This Week in Fintech - Asia | 09th Oct, 2021

Fintech news, updates and fund raise announcements from Asia for the week ending 09th Oct, 2021

Hi fintech friends,

Fintech investments are only getting hotter! Seems this last quarter will break all records. This past week, a16z made its entry in India with an investment in a crypto exchange. An NFT marketplace signed up with India’s fashion week for exclusive NFT’s.

India witnessed 6 new product launches and 10 fund raise announcements totaling $319mm. Asia (ex. India) also had 9 fund raise announcements totaling $486mm.

Please enjoy all the news and updates from the past week in today’s edition. If you feel TWIF brings you value, please share it with your friends (and maybe suggest they subscribe too).


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


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🦉🏆 Tweets of the Week


📊 Stat of the week

During the period FY15-20, aggregate deposits of private sector banks grew 18% CAGR, whereas public sector banks grew at 6% CAGR. (Source)


🇮🇳 India

📰 Market Updates

  1. Fino Payments Bank received SEBI's approval to float an IPO, expected to raised ~$175mm.

  2. Mobikwik, a payment startup, received SEBI's approval to float its IPO, expected to IPO in Oct-21.

  3. WazirX, a crypto exchange and NFT marketplace, partnered with Lakme Fashion Week to allow designers to sell exclusive NFT designs.

  4. SwissRe may invest in Paytm's insurance business.

  5. slice*, a genz credit card startup, is launching 3 day work week.

  6. Groww cofounder said it will launch cryptocurrency trading post getting clarity from regulators.

  7. Credit card spends in India crossed INR 2tn ($27bn) in the quarter ended Sept-2021.

  8. ETMoney claimed to cross INR 500 cr ($67.5mm) in monthly mutual fund investments, 70% organic users.

  9. India's crypto market grew 641% over the past 12 months.

🚀 Product Launches

  1. PAYBACK, BharatPe owned loyalty platform, launched PAY via UPI using loyalty points.

  2. ZebPay, a crypto exchange, launched an OTC Desk for large volume traders, HNI and global investors.

  3. BharatPe launched PostPe, a BNPL product, for one-click purchases at stores with credit limit up to INR 10 lacs ($13.5K).

  4. VISA partnered with Juspay to offer card-on-file tokenisation for merchants.

  5. Eko, a domestic remittance and payment startup, launched a consumer loan product, aims to disburse $1bn.

  6. Jupitice launched a SMB digital court for dispute resolutions through arbitration.

📝 Regulatory Updates

  1. RBI (central bank): Said it will introduce new guidelines for digital payment systems in offline mode. Enhanced the transaction limit for IMPS to INR 500K ($6,756) from earlier INR 200K ($2,700). Proposed to include geo-tagging framework in payment acceptance touch points including POS devices, QR codes and more. Introduced a new theme of "Prevention and Mitigation of Financial Frauds" as part of the Regulatory Sandbox and made on tap applications for previous sandbox themes.

  2. SEBI (securities regulator): Barred a news anchor and other persons (including those on twitter) from the securities market for influencing the market.

💰 Financing Announcements

  1. CoinSwitch Kuber, a crypto exchange, raised $260mm at $1.9bn in funding.

  2. ProgCap, a SMB finance startup, raised $30mm.

  3. GramCover*, a rural insurance startup, raised $7mm.

  4. Mobileware Technologies, a banking API startup, raised $4.75mm.

  5. Smartstaff, a blue collar workforce management startup, raised $4.3mm.

  6. Stader Labs, a crypto staking management startup, raised $4mm.

  7. PazCare, an SMB employee health insurance startup, raised $3.5mm.

  8. Trica, a startup crowdfunding startup, raised $3mm.

  9. Hyperface, a credit card infrastructure startup, raised $1.3mm.

  10. IBSFintech, a treasury management startup, raised $1mm.

Acquisition announcement:

  1. Paytm acquired CreditMate, a digital debt collections

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🌏 Asia

📰 Market Updates

  1. Singapore's central bank, MAS, will launch COSMIC - a centralised data sharing platform to curb money laundering and terror financing.

  2. DBS, J.P. Morgan and Temasek to form a new JV - Partior, a blockchain-based clearing and settlement technology platform.

  3. Hong Kong's central bank released a technical overview of launching an e-HKD, it's central bank digital currency.

  4. Mezan Bank in Pakistan partnered with MYGLU to roll out MGPay - a POS payment service.

  5. Singapore's MAS in a report said that BNPL does not pose a significant risk at this stage, pointing out that BNPL accounted for SGD114mm in transactions compared to SGD92bn credit and debit card market.

  6. METACO, a Swiss digital asset infrastructure company, set up an office in Singapore.

  7. Ascend, a Thai payments company, is looking for partners to start lending in Vietnam.

  8. mKhata, a Pakistani bookkeeping startup, claims to have 100K users in a month since fund raise.

  9. UangTeman, an Indonesian online finance startup, sued for $1mm by its finance partner.

  10. Paper.id, an Indonesian B2B invoicing startup, launched B2B BNPL product.

  11. Modalku, Funding Societies' Indonesian arm, plans to raise $50mm. Funding Societies raised $18mm in debt and is expected to raise $120mm.

💰 Financing Announcements

  1. Ajaib, an Indonesian stock investing startup, raised $153mm at $1bn valuation.

  2. Sky Mavis, developer of popular crypto based game Axie Infinity, raised $150mm from a16z.

  3. Ula, an Indonesian B2B commerce marketplace, raised $87mm.

  4. Incomlend, a Singaporean ESG focused SMB finance startup, raised $60mm.

  5. QisstPay, a Pakistani buy now pay later startup, raised $15mm.

  6. Qapita, a Singaporean equity management startup, raised $15mm.

  7. Bizzi, a Vietnamese bookkeeping automation startup, raised $3mm.

  8. PostEx, a Pakistani SMB logistics and finance startup, raised $1.5mm.

  9. Bank Jago, Indonesia's first full digital bank, raised an undisclosed amount.


🧐 Looking for context, deep dives and further insights?

Read the latest edition of Fintech Inside, also authored by me. New editions get published every Sunday at 9AM IST.


📜 Notable Nuggets

  1. The Nigerian fintech boom, by the numbers

  2. Rethinking Concentration Risk in B2B Fintech Infrastructure

  3. Opportunity for Fintech in India's insurance market

  4. Bitcoin is a Ponzi

  5. IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money

  6. Digital Assets Primer: Only the first inning by Bank of America (Summary)

  7. Foolish Fintech Questions: Part II by Alex Johnson

  8. Inside BillDesk's 20 year build for the next innings

  9. The Fintech 250: The Top Fintech Companies Of 2021 by CBInsights


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

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