This Week in Fintech - Asia | 25th Sept, 2021

Fintech news, updates and fund raise announcements from Asia for the week ending 25th Sept, 2021

Hi fintech friends,

This was a monster funding week for fintech startups in Asia. 10 Indian fintech startups announced raising $162mm (excluding two with undisclosed amounts).

9 fintech startups in Asia (ex. India) $716mm (excluding two with undisclosed amounts)!! A Pakistani fintech raised Pakistan’s largest seed round of $12mm.

Many products were launched this week along with other updates. Bhutan is expected to start trials on its CBDC while China’s regulators banned all crypto trading and mining.

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

Translation of above tweet (for the international audience):

Me : Careful analysis + allocation, portfolio performance: 19% YTD

Husband : Random trading on tips from telegram groups, perf: +83% YTD

Me looking at latest addition to his portfolio: Do you even know what this company makes?

Husband : it makes me money!!


📊 Stat of the week

More than 50% of Indians live in an urban setting but only 3% of India's landmass is occupied by cities. Further, cities contribute to 60% of India's GDP. (Source)


🇮🇳 India

📰 Market Updates

  1. LoanTap, a personal loan platform, announced a debt listing on BSE and raised ~$13.5mm.

  2. Indian government launched a fund to back fintech startups to take digital payments beyond cities.

  3. Fresh loans by NBFC's has reached pre-covid levels.

  4. US Government's senior trade officials privately called RBI's Mastercard ban "draconian".

  5. YES Bank started rolling out its VISA cards as Mastercard continues to be banned for new card issuance.

  6. Axis Bank committed $4bn in sustainable lending till FY26.

🚀 Product Launches

  1. Zomato partnered with InCred to launch zero fee working capital loans for its restaurant partners.

  2. Flipkart Wholesale partnered with Davinta Financial to launch BNPL for its SMB merchants.

  3. Fyp, a teen neo banking startup, launched "India's first holographic card" for teenagers.

  4. WheelsEMI launched its used two-wheeler finance product.

  5. Antworks launched AntPay - it's neo banking super app.

  6. FinBox launched Account Aggregator integration to augment its digital lending infrastructure.

  7. KFintech and CAMS launched MFCentral - SEBI-mandated, common platform for mutual fund investor services. Feature list here.

  8. OneCard partnered with Federal Bank to launch mobile-first credit card.

💰 Financing Announcements

  1. ZestMoney, a BNPL startup, raised $ 50mm from Zip, an Australian BNPL company.

  2. KFin Technologies, a registrar and transfer agency service, raised $ 42mm from Kotak Mahindra Bank.

  3. Flobiz, a neo bank for small businesses, raised $ 31mm.

  4. Karbon, a SMB corporate credit card startup, raised $ 12mm.

  5. ePayLater, a BNPL platform for small businesses, raised $ 10mm.

  6. Chqbook, an SMB neo bank, raised $5.4mm.

  7. New Street, a blockchain transformation startup, raised $ 4mm.

  8. Inai, a payments orchestration platform, raised $ 4mm.

  9. CredRight, a SMB finance platform, raised $ 2.7mm.

  10. HappyCredit, an instant cashback and rewards platform, raised $ 670K.

  11. IppoPay, a payments platform for small businesses, raised an undisclosed amount.

  12. Razorpay, an Indian payments platform, raised an undisclosed amount from Salesforce.

Acquisition announcement:

  1. M2P/YAP acquired Wizi App, a credit card sourcing startup for $ 5mm.

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🌏 Asia

📰 Market Updates

  1. China's regulators banned all crypto trading and mining.

  2. Stripe's Indonesia launch might face regulatory hurdles.

  3. Singapore is expected to launch new licensing regime for cyber security providers by 2022.

  4. Fraction, a Thai fractional real estate investment platform, received its final regulatory approval to launch its service.

  5. Tonik Bank, Philippines' first digital bank, launched Quick Loan a 15 min loan product.

  6. NTUC Income, an insurance cooperative in Singapore, launched a micro investment-linked plan (ILP) on its app.

  7. In 2020, 55% of new e-commerce users in Indonesia chose to use BNPL options as banks are starting to launch their own offerings.

  8. Indepay, an Indonesian social commerce app, launched tara.app, an open transfer platform for digital payments between consumers and MSMEs.

  9. iFast, a Singaporean stock broker and Singapore's best performing stock in 2020, valuation crossed $2bn

  10. PayMaya, a Philippine, Tencent-backed payments platform, received its digital bank license in the Philippines.

  11. Traveloka launched Southeast Asia’s first PayLater ‘Virtual Card Number’ for payments outside Traveloka.

  12. ADB Bank launched an NFT Challenge inviting applications from startups for NFT solutions.

  13. Report suggests that embedded wealth opportunity in APAC is ~$32bn.

  14. Bhutan is expected to pilot its carbon-neutral CBDC with Ripple.

  15. GooglePay partnered with Fave to offer Singaporean users loyalty cashback.

  16. InvestaX launched a Securities Token Exchange as part of Singapore's MAS Fintech Sandbox.

💰 Financing Announcements

  1. Advance Intelligence Group, the Singaporean holding company of Atome, Advance.AI, Kredit Pintar and many others, raised $400mn.

  2. XTransfer, a Chinese cross border payments startup, raised $ 138mm.

  3. Cobo, a crypto custody and financial services startup, raised $ 40mm.

  4. Spenmo, a Singaporean spend management company, raised $ 34mm.

  5. Oy! Indonesia, an Indonesian payments company, raised $ 30mm at $ 100mm valuation.

  6. Bolttech, a Singaporean Insurance infrastructure company, raised additional $30mm as part of its $ 180mm Series A funding.

  7. Evermos, an Indonesian sharia-compliant social commerce company, raised $ 30mm from UOB Bank.

  8. TAG, a Pakistani payments platform, raised $ 12mm (Pakistan's largest seed round) at $ 100mm valuation.

  9. Komunal, an Indonesian rural neo-bank, raised $ 2.1mm.

  10. Leflair, a Vietnamese data-driven loyalty startup, raised an undisclosed amount in its Series C.

  11. Sribuu, an Indonesian personal finance startup, 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. Decentralised freedom fighters🕊

  2. Wall Street Influencers Are Making $500,000, Topping Even Bankers

  3. Coatue: The cub on the prowl

  4. Ransomware payments made in half of global attacks; 87% of U.S. targets paid up, against 33% in Japan, survey finds

  5. 6 thoughts on India’s Gen Z from 2am VC

  6. The Fintech Cauldron- Loan Risk Calculation in SME Lending

  7. What is a Managing General Agent (MGA) in insurance parlance?


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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