This Week in Fintech - Asia | 09th July, 2022

LendingKart, a business finance startup, raised $~10mm in debt.

Daily trading volumes of Indian crypto exchanges dropped 60-87%.

Vauld, a Crypto lender and exchange, paused withdrawals, trading, and deposits and says it's exploring a restructuring, after users withdrew $198mm since 12th June.

HSBC is planning to relaunch its onshore private banking in India.

Paytm Moneyis migrating its systems to the BSE StAR mutual fund platform and will use its brokerage code instead of RIA code.

CapitalFloat rebranded to Axio.

MyShubhLife, a blue collar worker finance startup, plans to disburse INR 250 crs ($32.5mm) in loans in FY23 and INR 500 crs ($65mm) in FY24.

AssetPlus, an agent driven wealth product distribution startup, launched Corporate Fixed Deposits and NPS investment products.

SafeGold, a digital gold investment infrastructure, launched Gains, an "interest on gold" product.

AU Small Finance Banklaunched LIT Card, a "Design your Credit Card" to select benefits based on lifestyle.

Tide, UK based SMB lending startup, partnered withTranscorp to launch SMB expense card for Indian SMB's.

Raise Financiallaunched Upsurge, an investment social network.

SEBI (securities): Directed exchanges to set up online complaint filing and tracking system for investors. Released a consultation paper on Prohibiting Insider Trading in the Mutual Fund industry.

RBI (central bank): Directed non-bank payment system operators to obtain prior approval before acquisitions or takeover. Approved in-principle Payment Aggregator licenses for Pine Labs, Stripe, 1Pay and Razorpay. Approved in-principle Account Aggregator license of Setu.

IRDAI (insurance): Permitted general insurance companies to offer motor policy add ons for Pay as you Drive or Pay How you Drive.

Innoviti, an offline payments company, raised $15mm.

MarketWolf, a social investing startup, raised $10mm.

EnsuredIt, an insurance SaaS startup, raised $4.2mm.

TruBoard, an debt management and collections startup, raised $2.7mm.

Finvu, an account aggregator startup, raised $2.5mm.

M2P*, a banking and payments infrastructure startup, acquired Finflux, a cloud lending SaaS startup.

Clear, an SMB tax startup, acquired CimplyFive, a compliance risk management automation startup.

Singapore's financial regulator, MAS, is planning to introduce additional consumer protection safeguards against crypto trading.

SingLife with Aviva, a Singaporean insurer, launched A Better Odyssey, a cross industry collaboration to digitise Singapore's small businesses.

Binancesigned an MOU to share its digital asset regulation expertise with the Cambodian government.

YouTrip, a Singaporean neobank, launched in-app travel insurance feature in partnership with HL Assurance.

Atome, the Southeast Asian BNPL startup, received $45mm from its parent firm.

Sleek, a platform providing incorporation and accounting services, received a Major Payment Institution License (MPI) from MAS.

ANT Groupopen sourced its Privacy Software platform.

PayPaymerged withYahoo Japan to launch a commerce marketplace to compete with Amazon and Rakuten.

Delio, a South Korean crypto startup, launched a crypto bank - the country's first money market deposit account.

Bank Jasa Jakarta, a WeLab backed digibank, raised $259mm.

Kitabisa, an online crowdfunding startup, raised $5mm.

Kini, an Indonesian earned wage access startup, raised $4.3mm.

Rey, an Indonesian health insurance startup, raised $4.2mm.

Peakflo, a CFO suite SaaS startup, raised $4.1mm.

Ancileo, an insurance SaaS startup, raised $3mm.

Pina, an Indonesian personal finance startup, raised $3mm.

US and Global, written by Nik Milanovic published on Friday’s and Saturday’s.

Europe and UK, written by Michael Jenkins published on Monday’s.

Latin America, written by Christine Chang.

Africa, written by Benjamin Dada.