being held four times a year, the acclaimed FINJS event was held on May 21, 2019 in London, whereas the preceding one was held on March 19, 2019 in New York.

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FinTech for Business (MSME) Inclusion in India

Micro, Small and Medium Enterprises (MSMEs) have long voiced their discontent concerning access to credit (traditional banking systems), and also about encountering rampant operational inefficiencies. According to a recent report titled, “Credit disrupted: Digital MSME lending in India,” by the Omidyar Network and Boston Consulting Group (BCG), MSMEs still find it cumbersome to access formal credit as nearly 40% of lending is taking place via informal sources; with total MSME credit demand estimated in the report being Rs. 45 lakh crore, Rs. 25 lakh crore are to be offered via formal (credit) channels (borrowing via proprietor name—Rs. 10 lakh crore—or via entity name—Rs. 15 lakh crore), Rs. 20 lakh crore are to be financed via informal (credit) channels (as reported by The Hindu Business Line).

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Mitigating the Cost of Cash

In the midst of the entire digital money versus cash money saga rests the core trigger of the seemingly apparent decline of the physical money. As experts, researchers, and analysts have time and again opined, this (so far) unavoidable trigger is “the cost of cash.” Therefore, it’s obvious that containing cash costs is a must for financial institutions to position themselves competitively in the market. Along with this, it is also necessary to promote cash efficiency and decrease the costs of cash operations.

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FinTech India: The RBI’s Payment Systems Vision 2021

The Reserve Bank of India (RBI) recently released the “Payment and Settlement Systems in India: Vision 2019 – 2021” (Vision 2021), with its central theme being, “Empowering Exceptional (E)payment Experience.” The vision document envisions achieving “a highly digital and cash-lite society” via the framework of the 4Cs: competition, cost-effectiveness, convenience, and confidence.

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UBER Drivers & US Labor Agency: What’s in it for India?

The United States (U.S.) Government, National Labour Relations Board (NLRB), Office of the General Counsel recently released an advice memorandum (dated April 16—released on May 14) that can potentially have repercussions not only for Uber Technologies Inc. drivers in the U.S. but also those operating in India for the ride-hailing giant. The general counsel stated in its (opinion) advice memorandum that since Uber drivers themselves decide their working hours, log-in locations, whilst also being the owners of the cars driven by them, and, since Uber also supports drivers’ entrepreneurship—in a way granting them enough freedom to be able to also choose to work for Uber’s rivals, the Uber drivers should be classified as “independent contractors” (not as employees—under the U.S. federal law) of Uber. This compels drivers and their legal representatives to face a herculean task of (legally) persuading Uber to reframe its labor policy so as to classify drivers as employees.

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