Cross-Border Banking Innovations: A New Era for Australia-India Corridor

ICICI Bank and Commonwealth Bank of Australia have partnered to support customers across the Australia-India corridor. This includes facilitating business setups and investments. Additionally, Standard Chartered Bank launched a FEMA Centre in India, and ICICI Prudential reported high claim settlements, among other financial sector advancements.

ICICI Bank has announced a partnership with Commonwealth Bank of Australia to bolster customer engagement across the Australia-India corridor. The collaboration aims to facilitate corporate investments and business setups in each other's home countries, thus enhancing trade relations.

On the same day, Standard Chartered Bank launched its FEMA Centre of Excellence in India. This initiative seeks to assist clients in navigating evolving regulatory frameworks and improving operational efficiencies.

Meanwhile, ICICI Prudential Life Insurance boasted a 99.04 percent claim settlement ratio for Q2, touting it as the best among Indian insurers. Additionally, Navanc secured USD 1 million in funding to advance its AI-powered property scoring system, and UGRO Capital received a patent for its proprietary credit scoring model, GRO Score.

(With inputs from agencies.)