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Regulatory shifts, mega-funding, and AI innovation defined Asian fintech this week.
📍 INDIA:
IRDAI's commission cuts threaten PB Fintech's FY28 revenue; SEBI's PRIM framework boosts PMS wealth tech.
Startups raised $10.3bn (9M 2026); Pine Labs hit ₹112.5cr profit; Cruise Money launched AI agentic card.
📍 ASIA:
SEA funding hit $7.25bn, with Mynt (GCash) raising $640M pre-IPO; Antom acquired Indonesia's DOKU.
Wise launched multi-currency in Thailand; HKMA/Bank Indonesia explore QR interoperability for payments.
- Osborne (LinkedIn)
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The Rundown
🏦 M&A
Antom, Ant International's merchant payment arm, acquired 92.5% of DOKU, Indonesia's payment fintech company, rebranding to DOKU by Antom.
🚀 Product Launches
Cruise Money showcased an agentic card that uses artificial intelligence (AI) to plan, decide, and execute payments on users' behalf within set guardrails.
Pine Labs launched Soundboxes across rural India to expand digital payment adoption.
Protean eGov Technologies launched Enterprise Digital Personal Data Protection (DPDP) Governance & Consent Platform.
KB Securities a South Korean securities broking firm, partnered with Securitize to launch a digital securities platform.
Tencent launched TenPayGo, a payment app enabling overseas visitors to pay with foreign cards and digital wallets at WeChat Pay merchants, supporting 7 card networks and ~60 international wallets.
Tether, Pave Bank, and Global Finance & Technology Network (GFTN) launched a fintech scholarship program connecting Georgian students with Singapore's financial ecosystem.
Luno Malaysia partnered with Halogen Capital and Kenanga Investors to explore the launch of UMYR, a ringgit-pegged stablecoin, enabling real-time Delivery-versus-Payment (DvP) settlement for tokenised fund transactions.
Vivi Money, an Australian AI-powered personal finance management startup, launched Snap & Pay, enabling customers to photograph invoices and process payments via AI.
Klook partnered with Visa across six Southeast Asian markets, combining experience discovery, creator-led commerce, and cardholder offers.
Deutsche Bank deployed agentic AI to automate Source of Wealth checks in Know Your Customer (KYC) processes across Hong Kong and Singapore.
Bloom Fintech, an Australian Web3 payment finance company, partnered with TradeGo to adopt verifiable Legal Entity Identifier (vLEI) credential, strengthening trusted cross-border trade infrastructure.
Ebanx launched operations in Pakistan, supporting JazzCash, Easypaisa, and Raast, while rolling out proprietary Apple Pay token-decryption infrastructure across Latin America and Caribbean.
Wise launched multi-currency accounts and cards in Thailand, supporting 40+ currencies, QR payments via PromptPay, and regional payment networks.
💸 Fundraises
Mynt, operator of Philippines' dominant e-wallet GCash, raised $640M in commitments ahead of Philippine Stock Exchange listing.
Tabby, Saudi Arabia and UAE-based Buy Now Pay Later (BNPL) provider, raised $233M at $6.5bn valuation.
iPiD, Singapore-headquartered payment intelligence company, raised $16M.
Definedge, an Indian securities brokerage startup, raised ₹22 crore ($2.42M).
DANA, an Indonesian payments company, raised an undisclosed amount.
🏛️ Policy & Regulation
SEBI approved PRIM framework for PMS players to invest in mutual funds, ETFs, and SIFs with INR 25 lakh (USD 275K) minimum ticket.
Insurance Regulatory and Development Authority of India (IRDAI) proposed commission cuts of 33-67% for health, term and motor insurance, causing PB Fintech to plunge 36% and Turtlemint to fall 20%.
PayGlocal received in-principle approval from International Financial Services Centres Authority (IFSCA) to establish a Payment Service Provider (PSP) subsidiary in GIFT-IFSC.
Oman launched a national fintech strategy to advance financial technology development and digital financial services.
Japan's Financial Services Agency (FSA) boosted scrutiny of AI data center financing by major banks and life insurers, examining risk-management frameworks for US-based projects.
Singapore emphasized that AI investment success depends on converting technology into measurable economic value, moving beyond pilot projects to integrated, scalable applications.
Securities and Futures Commission (SFC) Hong Kong launched a strategic action plan supporting the city's five-year plan across market development, renminbi ecosystem expansion, and financial security.
Hong Kong Monetary Authority (HKMA) and Bank Indonesia signed a Memorandum of Understanding (MoU) to explore QR payment interoperability and strengthen cross-border payments cooperation.
🗂️ Other News
PB Fintech projects 30% FY28 revenue decline from proposed insurance commission changes, general insurance NPV falling 60-65%.
India's credit card spending fell 2.8% MoM to ₹2 lakh crore ($21bn) in August as new card additions slowed.
Amazon Pay India reported operating revenue growth of 18.5% to ₹2,484cr ($260M) in FY26, but net loss widened 33% to ₹1,148cr ($120M).
India's startups raised $10.3bn in 9M 2026, up 7% YoY, despite deal volumes falling 38%.
JPMorgan Chase planned to double its Gujarat GIFT City business with INR 9,100cr (USD 1B) existing book over next two years.
India's mutual fund industry reached INR 87.08 lakh crore (USD 9.6 billion) AUM in August 2026, growing 15.8% YoY with SIP flows peaking at INR 32,297 crore (USD 355 million).
Pine Labs reported ₹112.5cr ($12M) full-year consolidated profit in FY26, expanding into checkout, cards, rewards and banking infrastructure.
Southeast Asia startup funding jumped to $7.25bn, concentrated in Singapore, AI infrastructure, and mega-rounds.
Ho Chi Minh City's International Financial Center (IFC) accelerated setup for initial transactions by November 2026.
Securities and Exchange Commission of Pakistan (SECP) reported insurance industry premium grew 15% to $8.5M, with digital channels growing 71% during 2025.
Japan's government bond market volatility slowed investor repatriation flows, as 10-year yields fluctuated amid yen exchange rate pressures.
Who moved the needle in fintech this year?
We’re recognizing the top leaders across Startups, Big Companies, Founders, VCs, and Social Good at our year-end Fintech Formal on Dec. 11 in New York. Judging is 100% independent—TWIF doesn't vote.
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