Which company has launched its first international payment gateway for the Malaysian market with Curlec?

Daily Current Affairs

Paytm

PhonePe

Razorpay

Pine Labs

Correct Answer : Razorpay

Razorpay has announced the launch of its first international payment gateway for the Malaysian market with Curlec, now known as ‘Curlec by Razorpay’.

* In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech Curlec at a valuation of $20 million with an aim to fuel its global expansion plans. The balance stake acquisition was to be completed in 2023.

* The company currently works with over 700 Malaysian businesses, including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation.

* “The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM10 billion ($2 billion) in annualized gross transaction value (GTV) by 2025," Razorpay said in its statement.

* We have always been aware that simplifying payments is a universal problem. We see great potential in SEA, we recognise the power of payments in Malaysia and what it means for businesses of any kind and size.

* We firmly believe that our extensive experience in operating within the diverse and dynamic market of India has prepared us to tackle different challenges and solve payment problems on a global scale," said Shashank Kumar, managing director and co-founder, Razorpay India.

* Curlec co-founder and CEO Zac Liew added, “With the launch of our Payment Gateway, ‘Curlec by Razorpay’, we are now a full-stack payment solutions provider, combining the might of both worlds - world-class tech capabilities and an understanding of the local payment ecosystem.

In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110% increase in transaction volumes. In the next two years, we expect Curlec to provide an unrivaled payment experience for our customers and target a growth of 10X."..

Source : Mint

Published On : July 14, 2023

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Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

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Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

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GTRI’s Recommendations :

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Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

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Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

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The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024