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Former Hulu exec is building a go-to remittance app for Indian expats on July 28, 2023 at 10:31 am

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Foreign inward remittances to India have surged significantly in recent years as Indian diaspora expands globally. The past five years have seen a 30% increase, with remittances rising to $89.13 billion in 2021-22 from $69.13 billion in 2017-18, according to official government data. Naturally, a growing number of startups have been quick to spot this upward trend, tailoring their services for Indian expatriates to win them over banks and incumbents such as Western Union, PayPal and MoneyGram. A former media executive is joining the fray.

Nishkaam Mehta, who worked at Hulu as head of its mobile strategy and growth for over four years, is working with India’s media conglomerate Times Internet to build an app for Indian expats and offer them a single solution for all their money-transfer needs. Formerly called Times Club, the app has been rebranded as Abound this month to serve non-resident Indians living around the globe, starting with the U.S.

Abound, available for download on both iOS and Android devices, lets users transfer money to over 130 Indian banks or shop at over 4,000 Indian grocery stores. It also offers its members loyalty and cash-linked rewards and discounts on purchases and access to curated content.

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Mehta decided to enter the fintech market after running some of his “best performing” campaigns at Hulu to bring viewers from competing platforms such as HBO and Netflix, he told TechCrunch in an interview. Like media streaming companies, embedded finance is a lot about moving an audience from one platform to another, he said.

Nishkaam Mehta, CEO of Abound Image Credits: Abound

“Video industry folks are among the best ones when it comes to how you deliver a personalized experience. And that’s what we’re bringing to the table with Abound, too,” said Mehta, who serves as the chief executive of the Times Internet-incubated startup.

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Abound offers a “deeply personalized experience” by anticipating upcoming needs for money remittance of its users and serving them accordingly, alongside giving cashbacks and rewards, he said.

A conversation between Times Internet vice chairman Satyan Gajwani and Mehta sparked the creation of a ‘super app’ for non-resident Indians, he said, subsequently resulting in the launch of Times Club. “I always had an affinity for India,” Mehta said.

Within weeks of its relaunch, Abound is recording daily transaction volumes of $500,000, with the startup setting a target to double this figure in the coming months. Since Times Club’s launch in February 2020, the app has generated a gross merchandise value (GMV) of $65 million through partner rewards and remittances, and Abound estimates the figure to reach a GMV of $90 million by the quarter’s end.

Mehta says that rebranding of Times Club to Abound has not deterred the original product strategy, but has ensured that Abound is a standalone business.

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Image Credits: Abound / Google Play Store

In the Indian neobank space, startups such as Hummingbird Ventures-backed Vance and Y Combinator-backed Swadesh already serve Indian expats. Abound is hoping to leverage its business alliances, primarily derived from the Times Internet’s network, to offer competitive incentives and rewards.

According to Mehta, Abound’s appeal is further amplified by its competitive exchange rates and nominal transaction fees. The firm has carved out a distinctive presence with its user-friendly interface, akin to a “Silicon Valley product”, and speedy transfers. Abound provides free sign-up via Plaid or card issuer rails. Features such as joint accounts and an inclusive membership model for Indian residents are in the works, he said. Premium cards with cross-border usage rights are also slated for future release, extending privileges to users’ kin and acquaintances in India.

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Abound employs a dual-revenue model, partnering with various advertisers for income generation while offering user benefits in the form of cashbacks and rewards. The company is also contemplating introducing additional monetisation strategies, including subscriptions. The motivation for spinning off Abound, according to Mehta, was to entertain strategic investments over time.

Times Internet has invested $10 million into Abound for the initial journey. The funds are earmarked for team expansion from its current strength of 38, increasing marketing efforts to attract a wider audience, and facilitating a geographical reach beyond the U.S. to encompass Canada, the U.K., and the Middle East in the ensuing months.

​ Foreign inward remittances to India have surged significantly in recent years as Indian diaspora expands globally. The past five years have seen a 30% increase, with remittances rising to $89.13 billion in 2021-22 from $69.13 billion in 2017-18, according to official government data. Naturally, a growing number of startups have been quick to spot this 

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Humans Need Not Apply: The AI Candidate Promising to Disrupt Democracy

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The rise of AI Steve, the artificial intelligence candidate running for a seat in the UK Parliament, has sparked a heated debate about the role of AI in governance and the potential disruption it could bring to traditional democratic processes.

Steven Endacott, the human force behind AI Steve, envisions his AI co-pilot as a conduit for direct democracy, enabling constituents to engage with the AI, share concerns, and shape its policy platform through a voting system of “validators.” Endacott has pledged to vote in Parliament according to the AI’s constituent-driven platform, even if it conflicts with his personal views.

Proponents argue that AI Steve can revolutionize politics by bringing more voices into the process and ensuring that policies truly reflect the will of the people. They claim that an AI candidate can engage in up to 10,000 conversations simultaneously, allowing for unprecedented levels of public participation and input.

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However, critics raise valid concerns about transparency, accountability, and the potential for AI systems to be manipulated or influenced by their creators, data limitations, or external actors. There are also questions about whether an AI can fully grasp the nuances and human elements involved in complex political issues.

Some argue that AI Steve is merely a clever marketing ploy to garner attention and votes, rather than a genuine effort to “humanize” politics. There are fears that the use of AI in elections could undermine faith in electoral outcomes and democratic processes if voters become aware of potential scams or manipulation.

 

Beyond the specific case of AI Steve, the rise of AI candidates and the increasing use of AI in political campaigns and elections raise broader questions about the integrity of democratic systems and the need for effective regulations and guidelines.

Anti-democratic actors and authoritarian regimes may seek to exploit AI technologies for censorship, surveillance, and suppressing dissent under the guise of enhancing governance. There are also concerns about the potential for an “AI arms race” between political parties to develop and deploy the most sophisticated AI technologies, further eroding public trust.

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As AI tools become more advanced and accessible, upholding electoral integrity will require proactive efforts to establish guardrails, transparency measures, and accountability frameworks around their use in politics. Policymakers, advocates, and citizens must work together to ensure that AI is leveraged as a force for a better and more inclusive democracy, rather than a tool for manipulation or consolidation of power.

The rise of AI candidates like AI Steve serves as a wake-up call for democratic societies to grapple with the implications of artificial intelligence in governance and to strike the right balance between harnessing its potential benefits and mitigating its risks to the democratic process.

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Saudi Arabia Says ‘Thank You, Next’ to the US Dollar

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Saudi Arabia is reportedly considering abandoning the US dollar for oil trade settlements, a move that could shake the foundations of the global financial system. For decades, the petrodollar system has propped up the dollar’s status as the world’s reserve currency, with Saudi Arabia insisting on dollar payments for its vast oil exports.

However, recent comments from Saudi officials hint at exploring alternatives to the dollar amid growing tensions with the US over various geopolitical issues and the rise of economic powerhouses like China.

Implications of a Petrodollar Shift

If Saudi Arabia abandons the petrodollar, the implications could be significant:

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1. Dollar Dominance Eroded: The dollar’s reserve currency status could weaken, potentially leading to a decline in its value.
2. Global Financial Instability: A sudden shift could trigger volatility in global markets as investors adjust portfolios.
3. Geopolitical Realignment: The move could signal Saudi alignment with China and challenge US economic hegemony.

Challenges and Uncertainties

While the prospect is significant, challenges remain:

1. Finding a suitable alternative currency with the dollar’s liquidity and stability.
2. Potential economic disruption for Saudi Arabia and trading partners.
3. Political backlash and strained relations with the US and allies.

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As the world watches, it remains uncertain whether Saudi Arabia’s comments signal a negotiating tactic or a profound shift in the global financial order.

 

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X Opens the Door to Adult Content With New Policy

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X, the social media platform formerly known as Twitter, has made a significant policy shift by officially permitting adult content on its platform with some restrictions and guidelines.

In an update to its rules, X stated that users can now share “consensually produced and distributed adult nudity or sexual behavior” as long as it is properly labeled and not prominently displayed in areas like profile pictures or header images.

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“We recognize that many of our users are adults who want to freely express themselves by sharing legal adult content,” said an X spokesperson. “At the same time, we have a responsibility to protect minors and prevent exposure to explicit material without proper labeling.”

Under the new guidelines, users who “regularly post” adult content must adjust their settings to automatically mark images and videos as sensitive content, which blurs or hides the media by default. By default, users under 18 or who haven’t entered their birth date cannot view this sensitive adult content.

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The policy prohibits content “promoting exploitation, nonconsent, objectification, sexualization or harm to minors, and obscene behaviors.” It applies to all adult content, whether photographic, animated, or AI-generated.

X has stated that it will monitor user-generated content and adjust account settings for those who fail to properly mark pornographic posts. Similar rules and enforcement will apply to violent content as well.

The move aligns X with Apple’s app store guidelines, which allow apps with adult content as long as it is hidden by default and behind proper age gates and content warnings.

While adult content was already present on X, this policy update officially permits and regulates it, aiming to balance freedom of expression for consenting adults with protecting minors from exposure to explicit material.

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However, enforcing these rules consistently may prove challenging for X’s reduced content moderation teams following recent layoffs and cost-cutting measures.

The policy shift has drawn mixed reactions, with some praising X for embracing adult expression while others raise concerns about the potential for the platform to become inundated with pornographic content despite the restrictions.

As X navigates this new territory, the effectiveness of its labeling requirements, age verification measures, and content moderation efforts will be closely watched by users, regulators, and advocacy groups alike.

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