INDIA: InCred Money, the retail wealth-tech arm of the InCred Group, announces the launch of Digital Gold & Silver in partnership with MMTC-PAMP, a joint venture between PAMP SA (Switzerland) and MMTC Ltd., a Government of India enterprise, and India’s only LBMA-accredited Good Delivery Gold & Silver refiner. With a starting investment of just ₹10, the product aims to turn India’s everyday spenders into everyday savers.

In an era of impulse spending, where ₹100 snacks and ₹300 online deals are just a swipe away, the habit of saving is fading. InCred Money is bringing it back — with a minimum ₹10 Digital Gold & Silver purchase at a time – making gold and silver accessible to everyone.

What makes this product truly unique is the flexibility it offers. With just a click, your holdings can be redeemed anytime, 24/7, with money instantly transferred to your bank account. For the investors or consumers, preferring holding physical gold or silver products can also redeem them for 24K, 999.9 (99.99%+ purity) purest gold and silver coins and bars from MMTC-PAMP delivered securely to your doorstep with guaranteed purity and safety. Every MMTC-PAMP product is crafted with the Finest Swiss Craftsmanship, carries a unique number, and comes packaged in Assayer Certified Minted Cards.

“Savings should feel as natural as spending.”
“People need a convenient and relevant way to begin their savings,” said Vijay Kuppa, CEO of InCred Money. “Digital Gold & Silver on our platform blends seamlessly into daily life, much like spending does. Whether it’s a chai break, a quick recharge, or a late-night snack, now every ₹10 saved can build something meaningful.”

“AtMMTC-PAMP, we cater to the ever-evolving needs and purchasing preferences of customers. This platform allows for consumers and investors to avail the purest gold and silver minted products with 99.99%+ purity as a means to diversify their investment portfolio or for any traditional celebration,” said Samit Guha, Interim CEO and CFTO, MMTC-PAMP.

The biggest advantage lies in the ability to invest in small amounts digitally and gradually build a meaningful holding. Once your accumulated savings reach a desired size, you can choose to redeem them in cash or physical form. This approach not only makes disciplined saving easier but also allows you to lock in gold or silver prices at any point in time, protecting you against future price fluctuations.

Unlike traditional gold purchases, Digital Gold & Silver offer the same value without the hassle — no storage concerns, no high entry barriers, and complete liquidity. It’s wealth you can build flexibly, securely, and at your own pace.

Key Features of InCred Money Digital Gold & Silver
– Start Small: Saving from just ₹10
– Full Flexibility: Buy or sell instantly on the InCred Money app
– Live Market Prices: Transparent and real-time updates
– Safe & Insured: Vault-stored by MMTC-PAMP, India’s most trusted refinery
– Automated SIP: Set up SIPs — daily, weekly, or monthly
– Easy Redemption: Convert to cash anytime or receive physical gold/silver at your doorstep
– No Demat Required: 100% digital and hassle-free

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BENGALURU: super. money, a credit-first UPI service platform, today officially launched its app, after a successful beta phase. During the beta phase, the app witnessed close to one million downloads, driving over 10 Million transactions, showcasing significant adoption of the app. super.money has also finished testing out a first of its kind, credit on UPI solution, and has started a waitlist program for the same. super.money’s first solution is a  RuPay credit card that operates like an interest-bearing wallet on UPI rails and is touted to be a global first.

super.money launched its UPI offerings with a strong focus on enhancing rewards & credit experiences for everyday transactions. The app offers up to 5 percent cashback on every merchant transaction and special offers from partner merchants including Flipkart and Myntra.

super.money is transforming payments into a social and engaging experience with its innovative rewards programs like superNameDrop, Raffle, and Meme-Money. superNameDrop is a construct where users can earn instant cashback by sending money to someone with the featured name of the week. Raffle, which is slated to launch soon, offers users the chance to win exciting prizes, while Meme-Money adds a social element to financial transactions, making them both engaging and rewarding.

Backed by the aim to tap into India’s growing consumer credit opportunity, super.money has integrated with NPCI’s RuPay infrastructure for its co-branded credit card. Since its inception, UPI QR codes have quickly surpassed POS systems while unlocking new payment and credit use cases that may not have existed before. As per recent reports, the cost of credit acceptance for merchants has dropped to zero on smaller-value transactions – a global first – which is expected to significantly boost UPI adoption in India.  Credit on UPI will materially change the borrower profile, and in turn, accelerate retail credit adoption in the country. This is also set to bring users from Tier 2 and Tier 3 India into the realm of formal credit.

In the coming months, super.money plans to introduce a range of financial products in partnership with leading financial institutions, including a co-branded credit card, fixed deposits (FDs), and instant pre-approved personal loans, catering to the diverse financial needs of Indian customers. super.money aims to democratize access to financial services by leveraging the UPI infrastructure, which is aligned to the Government’s larger vision of financial inclusion.

Prakash Sikaria, Founder & CEO of super.money, said, “The timing of super.money’s app launch is incredibly opportune, coming on the heels of UPI crossing ₹20 trillion in transactions for the third consecutive month. Our beta phase was instrumental in shaping the super.money experience, particularly in how we innovate at the forefront of credit on UPI. The digital payments landscape in India is brimming with opportunities but the real potential lies in integrating financial services on UPI rails in a simplified way. We have started with innovating on credit products as it does an important job of introducing millions of Indians to formal credit infrastructure. At super.money, our vision goes beyond being just a payment platform. We aim to redefine how users engage with financial services, making them more accessible, rewarding, and aligned with the government’s vision for a digitally empowered India.”

Currently, super.money has partnered with a wide range of financial institutions to power financial services. The super.money app is currently available to all Android users and is soon to be launched on the iOS platform.

As per NPCI, credit transactions on India’s flagship payments platform Unified Payments Interface (UPI) are reaching Rs 10,000 crore each month. This presents a vast opportunity for fintech companies to make credit more convenient for consumers.

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In a concurrent action, the Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty of $15 million for violations of the BSA. The payment of $15 million to the United States Department of the Treasury will satisfy both FDIC and FinCEN assessments.

The New York State Department of Financial Services has also imposed a civil money penalty of $10 million against Shinhan Bank America for violations of state AML laws and regulations.

The FDIC has determined that the bank failed to implement an adequate AML program over an extended period of time. The inadequate BSA/AML internal controls resulted in the bank being unable to adequately identify and manage illicit financial activity risk to the institution.

Shinhan Bank America has been ordered to pay the civil money penalty. The bank has not yet commented on the matter.

The post Shinhan Bank America Fined $30 Million for Violating Anti-Money Laundering Regulations appeared first on NRI News.

YAOUNDE, CAMEROON: The rapid growth of mobile money technology has disrupted the financial sector in Sub-Saharan Africa, fuelling social-economic transformation in many countries and the growth has provided considerable benefits to citizens looking to access reliable financial services.

In fact, Africa accounts for 70% of the world’s $1 trillion USD mobile money value. In 2021, the value of Africa’s mobile money transactions increased 39% to $701.4 billion USD from $495 billion USD in 2020, highlighting the future of banking in the continent as mobile money reduces transaction costs for users and helps households to manage their cash flows more effectively, manage risk and build working capital.

In Cameroon, the rise of mobile money has enabled 98% of the population to be covered by a mobile GSM network (2G and above), accelerating financial inclusion and improving the welfare of low-income households.

However, criminals have also discovered the opportunity this presents, and the National Agency for Information and Communication Technologies (ANTIC) reported that cybercrime caused financial losses of 12.2 billion CFA Francs to the Cameroonian economy in 2021, double the losses reported in 2019. These losses were primarily due to scamming, and phishing, a technique used by fraudsters to obtain personal information to perpetrate identity theft amounted to 6 billion CFA Francs.

With these developments, managing security and privacy in a dynamic and vulnerable environment remains crucial. WorldRemit, a leading global payments company, has identified the top four money transfer scams occurring in the industry in 2023 that Cameroonian residents should look out for.

The four scams include email scams, such as taxation scams, where scammers impersonate the ATO, and online dating scams, where scammers can play on emotional triggers to get you to send money. In 2021, Interpol’s African Cyberthreat Assessment Report indicated that the highest-reported and most pressing cyber threat in Africa was indeed online scamming.

Additionally, online shopping scams, such as overpayment scams, where scammers ask you to ‘refund’ an overpayment before you realize the credit card has been stolen or a payment receipt is fake, and Facebook impersonation scams, including money flipping scams that promise quick cash if you invest.

“WorldRemit takes online security very seriously and we understand many of the tricks and techniques behind some of the most popular scams. We want to educate Cameroonians on what scams look like so that our customers can understand what to avoid and protect themselves from getting scammed,” said Imane Charioui, Director of Francophone Africa at WorldRemit.

“Always double-check who is asking you to send money, and if you are not comfortable with the transaction, don’t pursue it. Also avoid using third-party intermediaries, or agents who offer to make transactions on your behalf, and if you need to transfer money overseas, once you have checked the recipient, use a trusted money transfer service like WorldRemit to ensure that your money does arrive in time.”

Imane Charioui shares her top tips to avoid these four popular money transfer scams.

Tips for avoiding email scams:

Don’t click on links or open attachments in an unsolicited emails.
Check the sender’s email address matches the website address of the organization it says it’s from.
Be wary if the email doesn’t use your name and says something like “Dear customer”.
Avoid emails with a sense of urgency, asking you to act at once.
Beware of emails with poor grammar and spelling mistakes.
Never share personally identifiable information with someone who has contacted you unsolicited. This includes banking and credit card information, your birth date, and Social Security/ Social Insurance numbers.
Keep your devices updated with antivirus software to protect yourself from any malware.

Tips to avoid online dating scams:

Don’t trust those asking for you to share money, gifts, or your bank account/credit card details.
Use social media channels and online to see whether their dating profile is consistent with their other online profiles.
As a rule, we advise that you shouldn’t send money to someone unless you have met them in person or via video.

Tips for avoiding online shopping scams:

Make sure that the website has ‘https’ in the URL (the extra ‘s’ is for ‘secure’) and a small lock icon on the address bar. Even then, the site could be unreliable.
Read reviews about the quality of the merchandise, and make sure you’re not buying cheap and/or counterfeit goods.
Check on the website for a clear refund policy and method of contact should you have a customer query.
The website should not include an option to use an IMT to make the payment.

Tips for avoiding impersonation scams:

Don’t accept friend requests from people you don’t know and have never met.
Don’t share your password with others.
When logging in, use two-factor authentication.
Avoid connecting to public and free Wi-Fi networks.
Keep your browser and apps updated.
Add an added layer of security and use proactive cybersecurity software.

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