Current Affairs - Finance

India's weightage in the MSCI Global Standard (Emerging Markets) index has surged to a historic high of 18.2% after MSCI's February review, nearly doubling since November 2020. This increase is attributed to factors like standardized foreign ownership limits, sustained domestic equity rally, and relative underperformance of other emerging markets, particularly China.

The United Arab Emirates (UAE) has been removed from a global watchdog's list of countries at risk of illicit money flows. While the EU still categorizes the UAE as a high-risk country for money laundering and terrorist financing, this removal reflects positive progress in the UAE's efforts to combat financial crimes.

In 2023, India's remarkable performance propelled it past China to become HSBC's third-largest profit hub. With profits soaring by 25% to $1.5 billion, India's burgeoning market showcased its significance in HSBC's global operations, reflecting the country's economic growth and banking sector resilience.

The Asian Development Bank (ADB) has allocated a $23 million loan to foster fintech education, research, and innovation within Gujarat's GIFT. This funding is designated to bolster the development of a comprehensive International Fintech Institute, enhancing the region's capacity in financial technology education and fostering innovation aligned with global standards.

Mswipe Technologies has been granted a Payment Aggregator (PA) license by the Reserve Bank of India (RBI). This license enables Mswipe to operate as a payment aggregator, facilitating transactions between merchants and customers in the digital payments ecosystem.