This Week in Fintech - Asia | 23rd Oct, 2021

Fintech news, updates and fund raise announcements from Asia for the week ending 23rd Oct, 2021

Hi fintech friends,

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.


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


🦉🏆 Tweets of the Week


📊 Stat of the week

Women and men in financial services begin their careers at parity, making up roughly equal portions of entry-level staff, but higher up the ladder, women account for only 19% of positions in the C-suite (Source: McKinsey)


🇮🇳 India

📰 Market Updates

  1. Paytm received SEBI approval to float its $2.24bn IPO - this will be India’s largest IPO.

  2. Policybazaar's parent firm received SEBI approval to float its IPO.

  3. Mudra, the central government SMB loan scheme, saw gross NPA ratio increase to 12% in FY21.

  4. PhonePe claims to have processed $124.6bn in total transaction value in JAS quarter growing 23.3% QoQ, growth was driven by offline merchants.

  5. Navi Mutual Fund filed for Total Market Index Fund which will cover 750 stocks.

  6. StockGro, a social trading startup, claimed to have 5mm registered users in 15 months expects to cross 50mm next year.

  7. MDI Gurgaon launched a centre on digital economy, cryptocurrencies, cybersecurity.

  8. VISA and Mastercard India plan to launch their respective BNPL options in India by end of Mar-2022.

  9. NSDL, a central securities depository company, claimed to have crossed $4tn in total value of assets in demat accounts, representing an 89% market share by value.

🚀 Product Launches

  1. Vested Finance partnered with SBM Bank to launch easier US stock investing.

  2. RupiFi partnered with Muthoot Finance to provide embedded credit to 15mm SMB's.

  3. GupShup partnered with Decentro to launch embedded payments through chats for GupShup's merchant users.

  4. Flipkart Wholesale partnered with RupiFi to launch embedded BNPL for its SMB users.

📝 Regulatory Updates

  1. RBI (central bank): Imposed a monetary penalty on State Bank of India, Paytm and Western Union. Finalised the scale-based regualtory framework for NBFC's.

  2. SEBI (securities regulator): Banned Registered Investment Advisors (RIA) from offering unregulated products like digital gold and cryptocurrencies.

💰 Financing Announcements

  1. CRED, a credit card rewards and commerce startup, raised $251mm at $4bn valuation.

  2. Dhani, a consumer finance platform owned by Indiabulls, raised $162mm.

  3. CredAble, a supply chain finance startup, raised $30mm.

  4. Aviom, a low-income household finance startup, raised $8mm.

  5. RevFin, an electric vehicle financing startup, raised $4mm.

  6. AuthBridge, a digital authentication startup, raised an undisclosed amount.

Acquisition announcements:

  1. Recko, a payments reconciliation startup, was acquired by Stripe.

  2. CRED acquired HipBar, a prepaid payment startup.

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🌏 Asia

📰 Market Updates

  1. Individual tax filers in Pakistan increased 44.4% YoY to 2.5mm and taxes collected from individuals increased 38.5% YoY to $120mm

  2. Coinhako, a Singaporean crypto startup, launched a crypto trading platform for institutions, high net worth individuals

  3. Kasikorn Bank, a Thai bank, launched Kasikorn X (KX), a DeFi Incubator, and Coral, an NFT Marketplace

  4. CrediLinq.Ai, a Singaporean SMB credit assessment startup, partnered with UK-based Wiserfunding for SMB credit underwriting in Southeast Asia

  5. Mynt, the parent company of Philippine wallet platform GCash, is the only Philippine startup in Credit Suisse' Unicorn List for SEA.

  6. Grab Financial Group, the Singaporean cab hailing company's financial arm, launched a webstore builder for its merchant network.

  7. Thai police is probing an online bank fraud that affected 40,000 people for a total of $3.9mm.

💰 Financing Announcements

  1. FTX, previously a Hong Kong-based crypto derivatives startup, raised $420mm at $25bn valuation.

  2. XanPool, a Hong Kong-based crypto settlement startup, raised $27mm.

  3. Crowde, an Indonesian agri finance startup, raised $9mm.

  4. MarketWolf, a Singaporean intra day options trading platform, raised $5.5mm.

  5. SAMO Holding, a Vietnamese financial product comparison startup, raised $5mm.


🧐 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. Southeast Asia Startup Ecosystem 2.0 by Golden Gate Ventures (Summary)

  2. 40% of Large Firms Expect Digitization of AR/AP Processes

  3. Cryptocurrency Is Bunk

  4. The Most Popular Digital Bank in Almost Every Country in the World

  5. Overview of SBI Bank's YONO

  6. OpenSea: The Reasonable Revolutionary


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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