Indian Competition Commission Approves Cyient's Acquisition of TAO Digital Solutions

Fintech company MobiKwik has fully transferred its digital lending operations to its subsidiary, MobiKwik Distribution Services. This occurred nearly four months after the structure received regulatory approval to obtain a Non-Banking Financial Company (NBFC) license.

For the credit division leadership at MDSPL, Manish Patani has been appointed as Chief Business Officer (CBO). This decision followed an injection of equity capital into the subsidiary amounting to INR 60.5 crore from the parent company, One MobiKwik Systems.

The company stated in a release that the Reserve Bank of India (RBI) had previously approved the Group's application for NBFC status in April 2026, contingent upon migrating the Loan Service Provider (LSP) business to a wholly-owned subsidiary before the issuance of the Certificate of Registration (CoR).

MobiKwik expects quarterly payouts to exceed INR 1000 crore, supported by AI-driven growth initiatives and new partnerships with lenders.

Bipinpreet Singh, Co-founder, Managing Director, and CEO of MobiKwik, noted that 'we have built a strong lending franchise through collaborations with banks and NBFCs while developing capabilities across the entire lending value chain. Consolidating the business and team under MDSPL, led by Manish, gives us a specialized structure to drive this business forward.'

Furthermore, MobiKwik specified that in the first quarter of the fiscal year 2026-27 (Q1FY27), 32 percent of its payouts were conducted through the distribution model, with the remainder via the First Loss Default Guarantee (FLDG) model.

The firm added that establishing MDSPL as a dedicated digital lending subsidiary provides a focused operational structure for this vertical, as the Group advances its broader financial services strategy.

SpaceX finalized the acquisition of Cursor, an emerging company focused on artificial intelligence programming, for US$ 60 billion this Friday, the 14th. This deal, which was initially announced in April and formalized in June, intensifies the union between the two corporations.

The collaboration between the companies was already yielding results before the transaction was completed. Cursor was involved in the training process of recent versions of Grok, gained access to the Colossus supercomputer, and integrated its services into the artificial intelligence products offered by SpaceX.

This cooperation primarily covers three aspects: model development, computational capacity, and product distribution. The connection between the companies became more robust even before the official completion of the purchase.

One of the central points of the partnership was the development of Grok, SpaceX's artificial intelligence model. Cursor worked side-by-side with the team responsible for the system in training Grok 4.5, which was previously launched, using a vast amount of data, estimated by the startup itself to be trillions of tokens from its archive.

This work had a notable characteristic: it was the first time Cursor created a model that was not exclusively dedicated to software engineering. Alan Sanger, the company's co-founder, also publicly mentioned the collaboration with SpaceX's artificial intelligence team.

Cursor's contribution did not stop with Grok 4.5; it also assisted in the training of Grok 4.6, which SpaceX presented on Wednesday, the 12th.

Another crucial aspect of the partnership was access to SpaceX's computing infrastructure. Cursor began using Colossus, a supercomputer equipped with 200 thousand Nvidia GPUs, which is also used by Anthropic. For the startup, this structure solved a restriction that prevented the increase of its training efforts. In the announcement made in April, Cursor stated that access to Colossus would enable significant growth in the capacity of its models.

Integration also progressed in products intended for end-users. On Tuesday, the 11th, SpaceX launched its new artificial intelligence agent, named Grok Bot. This product became accessible to SuperGrok Heavy subscribers and was also offered to customers of Cursor Ultra and Cursor Premium Teams plans.

Additionally, current versions of Grok were incorporated into the Cursor system as top-tier models. This move demonstrates that the relationship between the companies went beyond AI training and infrastructure, extending to the offering of functionalities to users.

The closing of the acquisition occurred after a period in which the companies were already operating in close collaboration. During its earnings conference call in August, Elon Musk chose not to detail the partnership at that time, stating that he did not wish to anticipate information while the regulatory process was still pending completion.

With the finalization of the purchase, the relationship, which began as a partnership, officially advances to a new phase under SpaceX's ownership.

The National Agency for Advanced Projects (NAPP) has published a draft amendment to the internal regulations for crypto asset service providers. These changes introduce stricter requirements for employees, managers, and anti-money laundering procedures.

According to the draft, employees responsible for organizing and implementing internal control must hold positions as deputy heads. Previously, these functions could be performed by members of the management staff.

A new crypto asset service provider is obliged to appoint a responsible employee and provide their personal data to NAPP within one month of receiving a license.

Simultaneously, it is proposed to tighten requirements for crypto service managers. They must not be residents of countries that do not participate in international cooperation against money laundering. Companies registered in such jurisdictions will also be excluded from the list of potential service founders.

The proposed criteria for appointing, training, and qualifying employees include requirements regarding qualifications and business reputation. Furthermore, providers must possess an understanding of the client's business, as well as its ownership and management structure.

The draft provides for the involvement of a third party for client identification and verification within the scope of due diligence. A specialized organization confirming the authenticity of personal data is proposed as such a third party.

Special requirements are established for providers with controlled or affiliated structures conducting operations with funds or other assets. In such cases, internal rules must be developed using a group approach.

Specifically, the rules must define the procedure for exchanging information to manage risks of criminal income laundering, ensure consistency of compliance, audit, and anti-money laundering functions at the group level, and allow for obtaining necessary information about clients, accounts, and transactions from branches and subsidiaries. Proper confidentiality of the received information must be guaranteed.

The amendments also clarify the procedure for transmitting reports on suspicious transactions. Crypto services are required to send such notifications to the Department for Combating Economic Crimes under the Prosecutor General's Office through secure communication channels.

Proposed secure channels include electronic data transmission systems with cryptographic protection, including encryption, secure email addresses, and a personal account in a special system. To connect to the personal account, the organization must submit a request to NAPP with detailed information about the company and the responsible employee.

If a transaction is suspended or assets are frozen due to the client being included in a list of persons involved or suspected of terrorism, the responsible employee must immediately notify the client. Moreover, the employee must explain the procedure for resuming the transaction.

Public discussions on the draft amendments will continue until August 22.