Kotak acquired Deutsche Bank India retail ops; GCash parent Mynt files for $1.5B IPO in Philippines | TWIF Asia 06 Jul, 2026

Turtlemint, an insurance distribution startup, listed in the public markets at ₹1345 ($1.42) per share, an 11.25% discount to its IPO issue price.

Paytm secured a Payment Institution Licence from Luxembourg's financial regulator, allowing Paytm to launch regulated payment services across Europe.

Fibe, a digital lending startup, reported ₹1,601cr ($168M) operating revenue in FY26, growing 31% YoY with net profit more than doubling to ₹257cr ($27M).

Bank of Baroda (BoB), Bank of India (BoI), and Punjab National Bank (PNB) reported 350 basis points credit-deposit gap widening in Q2 FY2026-27.

HDFC Bank grew gross advances (loans) 15.4% YoY to ₹31 lakh crore ($321bn) and deposits 14.7% to ₹32 lakh crore ($333bn) in Q2 FY2025-26.

Zerodha applied to Securities and Exchange Board of India (SEBI) for merchant banking licence.

Indian MSMEs faced average overdue receivables of ₹3.8cr ($400K) beyond 360 days, with a 73-day payment cycle exceeding regulatory guidelines.

Yes Bank reported advances/loans of ₹2.85 lakh crore ($30bn), growing 18% YoY in Q1 FY27, while deposits rose 14% YoY to ₹3.15 lakh crore ($33bn).

Association of Mutual Fund India (AMFI) targets 100M mutual fund investors and ₹150 lakh crore ($1.6tn) AUM by 2030 through retail expansion.

Bajaj Finserv invested in KaptureCX, an AI-powered customer experience startup.

OnEMI Technology Solutions, the holding company operating Kissht loan app, grew Assets Under Management (AUM) 61% YoY to ₹8,000cr ($840M) in Q1 FY27.

Dream Money, fintech arm of Dream Sports, was shut down less than a year after its launch, following real money gaming ban.

ToneTag launched eKosha, converting 3M+ UPI soundboxes into banking touchpoints for MSMEs to access credit via voice commands.

Razorpay partnered with NPCI Bharat BillPay Limited to launch Banking Connect, modernising NetBanking with app-based and QR-enabled payment flows.

J.P. Morgan Payments partnered with National Payments Corporation of India (NPCI) to enable real-time currency conversion for cross-border Unified Payments Interface (UPI) payments.

Cashfree Payments, a payments aggregator, grew its cross-border operations into overseas investment, travel, and B2B payments, targeting 25% revenue contribution within three to four years.

Eurobank partnered with National Payments Corporation of India (NPCI) International Payments Limited to launch UPI-based remittance service from Greece to India.

Visa partnered with IDFC FIRST Bank to launch Payment Passkey in India, enabling biometric authentication for online card payments and reducing OTP reliance.

HDFC Bank deployed Neev, its proprietary generative AI platform, and custom real-time fraud engine built by 150-200 engineers.

National Payments Corporation of India (NPCI) partnered with HSBC India to enable real-time foreign exchange settlement for cross-border Unified Payments Interface (UPI) payments.

Insurance Regulatory and Development Authority of India (IRDAI) approved Prudential HCL Health Insurance, a 70-30 joint venture between Prudential Group Holdings and HCL Group, to enter India's ₹1.2 lakh crore ($13bn) health insurance market.

Reserve Bank of India (RBI) released the June 2026 Financial Stability Report, confirming India's financial system remained resilient with strong banking sector capital buffers and improved asset quality despite global risks.

Kotak Mahindra Bank acquired Deutsche Bank's India retail, private banking, and wealth management business of ₹29,000cr ($3bn) in loans and ₹16,000cr ($1.7B) in deposits.

DBS completed $1bn synthetic securitisation deal, enabling capital redeployment for lending growth across Asia.

United Overseas Bank (UOB) launched its operations in Vietnam.

Mynt, the parent company of GCash, Phillipines' largest payments company, filed for Initial Public Offering (IPO) targeting a ₱92.3bn ($1.5bn) raise.

Green Link Digital Bank, a Singaporean wholesale digital bank, posted profit after tax of $1.9M in FY2025, with operating income growing to $10.3M.

Stakk, an Australian embedded finance startup, posted an operating profit in FY2026 on projected annual revenue of about A$13.6M ($9.4M), driven by growth in contracted recurring revenue and very high gross margins

Pakistan recorded average Consumer Price Index (CPI) inflation of 7.05% in FY26, up from 4.49% in FY25.

Hong Kong's total Assets Under Management (AUM) reached record HK$42.2 trillion ($5.4tn) in 2025, driven by 193% YoY net fund inflows, according to Securities and Futures Commission (SFC) survey.

SCB X, a Thai financial holding company and parent of Siam Commercial Bank, launched digital finance capabilities across Southeast Asia through mobile-first banking.

DBS partnered with Samsung Securities to establish a strategic wealth management partnership, broadening cross-border investment options for clients.

ZEN.COM launched Mastercard Click to Pay tokenized one-click checkout across 33 emerging markets to serve 1.5M consumers.

Ping An Bank partnered with China UnionPay and Tencent Cloud to launch an AI Compute Card offering computing power rewards alongside traditional banking incentives, launching in July.

Visa launched Visa Accept and Visa Direct, enabling small businesses in 25+ emerging market countries to accept and send digital payments via smartphones.

JCB launched contactless payment acceptance on Taipei Metro, allowing cardholders to tap physical cards or mobile devices at fare gates.

Ascertain, a Malaysian fintech infrastructure company, expanded into Indonesia, Oman, and India through strategic partnerships.

Hyundai Card in Japan launched six Apple Pay-integrated debit and hybrid cards, capturing 61% of new sign-ups from Gen Z within 50 days.

OCBC launched OCBC WoW, an AI-native mobile banking app featuring virtual avatars for personalised wealth management advice in Southeast Asia.

XTransfer opened a Malaysia office following Bank Negara Malaysia (BNM) conditional approval.

FundTap, a New Zealand invoice financing startup, integrated with GoCardless’s bank-to-bank payments into its Xero-based invoice finance platform.

Tabby, a Saudi Arabian BNPL startup, secured both a consumer finance licence and an SME finance licence from the Saudi Central Bank (SAMA), allowing it to move beyond short‑tenor BNPL into regulated, longer‑term financing for higher‑value consumer purchases and working capital loans for businesses.

South Korea opened 24-hour Korean Won (KRW) trading amid currency market volatility.

Monetary Authority of Singapore (MAS) published SAFR framework for safe AI agent deployment in financial services, enabling autonomous task execution within predefined risk boundaries.

Qashier, Singapore-based payments and merchant software company, raised $6.13M.

Igloo, a Singaporean insurance distribution startup, acquired Eazy Digital, a Singapore-headquartered insurtech startup, to strengthen its technology stack and expand operations across Thailand and Asia Pacific.

Webull Thailand acquired Pi Securities for $100M to expand investment offerings in Thailand.