Hi fintech friends, Osborne here!

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).

✨ Falcon presents Mumbai Fintech Happy Hour - 5th Sept, 2023

Falcon presents Mumbai Fintech Happy Hour is back! Details below, register now!

Mumbai Fintech Happy Hour is co-sponsored by AWS and Monnai, Supported by Global Fintech Fest and organised by This Week in Fintech and Emphasis Ventures.

🗓️ Tue, 5th Sept🕕 6pm onward📍 BKC, Mumbai

🐦🏆 Tweets of the Week

❝

7 years, 10 Billion transactions a month!

billion a day soon 🤞#UPI #NPCI https://t.co/TQ15hQANLE— Avdhoot (@Avdhoot_7) September 1, 2023

❝

Prediction: PhonePe will be the largest AA player in the next 18 months or so, not the new age ones.— Mehul Nath Jindal (@mehuljindal18) August 31, 2023

❝

Shopify protecting their payments revenue while benefiting their merchants and Amazon extending logistics as a service in a native way strikes me as a rare positive sum outcome— modest proposal (@modestproposal1) August 30, 2023

❝

I don't tweet about Fintech anymore... it's because nothing new is actually happening.

Most pitches I get are recycled versions of companies I knew about 10 years ago.

Most new product launches are the same as 5 years ago.

I have no new opinions. We've done nothing new.— Matt H 🇺🇦 (@mdharrisnyc) August 29, 2023

(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)

🇮🇳 India

📰 Market Updates

  1. Mirae Asset Financial Groupis reportedly in talks to acquire Sharekhan, India's ninth largest stock brokerage firm.

  2. RBIreportedly held conversations with P2P lending companies to diversify partnerships to avoid asset liability mismatch with lenders and borrowers.

  3. Lentra, a loan management SaaS company, expanded to Philippines.

  4. BankBazaarreported INR 160cr ($19.3mm) in revenue in FY2023 (ended Mar 31, 2023).

  5. UPIcrossed 10bn monthly transactions in Aug, 2023 amounting to $205bn in transaction value.

  6. India's fintech ecosystem could generate $70bn in revenue by FY30, according to a report by Elevation Capital and McKinsey.

  7. True Balance, a payments and lending company, grew revenue from INR 244cr in ($29.5mm) FY22 to INR 431cr ($52.1mm) in FY23.

🚀 Product Launches

  1. PhonePelaunchedShare.Market, an investments platform for stocks, mutual funds and other products.

  2. PNB, a public sector bank, launchedPNB GST Sahay, a small business financing product underwritten with GST invoices.

💰 Financing Announcements

  1. CredRight, a small business financing startup, raised $9.7mm (equity and debt).

  2. Rupid, an earned wage access startup, raised an undisclosed amount.

  3. Credgenics, a debt collections startup, raised an undisclosed amount.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE 👍🏽 or DOWNVOTE 👎🏽

🌏 Asia

📰 Market Updates

  1. AliPaypartnered withZeroPay, a Korean payments company, to expand AliPay's payment acceptance for Chinese tourists in South Korea.

  2. AliPayalso partnered with PayNet in Malaysia to launch cross border, real time payments for Asian travellers to Malaysia.

  3. Zeropay, a South Korean payments startup, partnered withGLN international to launch its QR payment acceptance network.

  4. SEBA Hong Kong Limited, a subsidiary of Swiss crypto bank SEBA Bank AG, received an approval-in-principle from the Hong Kong regulator for its licensed crypto-related services.

  5. Superbank, an Indonesian digital bank JV by Grab, Singtel, and Emtek Group, partnered with Genesis Alternative Ventures, an alternative lender to launch a $40mm financing product for local startups.

  6. PayPay Japanreportedly filed 90 patents in 2021, more than double than those filed by the country’s top three banks combined.

  7. MayBank in Malaysia partnered with Broadridge to launch a stock trading financing product for investors.

  8. Vietnamese central banksigned an agreement to be a part of the Southeast Asian countries bloc for cross border payments.

  9. BillEase, a Philippine fintech startup, claimed to cross $60mm in annual revenue.

💰 Financing Announcements

  1. Qashier, a Singaporean payment acceptance startup for merchants, raised $10mm.

  2. MFast, a payments startup, raised $6mm.

ACQUISITION:

  1. Line Man Wongnai, a Thai food delivery and restaurant discovery company, acquired a majority stake in Rabbit Line Pay, a payments acceptance company.

🌏 International

Please find our global coverage and consider subscribing.

And of course, our podcast series - Beyond Two Percent and Hey Fintech Friends.

If you’ve made it this far - thanks! As always, you can always reach me at [email protected]. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE 👍🏽 or DOWNVOTE 👎🏽

Follow me on Twitter or LinkedIn

Reply

Avatar

or to participate

KEEP READING