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New Startup Pushes Personal Finance Into the Hands of Indian Women

New Startup Pushes Personal Finance Into the Hands of Indian Women

Basis, a Bengaluru-based fintech startup, is hoping to change the look of personal finance for Indian women.

In the USA and other developed countries, up to 50% of adults make investments, and half of these are women. In India, this is not the case, with a mere 3% of Indians investing in the stock market, with figures showing that almost none of these are women. A graduate from the Wharton School in the US has decided to do something about the sorry statistics.

Hena Mehta worked on Wall Street before moving back to India to work at enterprise universal payments solutions Ezetap in Bengaluru (Bangalore), India’s third most populated city and hi-tech hub. Her new project is Basis, an online women-focused personal finance startup. Mehta explained:

“The idea was born out of my own pain point: I realized I wasn’t owning my personal finance and investing decisions, even though I have a prestigious MBA and worked in financial services.”

Her new company has recently benefited from an undisclosed amount of seed funding from India/US-based investors Nitin Saigal, Daniel Jacobs and Dahm Choi, having been successful in receiving a SEBI Registered Investment Advisor (RIA) license recently on 25 February.

Mehta wants to transform financial education and financial decision-making for Indian women in the country empowering them to take more control of their financial futures. She commented:

“In the next few years, we expect to be a full-service personal finance platform serving the financial needs of first-time investors, particularly the Indian women.”

Last year, it was reported that Indian women were investing more in cryptocurrency than men.

 

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Accenture: India Needs New Skills for 4th Industrial Revolution

India Needs New Skills for 4th Industrial Revolution

An Accenture report has highlighted that India must improve its skills pool over the next few years to keep abreast of its push to promote the adoption of emerging technologies.

The ‘Fueling India’s skill (r)evolution’ report warns that if the current skills gap can’t be bridged, this could result in the loss of as much as USD 1.97 trillion in GDP growth promised by investment technology.

India currently has a waiting room full of international clients who had previously given up on conducting business in the country, who would otherwise have been first in line had they been given clearer guidelines by the government and seen a change in current punitive regulation.

The client base in India is huge and are more than willing to turn cryptocurrency into Satoshi’s P2P dream. The right words from the present government and the Reserve Bank of India have the potential to kick-start a massive surge of interest in what cryptocurrency can offer across the nation’s 29 states, and further invigorate an already thriving economy.

According to the report, thriving new technologies such as AI, augmented/virtual reality (AR/VR) and blockchain are also ready to take off in India, but not without rapid re-skilling and up-skilling at scale. The report highlights the need for a new much larger skills base in advanced technologies in the country. Chairman and Senior Managing Director at Accenture in India, Rekha M Menon, suggested:

“We must offer more experiential on-the-job training and help people adopt life-long learning as their jobs are transformed. Digital tools and applications — like artificial intelligence, analytics and blockchain — will be essential in delivering these new learning approaches.”

Menon added that such skills simply can’t be learned in the classroom but require essentially “human skills such as creativity, empathy and ethical judgment”.

 

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