Finance
Unity Bank & Uncia unveil Uncia Chain, a Supply Chain Finance Platform
By Gloria Mathias
Today
- Digital Bank
- Digital Lending
- fintech India
Uncia Technologies has announced the introduction of Uncia Chain, its Supply Chain Finance platform, at Unity Small Finance Bank (Unity Bank), a new-age, digital-first bank.
Uncia Technologies is a pure-play SaaS product company in the digital lending space, and its digital loan origination, loan management, and supply chain finance platforms enable efficient processing and accurate daily lending transactions across banks and NBFCs in India.
Uncia Chain, its Supply Chain Finance (SCF) platform, is designed to provide a hassle-free implementation journey for its customers. It offers a feature-rich product suite that houses all the business constructs that the physical supply chain industry looks up to for its financing needs.
It manages to handle all functions of a three-party financing construct by bringing buyer, seller, and lender into one platform and by providing templatized variations of all onboarding and transaction journeys that occur between these parties. Uncia’s ability to be cloud-agnostic, database-agnostic, and efficient in ERP integration constructs has enabled it to elevate Uncia Chain to a highly configurable, rapid deployment framework. The implementation of the Uncia Chain for Unity Bank was accomplished in less than 100 days.
G.L Kumar, Chief Business Offer – Business Banking, Unity Bank, said, “Unity Bank is committed to delivering a seamless digital banking experience, and this collaboration with Uncia Chain aligns perfectly with our mission. Uncia Chain’s robust and agile platform provides us with a seamless and rapid deployment framework. We are particularly impressed with their cloud-agnostic and database-agnostic capabilities, which align perfectly with our vision of collaboration and open architecture.”
Hari Padmanabhan, Chairman, of Uncia Technologies, said, “Reaching this milestone serves as a testament to our steadfast pursuit of excellence and customer satisfaction, achieved by leveraging our pre-configured, highly agile, rigorously tested, and supremely secure SCF platform. One of the most notable accomplishments of this enterprise, Go-Live, was its migration from the existing platform and completion in less than 100 days. We look forward to working with Unity Small Finance Bank as it leverages the robust capabilities of our platform to support its ambitious plans.”
Previous Article
Cedar-IBSi FinTech Lab: Success in 2023, ambitious expansion in 2024!
Read More
Finance
‘Partisan politics’: how efforts to overturn the Johnson amendment could upend campaign finance
Donald Trump has long promised his evangelical base he will undo the Johnson amendment, allowing churches and other non-profits to weigh in on and donate to political campaigns – and his path to doing so is now clearer than ever.
A provision of the tax code since 1954, the Johnson amendment prohibits all tax-exempt non-profit organizations from making political endorsements in – or offering monetary support to – political campaigns. If the president-elect succeeds in overturning it through any of a few available methods, experts say it could have the profound effect of opening up a flow of dark money into politics.
“I think it’ll have as big, or a bigger impact than Citizens United,” said Andrew Seidel, a constitutional attorney and expert on Christian nationalism. “I don’t think people are fully prepared for a country in which churches can accept tax deductible donations in the billions of dollars and then turn around and use that money for partisan politics.”
With a likely narrow majority in the US House of Representatives and the Senate, Trump has multiple avenues to challenge the provision. He could try to push Congress to take legislative action. He could attempt to unwind parts of the provision through executive action, an approach that would likely be subject to litigation. Or, he could involve the Department of Justice – which he has vowed to mobilize politically – in a key, ongoing Texas lawsuit threatening the law.
During Trump’s first term, he failed to deliver on his promise to destroy the amendment. Congress failed to roll back the regulatory measure and in an executive order gesturing at the issue, Trump only advised the treasury to take a lenient posture on the political speech of clergy – “to the extent permitted by law”.
Now, with a lawsuit filed in Texas making its way slowly through the courts, Trump has yet another avenue to chip away at legal limits on churches’ political activity. The complaint, filed against the IRS by National Religious Broadcasters, two Texas churches and the group Intercessors for America – whose mission includes a “call for godly government” – seeks to find the Johnson amendment unconstitutional.
It claims that churches are subject to “unique and discriminatory status” under the tax code and that the IRS “operates in a manner that disfavors conservative organizations and conservative, religious organizations” in enforcing the law.
Named after its author Lyndon B Johnson, the Johnson amendment is inserted into section 501(c)(3) of the tax code to prevent certain non-profits from “participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office”. The law also notes that “contributions to political campaign funds” would “clearly violate” the provision.
Some churches already flaunt the law’s requirement to refrain from endorsing political candidates – a trend that the Texas Tribune has documented. Repealing the Johnson amendment would allow churches to go further, including potentially donating to partisan causes. Because churches, unlike other non-profit organizations, are not required to file 990 forms disclosing key financial information to the IRS, such an arrangement would allow for little public oversight.
Representing National Religious Broadcasters on the complaint is Michael Farris, the former CEO of the powerful rightwing legal outfit Alliance Defending Freedom and a driving force behind the “parental rights” movement, which seeks to limit schools’ ability to teach about race, gender and sexuality in the classroom. Like the conservative “parental rights” movement, the push to do away with the Johnson amendment could chip away legal barriers separating church and state.
In the short run, overhauling the provision could, Seidel said, allow churches to function effectively as Super Pacs, accepting tax-deductible donations from politically-motivated donors and channeling them into political causes. Such a scenario could, Seidel cautions, force churches to subject themselves to the same financial disclosures that Super Pacs face.
“The church could be the subject of litigation, but then again, who’s going to be running the IRS? Who’s going to be enforcing that?” said Seidel. “It’ll be the Trump administration.”
Finance
9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival
HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.
Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.
For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.
The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.
As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.
Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service
The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.
Finance
Brazil's Finance Minister Signals Uncertainty Over Fiscal Package Announcement This Week
-
Culture1 week ago
Try This Quiz on Books That Were Made Into Great Space Movies
-
Health6 days ago
Lose Weight Without the Gym? Try These Easy Lifestyle Hacks
-
Culture6 days ago
The NFL is heading to Germany – and the country has fallen for American football
-
Business5 days ago
Ref needs glasses? Not anymore. Lasik company offers free procedures for referees
-
Technology1 week ago
Amazon’s Echo Spot alarm clock is on sale with a free color smart bulb
-
Sports5 days ago
All-Free-Agent Team: Closers and corner outfielders aplenty, harder to fill up the middle
-
News3 days ago
Herbert Smith Freehills to merge with US-based law firm Kramer Levin
-
Technology4 days ago
The next Nintendo Direct is all about Super Nintendo World’s Donkey Kong Country