Economy Finance India News

IFC Report: India Fast-Tracking Emission Goals

The report said that the RBI included the small renewable energy sector under its priority sector lending scheme in 2015 itself…reports Asian Lite News

India has significantly developed its climate actions, enabling it towards a path, which will help achieve its Nationally Determined Contributions (NDCs) well before 2030, a report by International Finance Corporation (IFC) has said.

The report titled “Blended Finance for Climate Investments in India”, which was released on Tuesday, noted that India is the only G20 nation which is in line with 2 degrees warming compared to its fair share contribution to climate action.

NDCs are at the heart of the Paris Agreement and the achievement of its long-term goals. They embody efforts by each country to reduce their national emissions and adapt to the impacts of climate change.

The report said that the RBI included the small renewable energy sector under its priority sector lending scheme in 2015 itself.

“Since the first issuance of green bonds that year, India has developed the second largest green bonds market among emerging economies with cumulative issuances worth more than $10 billion by private companies and public sector entities,” it noted.

The IFC report also said that at the end of April 2021, India had taken its commitments to green finance one step further when the RBI became the member of Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

This, it said, will go a long way in strengthening the financial sector’s response to climate change and developing a much stronger and more coherent, coordinated and credible policy framework to support green investment.

At the Paris “One Planet Summit” in December 2017, eight central banks and supervisors had established the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

The network’s purpose is to help strengthening the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system to manage risks and to mobilise capital for green and low-carbon investments in the broader context of environmentally sustainable development.

Meanwhile, talking about the most recent measures, the IFC report stated that the Indian government had proposed to issue sovereign green bonds in 2022-23 for mobilising finance for green infrastructure projects.

As on February 2023, 50 per cent of the total target of about $2 billion of green financing has been raised in the first tranche, it stated.

The report also highlighted the Panchamrit commitments announced by Prime Minister Narendra Modi to meet India’s COP26 ambitions.

It pointed out that as of February 2023, renewable energy sources contributed to 41 per cent of India’s total installed capacity and the country stands fourth globally in terms of total renewable energy installed capacity.

India is committed to meet 50 per cent of its energy requirements from renewable energy by 2030, the IFC report said.

ALSO READ-IFC to invest Rs 600 cr in Mahindra’s new EV firm

Business Finance Investment

FIRST PERSON: Sukhvinder Gill

The transition from derivatives trading to venture capital was quite an extraordinary journey for me. I thrived on the intraday volatility and the adrenaline rush that comes with trading; however, the strategic thinking and the long term vision required to build successful businesses as a VC investor pulled me in. Why did I do it?

1. Passion for Innovation: Being a visionary- working with RedCloud Technologies to raise their funding round has given me first-hand foray into the journey that founders endure in raising funds for a tech startup. Venture capital is a natural outlet for my strong interest in using technology and innovation to solve real-world problems.

2. Long-Term Investment: Derivative trading often involves short-term speculation and can be highly volatile. Venture capital, on the other hand, involves long-term strategic thinking. This aligns perfectly with the wealth of experience I have gained in my 30-year career.

3. Diversification: transitioning to venture capital allows me to diversify my investment portfolio. It has allowed me to spread my interest across a range of companies rather than being heavily reliant on one market or asset class.

Sukhvinder Gill

4. Desire for hands-on involvement: in venture capital you have the opportunity to work closely with your portfolio companies, providing strategic guidance and mentorship. I maintained a more hands-on role when building and running trading floors As an investor I am able to take this to the next level.

5. Aligning Personal Values: venture capital allows you to support and invest in companies that align with your personal values and interests. I am passionate about tech, and AI, particularly around the B2B and commerce space.

7. Potential for High Returns: venture capital has the potential for significant returns – if you believe in your ability to identify and build on winning ideas and companies.

The Big Apple

I am choosing New York City to set up my investment firm (think of it as VC reinvented) for several reasons:

1. Access to a Diverse Ecosystem: New York City is a global business hub with a diverse and thriving ecosystem that includes finance, media, technology, healthcare, fashion, and more. This diversity allows access to a wide range of industries, talent, and capital.

2. Strong Financial Sector: New York City is the world’s financial capital, with a concentration of investment banks, private equity firms, and hedge funds, allowing for strategic partnerships and capital raising.

4. Media and Advertising Expertise: New York knows how to use the media and advertising which are crucial for many tech startups.

5. Diverse Talent Pool: New York’s population is incredibly diverse, making it easier for startups to find talent from various backgrounds and skill sets. This diversity can be a competitive advantage for startups looking to build teams with different perspectives and experiences.

6. Exit Opportunities: New York City provides access to a robust ecosystem of potential exit opportunities, including mergers and acquisitions (M&A) and initial public offerings (IPOs). The presence of major stock exchanges like the NYSE and NASDAQ facilitates access to public markets.

7. Quality of Life: New York City offers a high quality of life with diverse cultural amenities, a vibrant social scene, and a thriving arts and culture scene. This can be appealing to entrepreneurs and investors looking for an exciting and enriching environment.

The proverb “fortune favours the bold” has been a Northstar for me. The vision is clear.

(Sukhvinder Gill is an investor and venture capitalist)

Business Finance Investment

Perfios Reports Strong Growth with 100% YoY Revenue Increase

Perfios has displayed strong financial standing by achieving revenue targets of 100 per cent YoY growth and constantly improving its bottomline…reports Asian Lite News

Global B2B software-as-a-service (SaaS) company Perfios on Monday announced to raise $229 million in its Series D funding from leading private equity investor Kedaara Capital.

The fundraise, through the combination of a primary fund raise and a secondary sale, is one of the largest investments in an Indian B2B SaaS company this year.

Perfios, a market leader in India with a strong footprint in the Middle East and Southeast Asia, said it plans to deploy the funds in fuelling its continued global expansion plans in North America and Europe. 

The company also plans to invest in new-age technologies to enhance its comprehensive stack of Decision Analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance and embedded commerce.

“Led by one of the strongest teams in the space, Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally,” said Nishant Sharma, Founder and Managing Partner, Kedaara Capital.

Perfios has displayed strong financial standing by achieving revenue targets of 100 per cent YoY growth and constantly improving its bottomline. 

With a current footprint in 18 geographies, Perfios continues to expand their business in global markets.

“This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe,” said Sabyasachi Goswami, CEO, Perfios.

“This funding underscores not just our achievements and the tireless dedication of our employees, but also our commitment to employee wealth creation through ESOPs,” added VR Govindarajan, Co-Founder and Chairman, Perfios.

With Bessemer Venture Partners joining in 2017 during the Series A round and Warburg Pincus in 2019’s Series B, Perfios has garnered significant backing from leading investors over the years. 

Founded in 2008, Perfios is serving the banking, financial services and insurance industry in 18 countries, empowering more than 1,000 financial institutions. 

Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of $36 billion.

ALSO READ-Indian Markets Rally Towards New All-Time Highs

Business Finance UAE News

The Rise of Islamic Microfinance: A $60 Billion Industry with a Noble Mission

Addressing this need head-on, AlHuda CIBE, a renowned Islamic finance consultancy and advisory firm since 2005, has established the Center of Excellence for Islamic Microfinance…reports Asian Lite News

The global Islamic microfinance industry has reached a significant milestone, surpassing $60 billion in value within the $3.8 trillion Islamic finance landscape. This achievement highlights the growing recognition of Islamic microfinance as a potent tool for poverty alleviation. The industry’s potential to bridge financial gaps while adhering to Shariah principles positions it as a viable alternative for fostering financial inclusion and tackling global poverty challenges.

Despite ongoing efforts and UN Millennium Goals, global poverty eradication remains unachieved. This challenge is particular in Muslim majority countries, where conventional financial structures often hinder progress due to their reliance on prohibited elements like Riba (interest). Financial exclusion due to these factors underscores the necessity for alternative financial solutions that are Shariah-compliant.

Addressing this need head-on, AlHuda CIBE, a renowned Islamic finance consultancy and advisory firm since 2005, has established the Center of Excellence for Islamic Microfinance. This initiative aims to introduce Islamic microfinance as a powerful poverty alleviation tool in diverse countries around the world. AlHuda CIBE’s impactful projects have earned them a reputation for collaborating with esteemed international organizations, including the United Nations (UN), World Bank (WB), IFC, Asian Development Bank (ADB), USAID, GIZ, and Islamic Development Bank (IsDB). The firm has also extended its services to various central banks, rural development initiatives in different countries, agricultural development projects, and numerous other developmental ministries at the micro-level. Over its operational history, the consultancy firm has successfully executed more than 45 diverse projects through its Center of Excellence, which is composed of dynamic and dedicated team members operating under the guidance of vigilant management.

Mr. Muhammad Zubair, CEO of AlHuda CIBE, emphasized the crucial role Islamic microfinance plays in tackling global poverty. Despite its promising growth, the industry represents just 2% of the total Islamic finance landscape. To truly uplift populations living under the poverty line, he emphasized the need for exponential contributions.

Mr. Zubair called for the rapid introduction of Shariah (Islamic) FinTech services, a revolutionary concept combining Islamic finance, microfinance, and cutting-edge technology. This three-fold approach, he believes, holds the key to achieving the UN’s top priority goal of poverty alleviation.

He further added, In the context of Muslim-majority countries, there exists a unique challenge where the poor population is proportionally twice as large. This demographic reality underscores the pressing need for inclusive financial solutions tailored to these nations. Remarkably, a staggering 72% of the unbanked population hails from these Muslim-majority countries, indicating a substantial gap in financial inclusion. The financial exclusion experienced by a significant portion of these inhabitants underscores the critical importance of addressing this issue with innovative and relevant approaches. This disparity not only represents an economic hurdle but also a social and developmental imperative that necessitates immediate attention. Islamic microfinance serves as a compatible and highly viable solution, seamlessly integrating with various micro-credit lending approaches such as Grameen lending, village banking, co-operative societies, credit unions, self-help groups, and commercial microfinance models. This synergy enhances its efficacy in addressing the pressing issue of financial inclusion within these communities.

Shariah FinTech’s cross-border accessibility and less regulated nature make it a game-changer in the financial world. As technology, including blockchain, cryptocurrencies, DiFi, and the Metaverse, merges with microfinance, accessing Islamic microfinance services becomes more convenient. This integration empowers impoverished populations, fosters financial inclusion, nurtures new startups, and drives expansions in existing small businesses.

To expedite progress, Mr. Zubair urged experts, governments, and central banks to collaborate on introducing FinTech regulations, creating an enabling environment for innovation. By embracing Islamic Microfinance and Shariah FinTech services, the world can become closer to achieving the UN’s Sustainable Development Goals, making steps towards a more inclusive and poverty-free world.

ALSO READ-Mumzworld Empowers Emirati Women Entrepreneurs

Business Finance UAE News

Saudi , UAE lead Forbes’ Arab family business ranking

The 11 billionaires on this year’s list are worth $27.7 billion collectively…reports Asian Lite News

Forbes Middle East has revealed its flagship annual list of the Top 100 Arab Family Businesses for 2023, showcasing MENA’s most exceptional legacy businesses that have not only endured through generations but are now making waves on the region’s stock markets.

Determined to honor the profound heritage and triumphs of Arab family businesses, Forbes Middle East meticulously evaluated each conglomerate based on the size and performance of their holdings, business activity, age, and legacy, as well as their remarkable geographical and sector diversification. Notably, over 60% of the esteemed listees are major shareholders in companies listed on regional stock exchanges, many of which were founded by their families.

Demonstrating the kingdom’s profound business prowess, Saudi-headquartered family businesses dominate with 33 entries, holding four of the top 10 positions. Trailing close behind, the UAE boasts an impressive 29 entries, followed by Egypt with nine and Qatar with eight.

Amidst these giants, six venerable family businesses have defied time, thriving since the 1800s. Morocco-based O Capital Group is the youngest listee, founded in 2021, signifying the boundless potential and ambition of Arab family businesses. Established by billionaire founder and chairman Othman Benjelloun, O Capital Group has strategic partnerships with Air Arabic Maroc, Aman Resorts Group, and The Bank of Africa. Benjelloun and his family had a net worth of $1.3 billion as of July 2023.

Leading this year’s prestigious list is Egypt’s powerhouse, the Mansour Group. With a combined net worth of $6.4 billion, Yasseen, Mohamed, and Youssef Mansour are among the billionaires featured on the 2023 ranking. The 11 billionaires on this year’s list are worth $27.7 billion collectively.

Climbing the ranks, SEDCO Holding is the only newcomer to this year’s top 10, leaping from the 14th spot in 2022. This Saudi investment firm owns 35% of Nahdi Medical Company, which raised $1.4 billion in 2022, marking the kingdom’s largest IPO since Aramco’s listing.  

Embracing innovation, Arab family businesses are also pioneering change through startup investments. For example, the Mansour and Abdel Latif Jameel families are backing global startups, and the Tamer Group acquired Mumzworld, a childcare e-commerce company, in 2021. The Arab business landscape is embracing the future with boundless enthusiasm.

Top 10 Arab Family Businesses In The Middle East 2023

1| Mansour Group

  • Country: Egypt
  • Established: 1952

2| Al-Futtaim Group

  • Country: U.A.E.
  • Established: 1930

3| Olayan Financing Company (OFC) 

  • Country: Saudi Arabia
  • Established: 1947

4| Al Ghurair Investment

  • Country: U.A.E.
  • Established: 1960

5| Majid Al Futtaim Holding

  • Country: U.A.E.
  • Established: 1992

6| Abdul Latif Jameel

  • Country: Saudi Arabia
  • Established: 1945

7| Al Muhaidib Group

  • Country: Saudi Arabia
  • Established: 1943

8| SEDCO Holding

  • Country: Saudi Arabia
  • Established: 1976

9| Al Ghurair Group

  • Country: U.A.E.
  • Established: 1960

10| Al Faisal Holding

  • Country: Qatar
  • Established: 1964

ALSO READ-Forbes unveils MENA’s Trailblazing Women in Tech

Business Finance Lite Blogs

From paychecks to prosperity, a millennial guide

Millennials love experimenting with their investing habits without taking advice from others, they rather depend on the internet for it. This has resulted in huge losses for many people….writes Arun Singh Tanwar

Millennials have been living on a fault line. They have learned how to earn but lack how to retain their hard-earned money. In today’s era, we can see millennials doing great in their careers, but internally they struggle to pay their bills. Even after earning a decent amount to lead a good life, their happiness lasts for a week after getting a paycheck. The reason behind this is no knowledge of money management. Millennials are still in the process of learning how to save money and make money from the saved money.

Job security is necessary for millennials, but in the process of getting a job, they often forget to save money while paying off their debts. In the current era, there is no life without debt. People are bound to take a loan, may it be a housing loan, educational loan, or corporate loan. Managing money between paying debts and handling responsibilities is turning out to be difficult for millennials. But, the catch here is, saving money and having smart earning habits is not difficult, it’s just a bit tricky. Here are some smart earning habits that might help millennials:

Mindset on saving: Unlike the old generation, who prioritized long-term savings, millennials do not aim for long-term savings. It can be seen that as much as millennials earn, they tend to spend more than required. According to various surveys, it can be said that:

Millennials tend to spend almost 10% of their earnings on eating out.

Millennials love experimenting with their investing habits without taking advice from others, they rather depend on the internet for it. This has resulted in huge losses for many people.

The more they earn, the more they want to spend, this results in zero growth overall.

To overcome this situation, millennials need to take advice from experts and start believing the facts and theories of financial freedom. A shift in mindset is needed, they need to start thinking about making more money from saved money and additional income rather than spending on lifestyle or other things that currently should not be the priority.

Avoiding debts and fulfilling the current one as soon as possible: As mentioned earlier, debt is unavoidable in the current situation, especially when you are doing the job and feeding a household. But, if we look closely, many things are encouraging the current generation to take on debt for the sake of lifestyle. For example, mobile phones, millennials are enchanted by buying expensive phones. Companies now are offering to buy mobile phones on EMI, these EMI last around 6-18 months. This can be counted as an unnecessary debt.

Millennials should know what debt is necessary for them, and try avoiding the debts aforementioned. Also, after getting their paychecks, millennials should aim to clear off debts as soon as possible by holding all unnecessary spending like too many clothes, eating outside in fancy restaurants, and spending on items that they do not need but just want. This can help them in clearing off debts at a faster pace.

Having a skillset: An expert once said, one source of income is never enough to gain financial freedom. Millennials need to learn this, having job security is necessary as it gives them a fixed income. Whereas one can also try to learn unique skills that they can sell for additional income. In the current era of digitalization, one can work for foreign organizations by sitting at any place. Various platforms offer gigs at competitive prices for budding writers, graphics designers, animators, web developers, and various professionals. Having a side income can help millennials to clear their debts fasters and increase their disposable income. Further, to take advantage of increased disposable income, they can start investing it in good stocks or mutual funds to get good returns.

Learn the art of investing from experts: As we can see inflation is rising day by day, and keeping the money spare in our bank accounts or our lockers won’t increase its value. The only way to increase the value of our saved money is by investing it in the right place. Several experts out there can teach and guide people on how to invest their money. May it be through trading, buying stocks, or simply investing in mutual funds. Investing the money at the right palace can give a good amount of returns, this adds as another source of income.

From the above analysis it can be said that having a secure job is not enough, one needs to learn the art of investing, saving, and spending to prosper in life. The path for Paychecks to Prosperity via Smart Earning Habits for Millennials requires a disciplined lifestyle in terms of budgeting. The first goal to gain financial freedom should be to get rid of debts, followed by saving and investing a bit and fulfilling needs, and then spending on wants. The smart earning habits followed by smart investing habits can streamline the process of financial freedom of millennials in a quick way.

ALSO READ-US-based IT firm begins ops in Kerala

Business Finance Investment

Saurabh Tiwari : ‘Policybazaar to drive pivotal change in consumer behaviour’

Importantly, the amalgamation of digital and physical models has helped bridge the trust deficit for customers who have online research at their fingertips but prefer an offline purchase…reports Asian Lite News

The combination of physical and digital — phygital — model of operations helped new-age insurance firm PolicyBazaar in tapping the potential of unexplored markets, the company’s Chief Technology Officer(CTO) Saurabh Tiwari told.

The pandemic pushed up the life insurance penetration in India to almost the same as that of the global average. Policybazaar sees this trend as a “secular trend” and it believes it will continue to drive this “pivotal change in consumer behaviour”.

“The transience of life is a brutal reality that applies equally to everyone and Indians don’t have the comfort of standardised social security to turn to,” the CTO said adding that the pre-pandemic term insurance penetration rate, yet, painted a grim picture.

“However, the past two years of Covid-19 have helped break the inertia when it comes to the purchase of insurance products, especially term insurance. With digitisation facilitating ease of access and information, consumers are now better equipped to take charge of their financial decisions and secure their future with just a few clicks. More evidently, during the second wave, Google search in India for ‘term insurance’ was the highest in the last five years. That is considerably huge progress. This indicates a sharp rise in awareness and demand for insurance,” he said.

Asked how the company will ensure a seamless ‘phygital’ experience across both physical and digital worlds, the CTO said: “Our aim is to unify both these models to leverage the omnichannel approach for providing our customers with a robust, 360-degree service and support system.”

Historically, insurance worked on an offline model and it still constitutes a huge share of the overall distribution pie – which is still close to 80 per cent. After the advent of digitisation, online channels have also been a market-defining pillar for the industry in order to serve the customers.

Importantly, the amalgamation of digital and physical models has helped bridge the trust deficit for customers who have online research at their fingertips but prefer an offline purchase.

Further, when asked how the company is using AI/ML, and data analytics, the CTO said: “As consumer behaviour goes through a massive change with better access to research and data available at their fingertips, they can easily compare online, seek assistance and make better choices. The long legacy of data that we have, enables them to do that. Conventionally, the way insurance is bought and sold has broadly been based on static parameters.

“The company is leveraging the potential of automation to entirely turn around the customer experience and also for making the process more cost and time-efficient. Deploying technology helps us efficiently assess the risk profile of a customer which is a breakthrough of sorts for underwriting.

“Furthermore, the CTO said that the cloud technology has helped the insurance company rapidly build its applications over the cloud. For scalability and elasticity, the platform offers all the building blocks for the application with managed services like Amazon RDS, ALB, CloudWatch, ECS with Fargate and WAF/Shield. With AWS we got the native advantage of provisioning resources at will.

“Also, monitoring, managing and decommissioning resources are easier and require fewer clicks. In terms of business outcomes, it had experienced the following key benefits attributed to running on Amazon Web Services: a. Cost reductions: Instead of having to upfront invest heavily in data centres based on peak load, the ability to pay only when you consume computing resources, and pay only for how much one consumes is a big advantage. Since this is an opex model it doesn’t require significant upfront investment.

“b. Quick time to market:
In a cloud computing environment, new IT resources are only a click away, which means that one can reduce the time to make those resources and applications available to its developers from weeks to just minutes. It helps in getting the required resources almost 100 per cent in-time.

“c. Effective use of resources: It operates and manages the infrastructure and development processes at scale. Automation and consistency help in managing and utilising the resources to the fullest. The resource utilisation of the critical resources of ECS+FARGATE(Docker), RDS, Elastic-Cache is 98 per cent-99 per cent. It monitors AWS resources via Amazon CloudWatch’s resource utilisation report.

“d. Faster deployment and Reduced latency: It easily deploys its applications in multiple regions around the world with just a few clicks using code, deploy and Jenkins. With this, it can provide lower latency and a better experience for its customers at a minimal cost.

e. Improved availability: AWS has helped improve the availability of business-critical information, applications, and services. Resource availability is in high 99 per cent and it uses the ASG feature with multiple templates and multiple resource types.

“f. Management efficiency: The infra and application management is far easier via an AWS portal on the browser, as it can be accessed from anywhere.

“g. Improvement in Risk Management:
AWS has helped in risk improvement in case of scaling, availability and recovery during business hours.”

ALSO READ-Turtlemint’s growth as a platform empowering insurance advisors

Business Finance Investment

‘Time To Create A Safety Net’

During volatile times, especially while living abroad i.e. away from your home country, it makes sense to ensure that you safeguard yourself and your loved ones when your circumstances change for the worse. A term life policy with global coverage and add on riders like the accidental cover, critical illness cover and disability insurance is considered a must-have shield … Asian Lite’s Iqbal Azeez meets Neeraj Gupta, CEO,, a leading online insurance aggregator in the UAE.

  1.   How the pandemic changed personal finance of the Indian expat population in the Middle East?

The Covid-19 pandemic has been a catalyst in changing people’s attitudes towards money. The spending and purchasing habits of the Indian expats had changed due to the pandemic outbreak. Expats are now prioritizing needs over wants. They are shopping only for the essential goods and services that too when there are offers and discounts available in the market. Thus, the pandemic was like a wake-up call for them to save and invest money for future contingencies.

  •  What is your advise to the Indian expatriates in the Gulf and other parts of the world?

Indian expatriates are always on the lookout for financial schemes/or investments that help them to provide a safety net and ensure their family’s future financial needs are met. Thus, buying a term insurance policy provides a supporting wall until the expat’s dependents can stand on their feet financially. The sum insured of this is the amount your family/nominee will receive in case of any unfortunate incident such as death, disability, or critical illness. Make sure the sum insured is significant enough for your family to live a stress-free and financially independent life after factoring in inflation. Also, one should choose the maximum available policy period as doing this will ensure a relatively lower premium too.

Neeraj Gupta, CEO,

Secondly, buying an individual health insurance plan can help expats reap the benefits of extensive coverage options and save them from the burden of paying exorbitant medical bills for treatment at private hospitals.

  •  What is your take on the Insurance sector in the UAE?

The life insurance penetration in the UAE is currently at 0.5 per cent, this is likely to grow as Covid-19 has increased the awareness of financial and health risks among consumers. This has resulted in increased demand for life insurance and related products such as individual health covers, critical illness covers etc. Despite the increase in demand, Covid-19 has significantly impacted distribution capabilities on the intermediated side of the industry, which relies on physical contact – an obviously unworkable model during the past several months. As a result, the pandemic has ushered in a renewed focus on the ability to reach consumers directly via digital means.

  •      How the pandemic affected the Sector?

The insurance sector is hard hit by the outbreak of the pandemic. The first and foremost concern that arose immediately out of the COVID-19 outbreak was the continuity of business operations along with employees and partners protection. The insurance market in UAE has approximately lost 48% of its market share (as per KPMG international report) since the outbreak began, car and home insurance being the most affected line of business. While health and life insurance witnessed a slow fall in numbers. As the insurance providers are struggling with shrinking market shares and profit levels there is a very high probability that the payable premiums will be increased in the next year to cover the losses incurred.

  •      How robust is Indian insurance sector?

The insurance industry in India has seen major growth in the last decade along with an introduction of a huge number of advanced products. This has led to tough competition with a positive and healthy outcome. India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21 (INDIAN INSURANCE INDUSTRY REPORT , NOVEMBER, 2021).

Also, the insurance sector plays a dynamic role in the wellbeing of India’s economy. It substantially increases the opportunities for savings amongst the individuals, safeguarding their future and helping the insurance sector to form a massive pool of funds.

  •      What are trends and demands for insurance sector?

Throughout 2022 and the years to come, we expect the insurance industry to undergo a digital transformation.  As customer expectations change, insurers will have to adapt their business model to meet new demands. Insurers focusing on delivering customer-centric products and services will succeed. Similarly, data-driven insurance, marketing and sales will be the next elements of insurance to be automated. Data-driven marketing is improving insurance, showing insurers where the gaps in the market lie. By paying attention to which products customers are demanding more, insurers can spend more time innovating new products and, crucially, marketing those products to the right audience. Artificial Intelligence (AI) too will spread wider throughout the industry as more insurers gain confidence with this new technology.

  •    What steps an expat should take to protect his family and himself in this time of uncertainty?

During volatile times, especially while living abroad i.e. away from your home country, it makes sense to ensure that you safeguard yourself and your loved ones when your circumstances change for the worse. A term life policy with global coverage and add on riders like the accidental cover, critical illness cover and disability insurance is considered a must-have shield. Secondly, all expats must build an emergency fund with their salary. One might have a job now, but who knows what might happen in the near future. The emergency fund should be saved in an easy-to-access account, such as a bank account or high-yield savings account to help during unprecedented times.

  •      Your advise to the expat communities in the UAE

It’s advised that using the private system, expats must buy individual health insurance policies in the UAE  to save themselves from the burden of exorbitant healthcare costs. Also, they must reduce their credit card debts. Keeping a frequent check of their credit score would help them to monitor their financial actions. Having a low credit score can lead to imposing higher interest rates, more expensive insurance, and other financial issues like a rejection of a loan or new credit card application. Also, expats must invest their money to generate a passive income via making investments in blue-chip equity stocks, monthly income plans, pension plans, gold bonds and fixed-income investments.

Business Finance Investment

BITFINEX SECURITIES: A New Platform For Tokenized Equities By Hong Kong-based Exchange

Thanks to the new platform, small and medium-sized companies will be granted the opportunity to list their tokenized equities, funds, and bonds in order to increase their capital. In addition to this, traders will be able to trade and invest in these tokenized securities thanks to this platform

Recently, one of the largest crypto exchanges around the world Bitfinex announced that it will be deputing tokenized equities thanks to the new Bitfinex Securities. The exchange now acts as a new trading platform by the company, and it will give traders the ability to become part of traditional finance.

Thanks to the new platform, small and medium-sized companies will be granted the opportunity to list their tokenized equities, funds, and bonds in order to increase their capital. In addition to this, traders will be able to trade and invest in these tokenized securities thanks to this platform.

While there are some similarities between the new trading platform created by Bitfinex and other stock token trading on crypto exchanges, they are still very different from one another. One very important difference between those two is the fact that the tokens listed on FTX and other exchanges are shares of companies that are already public.

On the other hand, Bitfinex Securities representatives say that it will be mostly focusing on listing bonds, equities, or funds of private companies around the world that are thinking of ways to go public with tokenization.

As the representative of the company, Paolo Ardoino said, Bitfinex Securities is aiming to become the most liquid exchange around the world. This Hong Kong-based exchange has long been working on different types of innovative features to offer to their customers, The recent step is another way for the company to make trading more accessible for traders around the world.

Where Was The New Platform Established?

According to the official representatives of the exchange, the new platform is based in Kazakhstan and it is regulated by the Astana International Financial Center, AIFC. The authority will be in charge of regulating and overseeing the new exchange platform.

The representative of the company announced that Bitfinex Securities has been trying to get a license in Astana for over 18 months. As it was noted, the company has only received a conditional investment exchange license for now.

According to the regulations and policies of Bitfinex, any of the traders who are interested in the services of the new platform are required to complete the KYC as well as verification processes to be able to trade.

The Know Your Customer and verification processes might take you some time but it is created for highest safety standards. In addition, it should also be noted that the new platform will not be available in the USA as well as some European countries.

Making Trading More Accessible

Established in 2012, Bitfinex has long been known as a company working very hard towards further adoption of cryptocurrencies and popularization of the crypto trading market. Initially established as a P2P margin lending platform for only.

Bitcoin, the company has transformed its services a lot and welcomed numerous other cryptocurrencies on their platforms. The company offers crypto exchange services to numerous jurisdictions around the world.

The company is known for having a huge user base in the UK, Japan, and many European countries. The services of the company include margin trading, a well-developed trading platform, Over-the-Counter services, derivatives trading, and so on.

Bitfinex makes trading more accessible for everyone around the world. To make investing in cryptocurrencies even easier, the exchange has partnered up with numerous software development companies and now offers crypto traders access to trading automation.

There are numerous crypto trading robots that you can use on Bitfinex, which makes investing in crypto assets even easier. Trading cryptocurrencies can be quite hard for beginner traders, especially because it takes a lot of energy and time for market analysis. When it comes to analyzing the market data, there always is some type of limit to the amount of data humans can analyze.

On the other hand, crypto trading robots are able to analyze huge chunks of data in a matter of minutes, which makes them very helpful for crypto traders. Apart from that, modern crypto trading robots are also able to not only analyze the market but actually trade cryptocurrencies for investors.

For trading automation, Bitfinex offers a robust API key management system that allows traders to use a wide range of third-party trading software. Although the exchange does not offer built-in trading bots, you can use almost any of the available bots in the industry by connecting your trading account to the robot using the API key.

Thanks to the huge dedication towards making crypto trading more accessible, many people view Bitfinex as one of the leading crypto trading exchanges in the market. The company has taken many steps over the past few years to make investing in cryptocurrencies more accessible around the world. There are over 250 pairs available at Bitfinex for trading, which makes it a great platform for crypto trading.

The recent Bitfinex Securities platform established by the exchange further increases the opportunities created for crypto traders. It once again shows how much Bitfinex is focused on further expansion and more diversification.

Business Economy Finance

UK Watchdog bans cryptocurrency exchange Binance

The UK’s Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group, the media reported.

The watchdog didn’t say just why it blocked Binance but noted that an “imposition of requirements” kept Binance from operating.

Binance has until June 30 to confirm that it’s honoring the FCA’s demands, citing Financial Times, Engadget reported.

According to the report, in the past, it said it took regulatory obligations “very seriously” and was “committed” to honouring the rules wherever it operated.

Binance is one of the largest crypto exchanges on the planet, with locations around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021.

The FCA’s crackdown could not only limit trading in a major market but hurt the company’s reputation. It’s not clear how easily Binance can address its situation, but it’s under more than a little pressure to act quickly.

Binance told Engadget this shouldn’t have a direct effect on activity through its main website.

Binance Markets Limited is legally separate and has “not yet launched” its UK business, the company said.

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