PhonePe Launches Account Aggregator Services
PhonePe Pvt. announced the launch of its account aggregator services through its wholly owned subsidiary PhonePe Technology Services Pvt. on Tuesday.
This comes after the company received the NBFC-AA license from the Reserve Bank of India in August last year.
"The account aggregator service will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies and tax filings, with regulated financial institutions or FIUs (financial information users) for several use cases, such as applying for loans, buying new insurance, getting investment advice, etc," it said.
PhonePe has tied up with financial information providers such as Yes Bank, Federal Bank and AU Small Finance Bank as part of the launch.
"Several other FIPs, including large banks, are likely to get integrated before the end of June," the company said.
The account aggregator service has been built as a micro-app within the larger PhonePe app.
The Bengaluru-based fintech, valued at $12 billion, is at the closing stages of a $1-billion fundraising exercise. It has already raised $850 million of primary capital from investors such as General Atlantic, Ribbit Capital, Tiger Global Management LLC and TVS Capital Funds.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
