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BW Businessworld

TWTW Weekly Wrap Up: Sept 25-Oct 1

"With neobanking gaining traction faster than ever, Banking-as-a-Service has become the habitat for the emergence of new-age Fintechs and simplifying of banking to the consumer." - Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra

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Last Week’s Latest:

  • Atom Computing to spend USD 100 million over the next three years building its next generation of quantum computers in Colorado.
  • Doreen Bogdan-Martin becomes the first woman to be elected as Secretary-General of the UN's main technology agency ITU.
  • In a USD 69 million transaction, SPAC KINS Technology Group has agreed to acquire Inpixon's corporate apps division.
  • Along with Natuvion Group and Apisero, Umvel becomes NTT Data's third acquisition in a single month.
  • According to a Juniper Research estimate, the overall revenue for the banking-as-a-service (BaaS) is estimated to surpass USD 38 billion by 2027.
  • Elev8, backed by Venture Catalysts, has announced a plan for a USD 200 million fund to invest in tech startups.
  • Razorpay acquires PoshVine marking their seventh acquisition as it expands into the loyalty and rewards management space.
  • General Atomics Aeronautical Systems (GA-ASI) partners with Indian artificial intelligence (AI) company 114ai, making it one of the company's first alliances as part of GA-ASI's “Make in India" plan.
  • India records the fastest expanding market for IoT modules with a growth rate of more than 264 per cent - report by Counterpoint Research.
  • India achieves its two-thirds renewable energy goal, 22 per cent increase in solar installations between January and August of 2022 - report by Ember.
Focused Story Of The Week #1: India - The Fastest Expanding Market For IoT

India has recorded the fastest growth for the IoT modules market with a growth rate of more than 264 per cent as reported by Counterpoint Research. The fast expansion of the IoT industry is being driven by increased penetration of affordable devices, cloud computing, analytics and growing consumer expectations.


The Indian IoT story began quietly, but since the introduction of Industry 4.0 and the widespread use of IoT in enabling it, IoT has evolved to become a vital component of enterprises, particularly when it comes to making processes more intelligent. IoT has evolved into IoE (Internet of Everything), which allows everything to be linked at anytime, anywhere, on any network and accessible to anybody.


Today, IoT is used in a wide range of applications, including smart homes, smart parking, smart water-level monitoring, smart healthcare, smart traffic lights, smart waste management, smart solar panels, and so on. 


With the rollout of 5G in India, the capability of IoT will increase manifold and usher in a new era of connectivity, which will define the IoT market in coming years. The opportunity that IoT has, to impact not just businesses, but the day-to-day life of the common man as well, makes it a compelling technology which will help make the world a better place.

"The impact that IoT can have beyond businesses will help unleash its true potential."

Focused Story Of The Week #2: Lidar Sensors: Enabling Tech To Fulfil Its True Purpose

Banking-as-a-Service is bringing forward innovative ways for organisations to construct cutting-edge financial services on top of the provider bank's regulated infrastructure. BaaS providers have made it easier for any organisation, from fintech startups to established platforms, to integrate the financial services traditionally offered by banks.

According to a Juniper Research report, the BaaS sector will be worth USD 11 billion in 2022 and is estimated to surpass USD 38 billion by 2027. Asia Pacific is predicted to grow at the fastest rate during this time due to the region's developing IT infrastructure and increasing emphasis on financial inclusion.

BaaS is a viable option for licensed banks to close the gap between where they are and where they envision themselves in the banking industry. By sourcing products through BaaS, banks can replace their internal procedures and outdated systems.

BaaS providers are enabling banks and Fintechs to provide better financial services, innovation, and a far better customer experience by providing access to financial services offered via third-party APIs. Furthermore, BaaS promotes financial transparency, resulting in seamless and personalised financial solutions for the global banking and Fintech sectors. 

"With neobanking gaining traction faster than ever, Banking-as-a-Service has become the habitat for the emergence of new-age Fintechs and simplifying of banking to the consumer."