This Week in Fintech - Asia | 16th Oct, 2021

Fintech news, updates and fund raise announcements from Asia for the week ending 16th Oct, 2021

Hi fintech friends,

Happy festive season to all the Indians celebrating. This week we had 10 Indian startups raising $157mm ($100mm was raised by one startup, two undisclosed). Asia (ex. India) had only 3 fintech startups raising $~10mm.

A fintech received a banking license in India and a POS payment startup launched an online payment gateway. Quite a few partnerships were announced in Asia including one worth $500mm!

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

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🦉🏆 Tweets of the Week

🇮🇳 India

📰 Market Updates

  1. Radiant Cash Management Services filed draft IPO prospectus for IPO.

  2. BharatPe appointed Rajnish Kumar, former Chairman of SBI Bank, as Chairman of the Board.

  3. UPI recorded 3.65 Bn transactions worth $88.4bn in Sept, 2021.

  4. Indian crypto exchanges are blocking accounts with suspicious activities.

  5. Salman Khan, an Indian film actor, is launching BollyCoin, a Bollywood NFT marketplace.

  6. LendingKart claimed to have disbursed $1bn in loans since 2015 to 130K SMB borrowers.

  7. Biz2Credit, a US based SMB finance startup, launched in India and plans to deploy $100mm over 5 years.

🚀 Product Launches

  1. Mudrex, a crypto investment startup, launched Coin Sets, a theme based cryptocurrencies to invest in.

  2. Pine Labs launched Plural, an online payment gateway platform in India.

  3. Razorpay launched an integration with Zapier to pull payments data.

📝 Regulatory Updates

  • RBI: Approved final Small Finance Bank license to Centrum-BharatPe group.

💰 Financing Announcements

  1. Open, a SMB neo banking startup, raised $100mm.

  2. M2P Fintech, a fintech infrastructure starutp, raised $35mm.

  3. Colexion, a bollywood NFT marketplace startup, raised $8mm.

  4. Visit Health, a telehealth and wellness startup, raised $7.5mm from Policybazaar.

  5. Niro, a consumer fintech infrastructure startup, raised $3.5mm.

  6. Arcana Network, a blockchain storage and identity management startup, raised $2.3mm.

  7. EarnWealth, an agent driven fintech product distribution startup, raised $500K.

  8. SALT, a SMB cross border banking startup, raised $500K.

  9. Yobee, a thematic investing startup, raised an undisclosed amount.

  10. NFTically, an NFT marketplace, raised an undisclosed amount.


  1. Smallcase acquihired to extend its SaaS platform

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🌏 Asia

📰 Market Updates

  1. Chubb, the US insurer, will acquire Cigna's Asia and Turkey businesses for $5.8bn.

  2. Grab, the Singaporean ride hailing company, reduced its shareholding in OVO, the Indonesian payments company to comply with local FDI regulations.

  3. MyMy, a Malaysian e-wallet startup, partnered with Mastercard for a principal membership.

  4. Singapore’s SMBs generate 45% of B2C eCommerce exports totalling $1.03bn in 2021 per a report by Amazon.

  5. StraitsX crossed SGD 2bn ($1.5bn) in crypto transactions on its platform and Xfers, another crypto investing starutp, also crossed $1.5bn in transactions.

  6. Funding Societies launched a crowd funding platform in Thailand after raising from 500 TukTuks.

  7. CIMB Vietnam partnered with Finhay to launch a Smart Credit Card.

  8. Binance created a $1bn Crypto Mass Adoption Fund to accelerate crypto adoption globally.

  9. Hyphen Group (previously CompareAsiaGroup) a financial product marketplace, is going to go public via a SPAC.

  10. Standard Chartered Bank signed a 10 year partnership with Atome to invest $500mm in the company and launch multiple products.

  11. SWIFT Go, the real time, cross border, bank transfer system by SWIFT, signed up 100 banks since launch in July.

  12. Mastercard signed a partnership with the Pakistan Government to create the country's first cashless zone.

  13. Grab partnered with Mastercard to launch digital and financial inclusion products in Southeast Asia.

  14. PayMaya, a Philippine payment startup backed by Tencent, partnered with bolttech for insurance products.

💰 Financing Announcements

  1. iSeller, an Indonesian point of sale SaaS startup, raised $8.4mm

  2. Talino Venture Labs, a Philippine fintech venture lab, raised $1.25mm.

  3. Surer, a Singaporean insurance intermediary SaaS platform, raised $1mm

🧐 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. A look at Pix, Brazil's instant bank transfer system, launched 11 months ago and used by half of its population.

  2. 4 key stats from Finder’s report on digital banking adoption

  3. The financial wellness war – Malaysian banks vs digital banks

  4. Re-Imagining Acquiring: How should bank acquirers respond to the rapidly evolving acquiring market by VISA.

  5. The rise of Algo trading platforms & everything you need to know by Zerodha

  6. Decoding Card-on-File Tokenisation: All You Need to Know by Razorpay

  7. Mapping SEA’s key digital banking players 🔒

  8. Global payments 2021: Transformation amid turbulent undercurrents by McKinsey

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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