This Week in Fintech India + SEA | 24th Jul, 2021

Hi Fintech friends,

Welcome to the second edition of This Week in Fintech - India and SEA! If youโ€™re looking for our global coverage, please read the below editions and consider subscribing.

Please find all the Fintech updates from this past week.


Editorโ€™s Note: If youโ€™re an early-stage startup founder raising equity or debt, I may be able to help - reach out to osborne@thisweekinfintech.com.


Want to be a This Week in Fintech - India and SEA Sponsor? Reach fintech founders, industry professionals and enthusiasts. Reach out to me at sponsor@thisweekinfintech.com.


๐Ÿฆ‰๐Ÿ† Tweet of the Week

๐Ÿ‡ฎ๐Ÿ‡ณ India

๐Ÿ“ฐ Market Updates

Policybazaar filed its draft IPO prospectus to raise $ 890mm. STAR Health Insurance filed its draft IPO prospectus to raise $ 300mm. Northern Arc Capital filed its draft IPO prospectus for fresh offer of $ 42mm.

NPCI is engaging with global agencies to expand UPI and RuPay cards internationally. BharatPe is in talks to raise $250mm led by Tiger Global.

Sachin Bansal's NAVI records $ 15mm in its Index fund offer. SBM Bank tied up with 30 fintechs to grow deposits.

Indian Banks added 5.2 mn credit cards and 67 mm debit cards between Jun-20 to May-21. HDFC Life Insurance to stay away from group term business.

Total outstanding credit to micro and small businesses dipped by 3.6% YoY. HDFC Bank's small business NBFC arm reported 2x QoQ growth in GNPA from 3.89% to 7.75% in Jun-21 quarter. Bajaj Finance reported 19% GNPA in its auto finance vertical for the quarter ended Jun-21.

BharatPe offered superbikes, tickets to world cup to hire for 100 vacancies.

๐Ÿš€ Product Launches

Cashaa launched a cryptocurrency savings accounts and loan for and against crypto in India. ICICI Bank launched a new co-branded card with HPCL.

Eduvanz partnered with Flipkart to provide financing solutions for e-learning tools. NPCI is piloting its voice-based payments interface

U GRO Capital partnered with Bank of Baroda to disburse $ 150mm loan to MSMEs under co-lending program.

๐Ÿ“ Regulatory Updates

SEBI (securities regulator): Introduced expected loss-based rating scale for rating agencies for infrastructure projects.

RBI (central bank): To begin phased roll out of its CBDC in phases.

๐Ÿ’ฐ Fund Raise Announcements

Funding: Flow (social trading, undisclosed). Galaxy Card (instant credit card, $ 450K). NFTically (NFT marketplace, undisclosed). Even (health subscription, $ 5mm)

Acquisitions: Razorpay acquired TERA Finlabs, a risk management SaaS platform.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE ๐Ÿ‘๐Ÿฝ or DOWNVOTE ๐Ÿ‘Ž๐Ÿฝ


๐ŸŒ South East Asia

๐Ÿ“ฐ Market Updates

VISA launched an Islamic banking card in Bangladesh. Visa, Nium, Fuiou partnered to launch a Hong Kong and Greater China B2B payments interface.

Thunes, partnered with ABA Bank enabling Cambodians overseas to send money back home. Grab partnered with Adyen to expand its BNPL offering across SEA.

KakaoBank's IPO draws $ 2tn in bids, offer was oversubscribed 1,700x. Gojek partnered with Bank Jago to introduce digital banking products.

Philippine central bank ordered social media platform Lyka to cease its payment operations. GCash, Philippine mobile wallet operator, is seeking $ 2bn valuation in next fund raise.

๐Ÿ’ฐ Fund Raise Announcements

Funding: Majoo (small business SaaS, Indonesia, $4.8mm). Zetl (small business finance, Singapore/HK, $ 700K). FTX (cryptocurrency exchange, Hong Kong, $ 900mm). DragonPay (payments, Philippines, undisclosed).

M&A: Thunes acquired Limonetik for a European payments platform.


๐Ÿง Looking for context, deep dives and further insights?

Read the latest edition of Fintech Inside, also authored by me, delivered every weekend.


๐Ÿ“œ Notable Nuggets

  1. The (Neo) Bank Bundle & Transition to Subscription Revenue

  2. BNPL's Next Phase: Shakeout and Profitability

  3. Free the data, unleash growth, report by McKinsey

  4. Decoding the profitability of UPI based BNPL

  5. What are the most under-discussed trends in consumer fintech at the moment?

  6. Goldman Says "Don't Buy This Dip" And Here's Why...

  7. Everything about IPOs โ€“ The complete IPO Lifecycle explained


If youโ€™ve made it this far - thanks! As always, you can always reach me at osborne@thisweekinfintech.com. Iโ€™d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

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This Week in Fintech India + SEA | 17th Jul, 2021

Hello Fintech friends,

Welcome to the first edition of This Week in Fintech - India and SEA! Yesterday we announced this collaboration between Nik, Michael, and myself to provide readers with better coverage of fintech news in various markets.

This was a monster week for Fintech in India and SEA. In India Paytm and Mobikwik filed their draft IPO prospectusโ€™. In SEA, there were 8 new fund raise announcements and 2 acquisitions.

Please find all the Fintech updates from this past week.


Editorโ€™s Note: If youโ€™re an early-stage startup founder raising equity or debt, I may be able to help - reach out to osborne@thisweekinfintech.com.


๐Ÿฆ‰๐Ÿ† Tweet of the Week


๐Ÿ‡ฎ๐Ÿ‡ณ India

๐Ÿ“ฐ Market Updates

NPCI to launch FAST-tag enabled parking lots India starting with Maharashtra, India.

Paytm filed its draft IPO prospectus (DRHP) for India's largest IPO of $ 2.2bn. Mobikwik filed its DRHP for IPO with public offer of $ 225mm.

Bhutan became the 2nd country after Singapore to accept UPI payments infrastructure. BharatPe is targetting $ 6bn in annualised transaction processed value from POS business.

๐Ÿš€ Product Launches

CoinDCX, a cryptocurrency exchange, launched ethereum-backed Liqueth token to make staking accessible. ZebPay launched mutual fund-like SIP facility in Bitcoin and Ethereum.

Winvesta launched a multi-currency account for investors investing abroad.

๐Ÿ“ Regulatory Updates

RBI (central bank): Allowed retail participation in direct purchase of government securities. Indefinitely barred MasterCard India from issuing new cards (debit, credit or prepaid) starting 22nd July, 2021.

๐Ÿ’ฐ Fund Raise Announcements

Aquaconnect (neobanking, undisclosed). CerditFair (Consumer lending, $ 15mm). OneCode (agent-led distribution, $ 5mm). Protonn (freelancer SaaS, $ 9mm).


๐ŸŒ South East Asia

๐Ÿ“ฐ Market Updates

Payfazz, Indonesian payments startup, received its e-Money license. Thai regulator cautioned public that cryptocurrencies are not legal tender.

Report says that Neobanking market in Southeast Asia will grow 1.5 times in 2021. Chinaโ€™s digital yuan trial reached $ 5.3bn in transaction value.

In the Philippines and Vietnam, cash transactions account for 37% and 26% of all transactions, per a report by ACI Worldwide.

๐Ÿ’ฐ Fund Raise Announcements

Fund raise announcements: Nium (Singapore, Fintech API, $ 80.4mm). OnlinePajak (Indonesia, retail tax filing SaaS, $ 12 mm). Velotrade (Malaysia, trade finance, undisclosed). Syfe (Singapore, robo advisory, $ 30mm). Tinvio (Singapore, supply chain SaaS and finance, $ 12mm). Ape Board (Thailand, DeFi asset aggregator, undisclosed). CrediLinq.AI (Singapore, risk underwriting SaaS, SGD 1.5mm). Zetl (Hong Kong, HR finance, $ 700K).

Acquisitions and Exits: NomuPay acquried Wirecard's operations in Malaysia and Hong Kong. Bambu acquired Tradesocio in Singapore.


๐Ÿง Looking for context, deep dives and further insights?

Read the latest edition of Fintech Inside, also authored by me, delivered every weekend.


๐Ÿ“œ Notable Nuggets


Want to be a This Week in Fintech - India and SEA Sponsor? Reach out to me at sponsor@thisweekinfintech.com.

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If youโ€™ve made it this far - thanks! As always, you can always reach me at connect@osborne.vc. Iโ€™d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

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This Week in Fintech - India and SEA | 10th Jul, 2021

Hello TWIF India & SEA friends,

Please find another week of fintech financings and exits below.


Editorโ€™s Note: If youโ€™re an early-stage startup founder raising equity or debt, I may be able to help - reach out to osborne@thisweekinfintech.com.


๐Ÿ‡ฎ๐Ÿ‡ณ India

๐Ÿ“ฐ Market Updates

Axis Bank signed a cloud computing deal with AWS for digital transformation. Amazon Pay ICICI Bank credit card crossed two million cardholders.

Angel Broking's Annual Report on India's stock broking industry. PayU India is in talks to acquire BillDesk for $ 4bn. Chinese nationals on Paytm's board stepped down ahead of Paytm's IPO.

Indiaโ€™s outward remittances fell by $ 6bn in FY21. NIIT Institute and Axis Bank launched a Digital Banking Academy.

Zomato's board approved setting up a subsidiary to apply for a payment aggregator license. The mutual fund industry added 1.2mm unique investors in Q1 FY22 compared to 2mm in all of FY21.

๐Ÿš€ Product Launches

Paytm launched Postpaid Mini to provide small ticket instant loans. PhonePe partnered with Flipkart to digitise cash-on-delivery payments.

Razorpay partnered with Mastercard to launch MandateHQ - a recurring payments solution. ZebPay, cryptocurrency exchange, launched ZebPay Earn that will pay users interest on their cryptocurrency deposits.

GooglePay partnered with FlexiLoans to offer instant digital loans to GooglePay's merchants. ScripBox partnered with Stockal to enable direct investing in US equities.

๐Ÿ“ Regulatory Updates

SEBI: Likely to reduce the minimum subscription amount of REIT's and InvIT's to INR 10-15K from INR 100K for REIT's and INR 50K for InvIT's.

RBI: Penalised SBI, 13 other banks for non-adherence to NBFC lending rules. Issued advisory to banks to prepare for transition from LIBOR.

๐Ÿ’ฐ Funding Announcements

Fund Raises: PineLabs(Payments, $ 600mm). Dvara E-Registry(Agri-fintech, undisclosed). Kredent Infoedge (e-Learning, $ 1.5mm)

Exits: SMFG to acquire 74% of Fullterton India for $ 2bn. Nium to acquireWirecard India's forex unit. ClearTax acquired YbanQ for less than $ 5mm.


๐ŸŒ South East Asia

๐Ÿ“ฐ Market Updates

Thailand SEC filed a criminal complaint against Binance. Indonesian E-Wallet OVO launched its first shariah-compliant digital investment offering.

Tiki, one of Vietnam's largest ecommerce platforms, forayed into Fintech by offering health insurance in partnership with AIA Vietnam. Singapore Management University launched an advanced full certificate programme in insurtech.

Pine Labs partnered with Atome to offer BNPL services in Malaysia. Thai insurers suspended COVID policy sales due to specious claims. Endowus crossed SGD 1bn in assets, plans for Hong Kong expansion.

Google to roll out payments services in Japan. Central Banks of Singapore and France partnered for new CBDC experiment. South East Asia is the world's fastest-growing mobile wallet market.

Netbank, Philippine BaaS platform, launched credit services with Investree.

๐Ÿ’ฐ Funding Announcements

Fund Raises: bolttech (Singapore, $ 180mm). Endowus (Singapore, undisclosed). AND Global (Singapore, payments wallet, $ 15.3 mm). MoneyMatch (Malaysia, cross border payments, $ 4.4mm)

Acquisitions: Google acquired Pring (Japan, Payments) for $ 180-270mm.


Sponsor: Want to be a This Week in Fintech - India and SEA Sponsor? Reach out to us at sponsor@thisweekinfintech.com.


๐Ÿ‘‹๐Ÿพ That's all Folks

If youโ€™ve made it this far - thanks! As always, you can always reach me at connect@osborne.vc. Iโ€™d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE ๐Ÿ‘๐Ÿฝ or DOWNVOTE ๐Ÿ‘Ž๐Ÿฝ

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This week in Fintech - India and SEA | 10th Apr, 2021

Hello TWIF India & SEA friends,

Please find another week of fintech financings and exits below.


Editorโ€™s Note: If youโ€™re an early-stage startup founder raising equity or debt, I may be able to help - reach out to osborne@thisweekinfintech.com.


๐Ÿ‡ฎ๐Ÿ‡ณ India

๐Ÿ“ฐ Market Updates

Lendingkart raised USD 15 mn debt from Dutch bank FMO. NiyoX claimed to have 30K customers and 10K savings accounts opened within 2 weeks of launch.

PhonePe released its latest design style. Sheroes Moneydisbursed its first loan this week.

ICICI, SBI Cards and Axisgain market share and increased spends from HDFC Bank freeze.

Zerodha, Razorpay, FSS, Zoho, Ujjivan Small Finance Bank and Cholamandalam Finance partnered to apply for New Payments Entity (NUE) License in India.

๐Ÿš€ Product Launches

PayPal partnered withFlexiLoans to launch SME loans for its merchant network. FinBox launchedCollectX - API for debt collections.

Recko integrated withRazorpay for auto payment data reconciliation. U GRO Capital partnered withSBM Bank India to launch โ€˜GRO Smart Businessโ€™ credit card for SMEs.

WazirX launched India's first marketplace for NFTs. Mobisafar partnered withYES Bank and NPCI to launch Virtual RuPay Prepaid Card.

๐Ÿ“ Regulatory Updates

RBI (Central Bank): Made interoperability mandatory for all wallet, PPI issuers. Directed lenders to refund compound interest to borrowers. Increased Payment Bank account limit to INR 2 lacs (USD 2,700) from INR 1 lac (USD 1,300)

๐Ÿ’ฐ Funding Announcements

- FUND RAISES: Groww (millenial investment app). CRED (credit card rewards). OfBusiness (small business finance). Kudos Finance (embedded lending). Findeed (consumer finance). SafexPay (consumer payments). Shopse (buy now pay later). Avanti Finance (SME lending). OneCard (credit cards).


๐ŸŒ Asia

๐Ÿ“ฐ Market Updates

Thailand, Vietnam launched QR code link for cross-border payments. BizBank launched its corporate expense card in Singapore. Atlantis Tech launched MyBizBank, a neo bank for SME's, in Singapore.

๐Ÿ’ฐ Funding Announcements:

- FUND RAISES: StashFin (Singapore, neo bank). VISA Accelerator Cohort released.


Sponsor: Want to be a This Week in Fintech - India and SEA Sponsor? Reach out to us at sponsor@thisweekinfintech.com.


๐Ÿ‘‹๐Ÿพ That's all Folks

If youโ€™ve made it this far - thanks! As always, you can always reach me at connect@osborne.vc. Iโ€™d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE ๐Ÿ‘๐Ÿฝ or DOWNVOTE ๐Ÿ‘Ž๐Ÿฝ

Found a broken link or incorrect information? Report it.

See you in the next edition.

This week in Fintech - India and SEA | 27th Mar, 2021

Hello TWIF India & SEA friends,

Please find another week of fintech financings and exits below.


Editorโ€™s Note: If youโ€™re an early-stage startup founder raising equity or debt, I may be able to help - reach out to osborne@thisweekinfintech.com.


๐Ÿ‡ฎ๐Ÿ‡ณ India

๐Ÿ“ฐ Market Updates

RuPayโ€™s market share by volumes is 34%. Digital wallets emerge second-most popular in-store payment method.

Finance Ministry asked SEBI to address issues that led to NSE outage. 85% of Indian consumers believe that robots can help them with managing their finances according to a report.

True Balance, short term loan platform, raised USD 10 mn in debt funding led by Northern Arc. Digital financing startup Drip Capital raised USD 40 mn warehouse credit line from US bank.

Govt. might block IP addresses of cryptocurrency exchanges. Outward remittances from India under LRS scheme hit USD 1.2 bn in Jan-2021, up 34% since Oct-2020.

Policybazaar joined Paytm-Ola-IndusInd Bank New Umbrella Entity for payments. TATA Group is working on a universal consumer payments ID.

Tiger Global may leadClearTax funding at USD 750-850 mn valuation.

NPCI's plans to cap market share of UPI players in India. Stripe updated its data storage capability to store data within India (h/t @anmolm_).

14 NBFCs have moved various high courts against the RBI's norms on current account opening. Former RBI deputy governor Kamalesh Chandra Chakrabarty passed away.

๐Ÿš€ Product Launches

OneCard launched OneCard EMI payment facility. Yap, a banking API platform, launched a programmable card API platform.

Niyo launched NiyoX - a neo bank in partnership with Equitas Small Finance Bank and VISA.

YES Bank and SHEROES launched an accelerator to support women entrepreneurs.

๐Ÿ“ Regulatory Updates

- RBI (central bank): Formed an external panel to evaluate Universal Bank and Small Finance Bank applications.

๐Ÿ’ฐ Funding Announcements

- FUND RAISES: FloBiz (SME accounting). Velocity (revenue based finance). KreditBee (digital instant loans). RupiFi (embedded SME Finance). DotPe (payments and commerce platform). IndiaLends (financial products aggregator). FinOne / muvin (neo banking)

- YC Companies in India: Full List here. ~13 Fintech companies from India in this batch.

- ACQUISITIONS: Khatabook acquired BizAnalyst.

๐ŸŒ Asia

๐Ÿ“ฐ Market Updates

Antโ€™s Alipay launched an advisory platform for asset managers. China proposed worldwide CBDC rules. Thai insurers sell policies for COVID vaccine side effects.

Traveloka, Indonesian travel OTA, and SCB 10x, Thailand's SCB Bank's tech innovation arm, partnered to create a JV to offer digital financial services in Thailand.

Hoolah partnered withVisa to support local businesses in Malaysia. China bans microlenders from granting consumer loans to university students. Tencent-backed mutual aid platformQingsong Huzhu abruptly shuts down.

๐Ÿ’ฐ Funding Announcements

- FUND RAISES: Pluang (Indonesia, wealth mgmt.). Jeff (Vietnam, alternate credit scoring). DLTLeders (blockchain document authentication). Gimo (payday lending platform). NextPay (SME digital banking)

- ACQUISITIONS: Qoala acquired FairDee


Sponsor: Want to be a This Week in Fintech - India and SEA Sponsor? Reach out to us at sponsor@thisweekinfintech.com.


๐Ÿ‘‹๐Ÿพ That's all Folks

If youโ€™ve made it this far - thanks! As always, you can always reach me at connect@osborne.vc. Iโ€™d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE ๐Ÿ‘๐Ÿฝ or DOWNVOTE ๐Ÿ‘Ž๐Ÿฝ

Found a broken link or incorrect information? Report it.

See you in the next edition.

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