RBI says doors open for fintech and digital lending development but the governor warns new age firms to play by the books. Big push in the green business for Hero as KKR picks up stake and raises valuation to over $1 billion. Clash on the tech titans in the social media space, YouTube takes on TikTok as it introduces content revenue model for its Shorts platform. Beyond Meat suspends top executive after he allegedly bit off a man's nose during a fight.
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 21. And here is what we are tracking. Weeks after the central bank laid out a set of rules for digital lending apps in response to a new slew of concerns. Reserve Bank of India reassured that doors are open to discuss the grievances of digital lending startups feeling squeezed by the new rules, but also firmly reminded the booming fintechs that they have to stay in their lane and follow rules.
I wish to assure all of you, the FinTech community that the Reserve Bank will continue to encourage and support innovation. At the same time, we should expect the ecosystem to pay attention to governance, Business Conduct, regulatory compliance and risk mitigation frameworks. The FinTech road ahead will witness ever growing traffic, in addition to the existing players who are already there. It is therefore imperative that every player on this road follows the traffic rules for his or her own safety and the safety of the others.
In a big push towards pushing the green businesses, US private equity firm KKR and the hero group will invest four $50 million in Hero future energies. With the new round of funding hero future energies valuation will cross $1 billion in November 2019 Abu Dhabi future energy company picked up a 20 percentage stake in the firm for one $50 million valuing the New Delhi based company at seven $50 million. In tech news, YouTube facing intense competition from short video platform Tik Tok unveiled a new way for creators to make money as it will allow short creators to qualify for the partner program which allow creators to earn ad revenue from YouTube. The Google owned firm announced it would introduce advertising on its video feature shots and give creators 45 percentage of the revenue Beyond Meat Inc, suspended its chief operating officer after he was arrested for allegedly punching and biting his nose. 53 year old Doug ramsI was charged with terroristic threatening and third degree battery and booked in Washington County jail after allegedly assaulting a driver in a parking garage near Razorback Stadium in Arkansas. You have been listening to Roopsha Dasguupta, tune into et play Economic Times latest platform for all audio content.