Complete News World

ABB exceeds expectations in the first quarter, increases expectations |  Message

Cashless Payments gets RBI approval to launch product allowing purchase of shares listed on foreign exchanges | newsletter

  • The solution enables Indian FinTech companies to offer Indian users investments in listed foreign stocks via UPI or Net Banking
  • Cashfree has tested the solution as part of the Reserve Bank of India’s regulatory sandbox for cross-border payments

Bengaluru, IndiaAnd the 21 July 2022 /PRNewswire/-Free cash paymentsToday, the leading provider of payments and banking API solutions announced that it has acquired Reserve Bank of India (RBI) has received the green light for a cross-border payments product. The approval came after the company successfully tested the solution during the second batch of the Reserve Bank of India under the regulatory protection environment for cross-border payments. The product will enable Indian fintech companies to offer Indian investors an opportunity to buy stocks, ETFs and other assets listed on offshore exchanges through UPI/Net Banking. Cross-border investments fall within the scope of the Reserve Bank of India’s Liberated Remittance Remittance (LRS) programme. According to RBI, a product may be accepted by regulated entities provided that it meets applicable regulatory requirements.

one of One of the most daunting steps for Indians who want to invest in foreign stocks is to fund their accounts abroad. As a general rule, A2 forms must be filled out, a high flat fee must be paid and in many cases a bank branch visit must be made. The Cashfree Payments solution makes the payments process via compliance UPI, Net Banking and LRS fully integrated, seamless and digital. Investors can invest as little as 1000 INR. The solution also offers savings in foreign exchange fees and faster transactions to access funds.

See also  How Baumot Group, Paragon, Hypoport, Coinbase Global, Nikola, and Mologen Provide Topics for Conversation

Using this form, investors can simply log into an app integrated with Cashfree Payments, enter their basic KYC details and start converting in Indian Currency (INR). The company then converts the transferred amount into a foreign currency, for example B-dollars and transfers it to the foreign broker so that the investors can buy the global shares successfully.

While US stocks, mostly major tech and pharmaceutical companies, are the most popular among Indian investors, Cashfree Payments is working with several Indian fintech platforms that aim to offer cross-border investment as an advantage.

Riju Datta, Co-Founder of Cashfree PaymentsHe said: We are pleased to have successfully completed the testing phase for the second batch of RBI within the regulatory protection environment for cross-border payments. This success underscores our efforts in the continuous development of innovative and efficient payment transaction solutions. Our cross-border payments platform is designed to make investing in foreign stocks easier and more convenient by allowing retail investors to make payments using local payment methods. The product was evaluated against various criteria and the evaluation once again emphasizes the flexibility and flexibility that is the hallmark of cashless payment systems. We look forward to working with the Indian fintech ecosystem and giving Indian investors access to international investments.”