This Week in Fintech - Asia | 14th Aug, 2021

Fintech news, updates and fund raise announcements from Asia for the week ending 14th Aug, 2021

Hi fintech friends,

Welcome to the third edition of This Week in Fintech - Asia!

Crypto made most of the news this week including for fund raises, hacks and license approvals. 5 startups in India and 5 in Asia raised a total of $~300mm in funding. There were two acquisitions in the regions as well.

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🦉🏆 Tweet of the Week

🇮🇳 India

📰 Market Updates

  1. True Balance expects to break-even by year-end and will potentially list publicly by 2024.

  2. Retail investors' ownership in NSE-listed firms hit an all time high in June quarter to 7.18% from 6.96%.

  3. National Stock Exchange (NSE) will introduce a trading platform to trade in select US stocks.

  4. Sequoia Capital completed a partial exit from Pine Labs, returns $ 230mm.

  5. Infibeam Avenues will launch a lending platform for its 3 mm small businesses owners.

  6. RBI (central bank) is in final stages of releasing a framework for regulating digital lending in India.

  7. An Ex-Paytm Director urged SEBI (securities regulator) to stall Paytm's $ 2.2 bn IPO.

🚀 Product Launches

  1. Zimyo, a HR SaaS platform, launched an employee benefits platform.

  2. Finbox partnered with IIFL Finance to launch digital credit products to merchants.

  3. Raise launched Dhan, an investment platform for stock traders and investors.

  4. Kreditbee launched Kreditbee Card, a virtual prepaid card where the amount is loaded in the card when the borrower requests for a draw down and the borrower can spend anywhere a RuPay card is accepted.

📝 Regulatory Updates

RBI (central bank): Issued draft guidelines to liberalise overseas investment norms for resident Indians.

💰 Fund Raise Announcements


  1. CoinDCX, a crypto-currency exchange, raised $ 90mm at a unicorn valuation.

  2. Credgenics, a debt resolution SaaS platform, raised $ 25mm.

  3. Grip Invest, a fixed income wealth products startup, raised $ 3mm.

  4. Mudrex, an Indian crypto investing platform, raised $ 2.5mm.

  5. Kenko Health, a health insurance startup, raised $ 1.7mm.


  1. Raise Financial Services acquired Moneylicious, a stock broking firm.

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🌏 Asia

📰 Market Updates

  1. Poly Network, cross chain decentralised finance platform, was hacked and attackers stole $ 600m in cryptocurrencies and then returned most of it.

  2. UnionBank in Philippines launched a one-stop payments hub "UPay" for small businesses.

  3. bKash in Bangladesh, launched "bKash Rewards" for savings and rewards per transaction.

  4. Razer will suspend its wallet and card payment services business by 30th Sept, 2021. Will focus on B2B payments business.

  5. GCash, ANT Group backed payments business, expects to turn profitable in 2021 with a annual transaction value of $ 59.5bn and 43 mm users.

  6. Fintech deals in Singpaore skyrocketed to its highest in three years at $ 614.2mm.

  7. Google Pay in Thailand enabled PromptPay (instant bank transfer) for users in partnership with Rapyd.

  8. Inward remittances to Pakistan declined 2% YoY to $ 2.7bn in July, 2021.

  9. Chinese regulators are expected to increase scrutiny of local insurtech firms.

  10. Amazon will impose 0.5% surcharge on Visa credit card payments in Singapore.

  11. DBS Bank's brokerage arm Vickers, received an approval from MAS to provide trading services for digital payment tokens for institutions to trade cryptocurrencies.

  12. SB Finance partnered with FinScore to provide telco-based credit scoring in the Philippines.

💰 Fund Raise Announcements


  1. M-DAQ, a Singaporean enterprise FX SaaS platform, raised $ 200mm.

  2. BigPay, AirAsia's fintech vertical in Malaysia, raised $ 100mm.

  3. Pintu, Indonesian mobile-first crypto investment platform, raised $ 35mm.

  4. Alami, Indonesian sharia-compliant P2P lender, raised $ 17.5mm.

  5. Currenxie, a Hong Kong based small business cross border payments startup, raised $ 10mm.

  6. DurianPay, an Indonesian payment startup, raised $ 2mm.


  1. Synqa, holding company of Thai payments company Omise, acquired EventPop, an event ticketing company.

🌏 International

Please find our global coverage and consider subscribing.

🧐 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. After Afterpay by Marc Rubenstein

  2. Buy Now, Pay Later & Payment Ramifications by John Street Capital

  3. Global fintech investment rebounds to hit $98bn in H1

  4. "A Neobank for Creators": why the $ 15bn creator economy is fintech's next battleground

  5. Common problems with bank partners

  6. Explained - The General Insurance Business Nationalisation Bill in India

  7. Embedded finance won’t make every firm into a fintech company

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

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