Kiya.ai, a leading fintech company based in India, marks its global expansion in the South East Asia Region with a strategic focus on partnering with a multitude of financial institutions. The company marks its presence in the Philippines, starting with Country Builders Bank, Inc. (CBB) – a prominent rural bank. CBB serves a diverse clientele across the Philippines region – Metro Manila, Cavite, Laguna, Rizal, and Bulacan areas.

CBB has partnered with Kiya.ai for a comprehensive suite of banking solutions, including Core Banking, Loan Origination, Loan Management, Anti-Money Laundering (AML), Mobile Banking, and Internet Banking tailored for both retail and corporate clients. Kiya.ai is currently working with 650+ financial institutions and aims to onboard around 20 financial institutions in the Philippines in next three years.

Rajesh Mirjankar, MD & CEO of Kiya.ai, said, “We are excited to mark our presence in a geography like the Philippines, where the banking ecosystem is very dynamic and rapidly evolving. Like many other countries, the Philippines has witnessed a significant shift towards digital banking in recent years. Traditional banks have been investing heavily in digital infrastructure to offer online and mobile banking services, allowing customers to perform transactions conveniently from their smartphones or computers.”

“There has been a transformation of perception for Indian Fintech companies globally. Indian Fintechs like us have proven our capabilities in product development, innovation, and scalability, particularly in areas like UPI, Aadhar, Jan Dhan Yojana, etc., and this has given us a competitive advantage to expand globally,” Mirjankar added.

Amit Sharma, President of Kiya.ai, said,”The Philippine economy has transformed significantly, emerging as one of Southeast Asia’s fastest-growing with a 5.9% year-over-year growth rate. This diversity-rich growth offers abundant opportunities for financial institutions and companies to expand. We are excited to begin our journey in the region, committed to empowering global financial institutions with cutting-edge technology, driving digital innovation, and delivering unmatched value to customers. With partnerships like CBB, we aim to revolutionize the Philippine banking landscape, enhancing efficiency and fostering sustainable growth. We look forward to a fruitful collaboration and the positive impact of our advanced banking solutions on CBB’s success.”

Ismael R. Sandig, President and CEO of CBB, said, “Over the last decade, CBB has emerged as a key player in the rural banking sector, being at the forefront of the phygital (physical-digital) banking revolution. Our collaboration with Kiya.ai testifies to our commitment to enhancing customer experiences, streamlining operations, and driving sustainable growth. Kiya.ai has proven to be a trusted fintech partner for financial institutions globally, and with their innovative solutions, we are poised to embark on a transformative journey towards digital excellence.”

In January of this year, Kiya.ai teamed up with Arab Financial Services (AFS) to elevate the technological landscape of the banking and financial services sector in the 20 countries of the Middle East and Africa.

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Prime Minister Narendra Modi on Saturday left for the United Arab Emirates after concluding his two-day visit to France. Modi, who was the guest of honour at France’s Bastille Day celebrations, was conferred with the country’s highest civilian and military honour, the Grand Cross of the Legion of Honour.

Describing the visit as a memorable one, Modi said it gave him immense pride to watch the Indian contingent get a “pride of place” in the Bastille Day parade. “I am grateful to President @EmmanuelMacron and the French people for the exceptional warmth and hospitality. May India-France friendship continue to soar! Modi tweeted.

During the visit, Modi held wide-ranging talks with Macron and French CEOs to discuss avenues to improve partnership between the two countries. In his address to the Indian diaspora on Thursday, Modi announced the launch of India’s United Payment Interface (UPI) in France. He also announced the opening of a new Indian consulate in the port town of Marseilles, and added that Indian students pursuing a masters degrees in France will be granted five-year post-study work visas. Macron on Friday hosted a banquet dinner for Prime Minister Modi at the Louvre Museum in Paris.

Defence cooperation will remain a strong pillar of the India-France relationship, both countries asserted. India and France on Friday vowed to build a balanced and stable order in the strategic Indo-Pacific region. The two countries released an ‘India-France Indo-Pacific Roadmap’ in the wake of growing concerns over China’s assertiveness in the region.

Modi in UAE

The prime minister’s trip to Abu Dhabi, after the France visit, will mark the completion of the triad. During his two-day visit, Modi will hold talks with Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi.

According to reports, defence, energy and food security will be the key areas of focus during Modi’s visit and the countries will review the progress of the UAE-India Comprehensive Economic Partnership Agreement (CEPA)—the landmark trade agreement inked in 2022. The UAE has also pledged $2 billion to help develop a series of “food parks” in India to tackle food insecurity in South Asia and the Middle East, Reuters reported.

UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said that its economic partnership with India is a significant milestone in the history of both countries. Speaking in an interview, Zeyoudi further said that the CEPA has delivered new growth opportunities for India and the UAE by “removing or reducing tariffs on 80 per cent of goods, eliminating unnecessary barriers to trade and opening government procurement to each other’s private sector,” ANI reported.

Zeyoudi highlighted the UAE’s investments in industry, healthcare and logistics and also stressed on the proposed renewable energy projects including a 300-megawatt hybrid energy plant.

Zeyoudi added that the UAE-India non-oil trade is expected to reach $100 billion a year by 2030.

This is Modi’s fifth trip to the Gulf country since assuming office in 2014.

Dirham-Rupee trade

India and the UAE may announce the start of a rupee-dirham payment mechanism to settle bilateral trade during Modi’s visit on Saturday, sources told Reuters. If this mechanism comes into play, India could avoid dollar conversions and use this pay for oil as well as other imports from the UAE. Bilateral trade between India and UAE was $84.5 billion in 2022 -23.

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A 23-year-old Indian student was beaten up with iron rods by Khalistan supporters in Australia for opposing the activities of extremist elements, a media report said on Friday.

The student was on his way to work when he was attacked by assailants chanting “Khalistan Zindabad” in Sydney’s western suburb of Merrylands, The Australia Today news portal reported.

“Today, morning at 5.30 am when I was going to work, some 4-5 Khalistan supporters attacked me,” the student, who preferred anonymity, was quoted as saying.

“As soon as I sat in my driving seat, these Khalistan supporters came out of nowhere. One of them opened the left side door of my vehicle and hit me with an iron road on my cheekbone under my left eye,” he said.

The student, who also works as a driver, said he was then dragged out of the vehicle and beaten with iron rods. He added that two of the assailants also video-recorded the attack.

“They were repeatedly raising the slogan “Khalistan Zindabad” the whole time,” he was quoted as saying in the report.

“Everything happened within 5 minutes, and they left saying this should be a lesson for me for opposing the Khalistan issue. If not, they are ready to give me more lessons like this,” he said.

The New South Wales (NSF) Police were informed about the incident, and the Indian student was taken to Westmead Hospital with major injuries to his head, leg, and arm, the report said.

“Police have been told a 23-year-old man was walking along Rupert Street before he was assaulted by four men armed with a metal pole,” a police spokesperson was quoted as saying in the report.

“The 23-year-old was allegedly kicked, punched, and hit with the metal pole repeatedly before the four men left the scene in a grey sedan,” the spokesperson added.

Member of Parliament for Merrylands said, “There is no place in our local community for extremism or violence of any kind. I have contacted the relevant authorities regarding this incident and will monitor the situation as it unfolds.

In January, two separate brawls broke out between Khalistani activists and pro-India demonstrators in Melbourne during the so-called ‘Punjab independence referendum’.

India had asked the Australian government to curb the anti-India activities of the Khalistani separatists and frequent attacks on the Hindu temples in the country.

In the name of freedom of expression, space should not be given to those advocating violence or legitimising terrorism, External Affairs Ministry spokesperson Arindam Bagchi said in New Delhi recently, amidst a spurt in anti-India activities by the Khalistani groups in some countries.

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India’s most successful payments system UPI will be used in France, Prime Minister Narendra Modi said while addressing the Indian community in Paris today.

“India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees,” PM Modi said, referring to the Unified Payments System, or UPI.

Allowing UPI in France will open up huge possibilities in the way Indians can spend. UPI will be able to do away with cumbersome forex cards and avoid the need to carry cash to spend.

PM Modi began his France visit with “fruitful” meetings with his French counterpart Elisabeth Borne and Senate President Gerard Larcher, during which he discussed ways to impart new impetus to India’s multifaceted cooperation and time-tested strategic partnership with the key European nation.

India’s UPI powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood. It also caters to “peer to peer” collect request, which can be scheduled and paid as per requirement and convenience.

The National Payments Corporation of India (NCPI) conducted a pilot launch with 21 member banks in April 2016. Since then, UPI use has seen tremendous growth. Even hawkers accept UPI payment for as little as ₹ 5 or 10 for a cup of tea.

In 2022, the NPCI signed an MoU with France’s fast and secure online payment system, called Lyra. This year, UPI and Singapore’s PayNow signed an agreement, allowing users in either country to make cross-border transactions.

NPCI International is in talks to extend UPI services in the US, other European countries and West Asia.

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Prime Minister Narendra Modi, who is on an official visit to France, has been conferred with the country’s highest honour, the Grand Cross of the Legion of Honour, by French President Emmanuel Macron.

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Prime Minister Narendra Modi is set to receive a prestigious recognition during his visit to France, as he will be the guest of honour at the Bastille Day 2023 military parade. The parade, taking place in Paris, will feature French and Indian soldiers marching down the iconic Champs-Elysees avenue. As a symbolic display of cooperation, the Indian Air Force‘s Rafale fighter jets, purchased from France in 2015, will participate in the fly-past over the renowned Arc de Triomphe.

Modi’s visit to Paris began on July 13 and is expected to strengthen the defence ties between the two nations. Recently, India granted initial approval for the acquisition of 26 additional Rafale jets for its navy, along with three Scorpene class submarines. These defence deals, which are estimated to be worth around ₹74,000 crore ($9.75 billion), demonstrate the growing collaboration between India and France in the Indo-Pacific region.

France has been a longstanding partner of India, notably refraining from imposing sanctions after India conducted nuclear tests in 1998. The Indian Air Force has relied on French fighter jets for over four decades, including the Mirage jets acquired in the 1980s. With the ageing fleet of Russian-made planes and delays in indigenous manufacturing plans, India’s new defence agreements with France have become necessary, Reuters reported.

In addition to the military parade, Modi will engage in talks with French President Emmanuel Macron at the Elysee Palace, followed by a state banquet held at the Louvre Museum. France, seeking to strengthen its alliance network in the Indo-Pacific region, views the strategic partnership with India as crucial. Both nations share interests in the Indian Ocean and harbour concerns over China’s increasing assertiveness in the region.

This visit comes shortly after President Joe Biden of the United States hosted Modi for a state visit, during which the US offered military technology and cooperation. Macron’s invitation to Modi for the Bastille Day military parade is a significant gesture, with the French President having extended a similar honour to former US President Donald Trump in 2017.

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The Russian invasion of Ukraine has been catastrophic for the country with thousands of innocent civilians losing their life and properties worth hundreds of billions being destroyed. But former US President Donald Trump believes he would have prevented all this destruction with his personality if the people of America voted him to the power in 2020 Presidential Elections. Volodymyr Zelensky responded to Donald Trump’s claim and said the desire to end the war should be based on real-life experiences.

“My personality kept us out of war. And I told you before, [it] would have never happened with Russia. Putin would have never ever gone in. And even now I could solve that in 24 hours. It’s so horrible what happened. Those cities are demolished now,” Donald Trump said.

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The International Monetary Fund (IMF) has approved a much-awaited $3bn bailout for Pakistan, a move that is likely to help prevent the South Asian country from defaulting on its debt repayments.

In a statement on Wednesday, the IMF said its executive board gave the green light to the nine-month standby arrangement “to support the authorities’ economic stabilisation programme”.

This follows a staff-level agreement between the fund and Pakistan announced last month. The latest approval allows an immediate disbursement of about $1.2bn.

Pakistan has suffered from a balance-of-payments crisis as it tries to service burdensome external debt amid a fraught political environment after the removal of Prime Minister Imran Khan from office last year.

Inflation has skyrocketed, the rupee has reached a record low against the dollar and the country is struggling to afford imports, causing a severe decline in industrial output.

Wednesday’s announcement comes less than two weeks after Pakistan and the IMF agreed to the nine-month plan following a series of meetings with Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and other officials.

“The arrangement comes at a challenging economic juncture for Pakistan. A difficult external environment, devastating floods and policy missteps have led to large fiscal and external deficits, rising inflation and eroded reserve buffers,” the IMF said.

Sharif welcomed the IMF’s decision, saying it was a major step forward in the government’s efforts to stabilise the economy and achieve macroeconomic stability.

“It bolsters Pakistan’s economic position to overcome immediate to medium-term economic challenges, giving the next government the fiscal space to chart the way forward,” he said in a tweet.

Sharif has been trying to overcome the economic crisis since he came to power after Khan was removed in a no-confidence vote in parliament in April 2022. Pakistan’s economy witnessed another shock last year when devastating floods killed 1,739 people, destroyed 2 million homes and caused $30bn in damage.

Pakistan has brokered close to two dozen arrangements with the IMF, most of which have not been completed.

In the days before the decision was approved, Pakistan received $3bn in deposits from Saudi Arabia and the United Arab Emirates.

The money from the two Gulf countries boosted Pakistan’s foreign reserves to $7.5bn, more than double its account balance last week.

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Lakshya Sen defeated Japan’s Kenta Nishimoto by 21-17, 21-14.

Commonwealth Games gold medalist Lakshya Sen stormed into the final of the men’s singles competition of the ongoing Canada Open 2023 while Olympic medalist PV Sindhu crashed out of the women’s singles competition in the semifinal on Saturday. In the semifinal, Lakshya defeated Japan’s Kenta Nishimoto by 21-17, 21-14. Sen was absolutely dominant against the World number 11 shuttler. The first set was a closely fought one, with Lakshya leading the game by 10-9 halfway.

The World number 19 shuttler continued with his momentum to win the game. Lakshya continued with his momentum in the next game, winning it to seal the match in 44 minutes.

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In a dramatic finale in Batumi, Spain captain Abel Ruiz had a 99th-minute penalty saved by Manchester City goalkeeper James Trafford to preserve England’s record of not conceding a goal all tournament.

England won the under-21 European Championship for the first time since 1984 as Curtis Jones’ goal beat Spain 1-0 in Saturday’s final. In a dramatic finale in Batumi, Spain captain Abel Ruiz had a 99th-minute penalty saved by Manchester City goalkeeper James Trafford to preserve England’s record of not conceding a goal all tournament. “I told everyone this morning I was going to save a pen, and when it was a penalty I knew I was going to save it,” said Trafford, who has been strongly linked with a £19 million ($24 million) move to Premier League newcomers Burnley.

“We are a very good team and we believe that no one can score against us and we showed it.”

Lee Carsley’s men won all six games in Georgia and Romania to continue a golden age for England’s youth sides

The Three Lions are also reigning European champions at under-19 level and won the under-17 and under-20 World Cups back in 2017.

There was a hint of fortune about the only goal as the ball struck Jones from Cole Palmer’s free-kick in first-half stoppage time and looped into the far corner.

Spain did have the ball in net after the break when Ruiz headed home only to be denied by the offside flag.

The Braga striker had an even better opportunity 20 minutes from time when he headed wide with the goal gaping.

England could also have put the five-time winners away before an incredible ending as Arnau Tenas made fine saves to deny Jones and Noni Madueke a second.

But they needed Trafford to produce some heroics at the death.

He parried Ruiz’s spot-kick and a follow-up effort from Aimar Oroz to spark wild celebrations among the England players and coaching staff.

The drama did not end there as Morgan Gibbs-White and Antonio Blanco, who had already been substituted, were both shown red cards.

Earlier, former Chelsea and Arsenal left-back Ashley Cole, who is part of the England coaching staff, had also been dismissed from the bench.

But in front of the watching Gareth Southgate, England held on to go one better than the senior side managed in losing the Euro 2020 final two years ago.

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