India: Uber sets up Uber Money team in Hyderabad in fintech push

A pedestrian checks a mobile device in front of the Uber Technologies Inc. headquarters building in San Francisco, California, U.S. Photographer: David Paul Morris/Bloomberg

Ride-hailing major Uber on Tuesday said it has set up Uber Money team in Hyderabad, strengthening its fintech presence in India.

Uber Money works on financial products and technologies that aim to support Uber riders and drivers.

The team will comprise more than 100 technology professionals responsible for global financial products and technology innovations at its Hyderabad Tech Center, making it the first such centre in the Asia-Pacific region.

It will enable upcoming new global features and improvements, including real-time earnings, updated debit accounts and cards for Uber drivers along with Uber Wallet and refreshed Uber credit card for Uber riders.

With deep knowledge of the front-end, full-stack, mobile, machine learning, and data engineering, the Uber Money team will focus on implementing new payment methods, enabling and building financial compliance tools, leveraging smart routing technologies for payment gateways, and applying Uber Artificial Intelligence models for intelligent risk decisions.

According to a Mint report, Uber Money in India would be based on National Payments Corp. of India’s (NPCI) real-time payment system Unified Payments Interface (UPI).

UPI recently crossed 100 million users, making it one of the fastest adoptions of any payments system anywhere in the world and is thus a right fit for Uber’s plans.

Naga Kasu, engineering director and Hyderabad site lead, Uber, said, “The Uber Hyderabad Tech Centre has the best in class fintech talent specializing in risk, payments, financial reporting and analytics platform engineering. Besides engineering, we are investing in growing and scaling data science, analytics, and product management organizations to transform Hyderabad into a full spectrum tech site for Uber.”

Started in 2014, the Hyderabad Engineering Centre builds software products and platforms, focusing on providing a seamless experience to Uber’s global community. The centre’s cutting-edge innovations and ability to generate high business impact have resulted in greater investments, increased hiring, and more responsibility for the site. Uber aims to double down on long-term growth at its Hyderabad and Bangalore tech centers.

Besides Hyderabad, Uber Money teams are located in San Francisco, Palo Alto, New York, and Amsterdam tech centers.

This article was first published on livemint.com

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.