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JSW's Sustainable Growth in Port-Related Infrastructure and Shipping

JSW Foundation has swiftly ascended to become India's fastest-growing infrastructure/steel company, bolstering its reputation through significant projects like JSW Raigad and the deployment of the JSW Raigad vessel. Leveraging the robust foundations laid by JSW Steel, JSW Energy, JSW Cement, JSW Paints etc., the company's sustainability efforts in shipping stand as a testament to its greener practices and innovative solutions.

The Rise of JSW Group

Their remarkable growth is a product of strategic investments and an unwavering focus on infrastructure development. JSW Foundation has significantly enhanced port-related logistics, ensuring efficient and eco-friendly transportation of goods with their cargo handling capacity. This progress is particularly evident in projects like JSW Raigad, which exemplifies cutting-edge maritime infrastructure aligned with sustainable practices.

JSW Raigad: A Beacon of Sustainable Shipping

JSW Raigad stands out as a pivotal project that underscores JSW Group's dedication to sustainability. The facilities located across India, the United States, South America, and Africa are designed with state-of-the-art technology to minimize environmental impact. Incorporating energy-efficient systems and advanced waste management protocols, JSW Raigad sets a new benchmark for eco-friendly port operations in India.

The JSW Shipping: Pioneering Green Maritime Solutions

The JSW Raigad vessel is another shining example of their green shipping-led initiatives. Equipped with energy-efficient engines and designed to reduce emissions, this vessel is a crucial component of JSW's strategy to promote sustainable maritime transportation. By integrating such vessels into its fleet, JSW Group in India and other countries not only enhances operational efficiency but also significantly curtails its carbon footprint to match public policy.

Synergy with JSW Steel Company, JSW Energy, JSW Cement and JSW Infrastructure

The seamless synergy between JSW Foundation entities, such as JSW Steel, JSW Energy, JSW Infrastructure, and JSW Cement amplifies the impact of sustainable practices across the board. JSW Steel's green manufacturing facilities in India and on a global level, JSW Energy's focus on renewable energy sources, and JSW Steel's initiatives to maintain an eco-friendly construction collectively fortify JSW Shipping's sustainability agenda.

Commitment to Renewable Energy

JSW Energy's initiatives in renewable energy are integral to their sustainable operations. By utilizing renewable energy sources to power its ports and facilities, JSW reduces its reliance on fossil fuels, thereby decreasing greenhouse gas emissions. This shift towards green energy is pivotal in shaping a sustainable future for maritime logistics.

Innovations in Sustainable Shipping Practices

Innovation is at the core of their sustainability efforts. The company continually explores new technologies and methodologies in their platform to enhance environmental performance. From adopting cleaner fuels and optimizing routes to implementing digital solutions for better efficiency, JSW Group remain at the forefront of sustainable shipping innovations in India and globally.

The Future of Sustainable Shipping

As they continues to grow, its capacity to sustainability and innovation will remain a cornerstone of its strategy. Future investment decisions are set to incorporate even more advanced green technologies, aiming to further reduce environmental impact and set new standards in the industry. With a clear vision for a sustainable future and their diverse range, they are poised to lead the way in eco-friendly maritime logistics.

Their rapid ascent in the port-related infrastructure sector is a testament to its strategic vision and commitment to sustainability. Through projects like JSW Raigad and the JSW Raigad vessel, the company showcases its dedication to greener practices. By leveraging the strengths of JSW Steel, JSW Energy, and other entities, they are not only enhancing their process and its operational efficiency but also championing sustainable growth in the maritime industry. As it continues to innovate and expand, JSW Group are set to redefine the future of sustainable shipping in the private sector across India and beyond.

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The customer's complete profile extends beyond payment and transaction information. In order to predict purpose, it entails going deeper to obtain insightful information about the customer's life stage and pertinent goals. To create and present the client with relevant bundles, it is imperative to comprehend the customer context, or where they are in their life or business path. Banks are able to offer hyper-personalised bundles & packages and consider each consumer as a unique "segment of one" thanks to this contextual information.

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How Banks Can Strengthen Customer Loyalty With Personalized Bundling Strategies

Consumer surveys consistently highlight the effectiveness of product bundling in banking sector, demonstrating a direct link to customer retention and loyalty. Despite recognizing the importance of bundling in banking, effectively leveraging them to enhance customer loyalty remains a complex challenge.

Firstly, neobanks and other non-traditional players are luring customers, especially Gen-Zers and millennials, away from traditional banks by offering digitally sophisticated and highly convenient services. This heightened competition necessitates traditional banks to reevaluate and enhance their offerings.

Secondly, the surge in e-wallets for payments has disrupted traditional channels, relegating regulatory functions to banks. This shift has widened the gap between banks and their customers, compelling banks to adapt to changing payment landscapes and find innovative ways to stay relevant.

In navigating these challenges, banks must not only acknowledge the evolving landscape but also proactively innovate and tailor their product bundles to meet the changing needs and expectations of their customer base.

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Understanding the complexity of deploying VAT Solution

VAT (Value-Added Tax) is essentially a consumption tax levied at every stage of the supply chain (added on the value of goods and services) – from raw materials to the end product. It serves as a source of revenue for governments. https://www.suntecgroup.com/suntec-vat/

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Best digital pricing solutions for banks in 2023

Discover the power of digital pricing solutions for banks to revolutionize your financial services. Our cutting-edge platform offers a comprehensive suite of tools designed to streamline and optimize your pricing strategies. With our digital pricing solutions, you can swiftly adapt to market dynamics, set competitive rates, and enhance your customer experience. Say goodbye to manual processes and hello to precision, efficiency, and profitability. Maximize your competitive edge and stay agile in a rapidly changing financial landscape. Join the ranks of forward-thinking banks that are embracing the future of pricing with our digital solutions. Elevate your pricing game today.

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The World’s #1 Pricing and Billing Software Creating Value for Enterprises Through Our Cloud-based Products

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In the future, BaaS and API-based banking solutions may become commonplace. The globe is already seeing the rise of full-fledged digital banks designed to offer services via BaaS.  The potential to become a service distributor will necessitate a cost structure that can only be achieved with a thorough digital banking revolution.

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Enterprise Product Management

Establish customer choice at the heart of your enterprise and enable right selling through the creation of an enterprise master catalog for all products and services.

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The SunTec BG-Invoicing Solution, powered by Xelerate, will allow banks and financial institutions in Sweden to rapidly fulfill their invoicing needs. The robust solution comes pre-configured with products and services in the Bankgirot stack and utilizes standard interfaces to enable banks to quickly replace outgoing systems and meet their immediate charging and invoicing needs within a couple of months, while allowing the flexibility to roll out more innovative offerings to the market over time.

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SunTec e-Invoicing Solution can be integrated with your accounting system or with our VAT engine within a matter of weeks without disturbing your existing IT landscape. Now seamlessly manage VAT, electronically generate & exchange e-invoices, handle accounting as well as ensure regulatory reporting.

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Impact of e-Invoicing on KSA’s Banking System

The General Authority of Zakat and Tax (GAZT) of the Kingdom of Saudi Arabia has proposed to make e-invoicing mandatory from December 4, 2021. This is in line with international best practices and is intended to reduce the shadow economy, increase tax compliance, and promote fair business practices. GAZT has suggested implementation of e-invoicing in two phases. First, businesses should be able to generate and store tax invoices and notes in a structured electronic format with no direct interaction with the tax authority. And second, the taxpayer’s e-invoicing software should be able to integrate with GAZT systems and move to a clearance-based compliance model that can share real-time data with GAZT systems. This regulation is applicable to all persons eligible to pay taxes in KSA as well as third parties who are issuing tax invoice on behalf of taxable residents. Based on the inputs received so far businesses, including banks and financial institutions must be prepared for a whole range of scenarios, including the possibility where approval may be required in real-time for individual invoices and transactions.

e-Invoicing or digital tax invoices does not include scanned or photocopies. These can be shared online and helps eliminate the paper-based invoicing process. e-Invoices must be securely transmitted and stored without compromising the authenticity or integrity of the electronic data. e-Invoicing can enhance transaction efficiency and make them seamless, cost effective and clear. In a system where e-invoicing is the norm, the government will have better and quicker insights into market conditions, be able to improve tax compliance and ensure greater transparency in commercial transactions. From a regulatory perspective, e-invoicing can help detect and reduce the shadow economy, ensure real-time monitoring of movement of goods and services and money. It can drive cost rationalization and reduction across the entire banking supply chain including printing, postal cost, storage, and processing cost. It can help improve banking transparency and financial reporting to clients. It can also give corporate treasurers an early overview of working capital requirements. It also helps in n data-based decision making related to corporate supply chain finance, while providing a tool to improve cash flow and reduce order to cash cycle. The flexibility of e-invoicing models can help automate data feeds into the treasury system which will in turn simplify and accelerate the reconciliation of account information. Once e-invoicing becomes the norm, there will be fewer transaction errors as it ensures faster integrity checks.

Of course, there are concerns about the lack of standardization in invoicing formats as well as security and privacy concerns. But the good news is that e-invoicing service providers are now investing in a common framework for all invoicing solutions to ensure seamless interoperability, format compatibility and maintain data integrity.

As e-invoicing becomes the norm across the world, the banking sector has a distinct edge over newer entrants in the field. A challenging business environment is forcing banking clients to pursue measures that can ensure an efficient working capital ecosystem to support their financial needs. And banks are forced to consider new transaction models to optimize costs. Clients working with these regulations will require seamless and fast flow of billing information between various entities. By leveraging e-invoicing regulations banks can streamline working capital management in the financial supply chain. This will help them optimize costs for both corporate and commercial clients.

Banks can develop e-invoicing systems in-house. But a better option is to partner with a third-party solution provider who can develop, manage and run a comprehensive and future forward e-invoicing solution. Right now, it makes business sense to work with an independent service provider on a revenue sharing model rather than invest in a proprietary platform. Given the short timelines for implementation in KSA, banks need to quickly identify a trusted and capable partner to manage this new system. Banks in KSA must consider partners with experience of working in the banking sector, such as VAT solution providers, who also have an e-invoicing solution that can be integrated seamlessly into their systems. They must also focus on data security, privacy, web access and data encryption to comply with KSA regulations. Banks must evaluate the tax environment and requirements and invest in a solution that can manage tax information and be able to interact seamlessly with regulator systems as well. Any solution deployed by a bank must help them provide open APIs related to authorization, accounts, and transaction data like payments.

Digital transformation of business operations is a reality. e-Invoicing is not just a regulatory requirement but also an effective way to improve the financial supply chain. The modern technology landscape offers banks a significant opportunity to serve customers and markets better. They need to analyze their systems to identify gaps and opportunities and then work with the right solution partners who have the expertise and experience to help them leverage the e-invoicing opportunity. With right solution and alliances, banks can offer collaborative and efficient services which will improve their performance and strengthen their competitive positioning.

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The Exciting Evolution of India’s Fintech Space

British fintech firm Revolut is coming to India. It intends to invest USD 25 million in the country and aims to launch its app by 2022.1 That Revolut has set its sights on the Indian market is understandable. With a population of more than 1.3 billion people, India presents an incredible opportunity for growth. But the question is, is this the right time to enter this market or is the company too late to cash in on the growing digital payment opportunity in India?

India has traditionally been a cash driven market, especially across its rural populations. But we have reason to believe that this is changing. Two factors contributed to this transformation. The first was the unprecedented demonetization announcement in 2016. Overnight, Rs. 500 and Rs. 1000 banknotes were banned, leading to a nationwide cash crunch and an uptick in the adoption of digital payments. Images of roadside vendors with signs indicating they accepted digital payments went viral, indicating that people from all walks of life were open to digital transactions, even for smaller amounts. This proved to be an inflection point for fintech players in the country. Reports indicate that digital wallet transactions increased by a whopping 700 percent in the days immediately after the demonetization announcement.2 The government introduced UPI apps which saw high adoption as well. The Reserve Bank of India data shows a 134 percent increase in debit card usage at POS terminals, and 163 percent increase in m-wallet usage between October and December 2016.3 By October 2019, that is, in just about three years since its launch, UPI transactions hit the 1 billion mark. But, while there was an uptick in digital payments, the cash in circulation quickly reverted to pre demonetization levels, defeating the country’s objective of becoming a cashless economy.

Writing this now in 2021, I can say with certainty that the ongoing COVID-19 pandemic has proved to be a bigger driver of digital payments than the demonetization drive. Amidst fear of contracting COVID-19, people became increasingly reluctant to use cash, debit / credit cards or even visit physical bank branches. As a result, digital payments touched record highs last year. There were 221 crore UPI transactions worth INR 3.9 lakh crore in November 2020.4 By September there were 20,919 crores mobile app based payments worth INR 7,04,109 crores and 28.22 crores net-banking transactions worth INR 34,36,124 crores. Reports indicate that 6,660 crores transactions valued at USD 270.7 billion are expected to transition from cash to digital and card payments. This number is likely to grow to $856.6 billion by 2030.

Clearly this is a market with tremendous potential for growth and Revolut’s decision to expand operations here is understandable. The question is, are they too late? India is the fastest growing fintech market in Asia, beating China to the top spot. Over the last year, there has been a 60 percent increase in fintech investments – USD $1467 mn in H12020 compared to the $919 mn during same period the previous year.5 India also has the second highest number of new fintech start-ups over the last three years, coming second only to the USA. And a whopping one third of the country’s unicorns are Fintechs. Competition for share of wallet is fierce, and first movers like PayTM have already established customer trust and loyalty. New entrants to the field like Revolut will have their work cut out for them as they try to establish a foothold in this market and grow their business.

With its skilled workforce, emphasis on digital transformation and a cashless, inclusive economy, and increasing customer demand for digital payment options, India is a fintech’s dream market. It is no surprise to see global fintech players making a beeline for the country. But as the sector matures and grows, fintechs will need fine-tuned strategies to meet the unique demands of this geographically and socio economically diverse market. And traditional banks must relook at their operational models, technology roadmaps and strategic vision to retain customers and grow their business in this increasingly complex and competitive market. I am excited to see how this space will continue to evolve in the years to come.

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SunTec e-Invoicing Solution can be integrated with your accounting system or with our VAT engine within a matter of weeks without disturbing your existing IT landscape. Now seamlessly manage VAT, electronically generate & exchange e-invoices, handle accounting as well as ensure regulatory reporting.

Our strong vertical focus and rich experience of having deployed our VAT solution for over 30 banks across the Middle East not only reflects our sound market and domain understanding but also positions us to help our customers get ready in time for this mandate and comply smoothly with e-invoicing regulations.

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Subscription based business models are not new. They can be traced back to the 1800s when the first newspapers and periodicals began to be sold. Over the years, this model has helped shape innovation across industries and today is witnessing a resurgence thanks to the unique challenges created by the pandemic.

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New revenue models and long-term monetization strategies are critical for future growth and resilience. Merely adding partners to their existing ecosystem is not enough, banks must integrate financial services into diverse business frameworks. 

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Conventional offers and loyalty programs are a small part of what customers expect to stay with their banks. Personalized customer engagement and an end-to-end experience is needed, mapped to each customer’s unique journey and context. Treating each customer problem as unique and designing solutions to address these needs with speed, across touch points and using available data to do so, can transform customer engagement and experience. The rewards are many – improving customer acquisition, retention, and loyalty, growing wallet share, driving of incremental revenue, positively affecting top-line growth and of course, giving banks a better chance at being relevant.

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Changing customer expectations and increasing competition from Fintechs and technology giants over the last decade left banks with no choice but to go digital. But the pace of transformation was uneven with only 50 percent of banks across the world making any notable advancements until last year.