This Week in Fintech - Asia | 18th Sept, 2021

Fintech news, updates and fund raise announcements from Asia for the week ending 18th Sept, 2021

Hi fintech friends,

We’re beyond excited to share that Christine Chang is joining us to run our new Latin America fintech newsletter. She joins Nik (US/Global), Katie, Michael (Europe), Cristina, and Ben in helping us build out the world’s best fintech news overview and community.

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

Want to be a This Week in Fintech - Asia Sponsor? Reach fintech founders, industry professionals and enthusiasts. Email me at

🦉🏆 Tweets of the Week

🇮🇳 India

📰 Market Updates

  1. India and Singapore will link their instant bank transfer payment systems UPI and PayNow to enable instant cross border remittance.

  2. CoinSwitch Kuber, an Indian crypto exchange, is expected to raise funds from a16z (its first in India) and others at a valuation of $ 2bn

  3. SBI’s Global Deputy CTO Amit Saxena joined RBI Innovation Hub as CTO.

  4. Invesco Mutual Fund filed documents with SEBI (securities regulator) for blockchain fund.

  5. The Indian Finance Ministry announced $ 4.2bn guaranteed support for the National Asset Reconstruction Company (NARCL) or bad bank.

  6. Indian stocks listed on the Bombay Stock Exchange crossed $ 3.54tn in valuation and is the 5th largest globally.

  7. White Oak Capital received approval from SEBI (securities regulator) to acquire YES Mutual Fund.

  8. M2P/YAP claimed to process 13mm credit card transactions in Aug-21 representing 7-8% of overall CC market.

🚀 Product Launches

  1. OneCard partnered with PineLabs to enable EMI option at POS for OneCard's customers.

  2. Razorpay launched Address Verification System (AVS) for cross border payments, first Indian payment gateway to launch this feature.

  3. Tata Capital launched digital loans against mutual fund investments.

📝 Regulatory Updates:

  1. RBI (central bank): Sandbox cohorts. Allowed non-bank regulated entities to apply for Aadhaar e-KYC license. Announced the acceptance of 8 participants, including Open and Cashfree, in the cross border payments sandbox. Opened applications for its third regulatory sandbox cohort for SMB lending.

💰 Financing Announcements

  1. Bright Money, an AI-powered wealth management startup, raised $ 31mm.

  2. Livquik, a payment platform, raised $4mm in strategic funding from M2P (YAP).

  3. Paytail, a BNPL startup, raised $ 1.5mm.

  4. Jupiter, a neobank, raised additional funding from QED.

  5. Easiloans, a home finance startup, raised $ 1.1mm.

  6. 4Fin, a loan distribution startup, raised $ 1.1mm.

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🌏 Asia

📰 Market Updates

  1. Chinese regulators are formalising a plan to split Alipay to have a separate app for loans.

  2. DBS partnered with SWIFT Network to launch cross border payment tracking.

  3. MAS Singapore and SEC Thailand launched Depository Receipt linkages to increase cross border investment in stocks between the two countries.

  4. Tazapay, a cross-border trade digital escrow startup, launched escrow-as-a-service (EaaS) in partnership with eight global B2B marketplaces.

  5. Indonesian tech execs met with parliament to discuss e-commerce, data security, and tech sector maturation.

💰 Financing Announcements

  1. Xendit, an Indonesian payments startup, raised $ 150mm at a unicorn valuation.

  2. Pine Labs, a South and South East Asian payments company, raised $ 100mm in its pre-IPO round.

  3. Pluang, an Indonesian wealth management app, raised $ 35mm.

  4. Bluesheets, a Singaporean bookkeeping startup, raised $ 1.5mm.

  5. Rey Assurance, an Indonesian health insurance startup, raised $ 1mm.

  6. Vida, Indonesian digital identity startup, raised an undisclosed amount.

🌏 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. Digital Economy: India's Account Aggregator System Is Plagued by Privacy and Safety Issues

  2. India video apps have 4x more influencers than TikTok did pre-ban

  3. The Apple v. Epic Decision by Stratechery

  4. What buying its first NFTs says about Visa’s broader crypto strategy

  5. Financial services unchained: The ongoing rise of open financial data by McKinsey

  6. How fintechs are addressing financial inclusion barriers in the Philippines

  7. B2B Payments: Unlocking a Multi-Trillion-Dollar Opportunity

  8. Understanding BNPL

  9. Fintech in LatAm: Banking the Unbanked

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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