Hi fintech friends, I'm Osborne, Principal at EMVC!
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).
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🧐🏆 Posts of the Week
Largest AMC market cap HDFC AMC: 80,000 Cr, 20 years+ WIP
Largest NBFC market cap Bajaj Finance: 400,000 Cr, 20 years+ WIP
Jio Financial Services market cap: 210,000 Cr, one demerger & work yet to begin
Markets can be irrational longer than you can stay solvent.— Hardik (@hardlyavailable) February 23, 2024
you can spend a year raising a fund, work hard to build deal flow, have 2,455 coffees, write 15,324 tweets, pick the best companies, work with them for a decade+, and hope to be a top decile fund
or just buy NVIDIA— Micah Rosenbloom (@micahjay1) February 22, 2024
In India, Sovereign Gold Bonds have generated returns that are over 4% higher than Gold ETFs. Add to that the tax benefits (Sovereign Gold Bonds do NOT attract capital gains tax unlike Gold ETFs).
Despite that, Gold ETFs continue to attract investors. Goes to show, there is…— Krishna Hegde (@PositiveGamma) February 20, 2024
(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)
📈 Chart of the Week
🇮🇳 India
📰 Market Updates
HSBCreported $1.5bn in profit (+19% YoY) during FY23 (ended Dec-2023) from its India operations.
Razorpayclaimed to process $150bn in annualised payments volume.
India's Ministry of Finance is meeting with some Indian fintech startups post the Paytm Payment Bank situation.
HDFC Bankplans to continue its technology partnership with Paytm.
Credit Fair a personal finance startup received approval for its P2P Finance license.
Avanse, an education finance company, has a loan book of $1bn as of FY23with disbursements at $742mm in FY23.
Smallcasereported INR 31cr ($3.74mm) in revenue in FY23 (ended Mar, 2023).
🚀 Product Launches
CredAble, a supply chain financing startup, partnered withSBI Global Factors to launch trade financing products.
Razorpay launched a slew products at its FTX conference. Read the product announcements here.
📝 Regulatory Updates
💰 Financing Announcements
ACQUISITIONS:
Signzy, an identity management startup, acquiredDifenz, a. banking compliance SaaS startup, for $5mm.
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🌏 Asia
📰 Market Updates
Grabreported disbursing SGD1.5bn in total loan value in 2023.
OJK, Indonesia's financial regulator, is investigating irregularities in Investree, a P2P lending startup.
Helicap, a debt marketplace startup, partnered withBank Danamon, an Indonesian bank, to launch alternative financing options for Indonesian small businesses.
Mastercardpartnered withAtome to launch payment products for Philippines' gaming industry.
Tonik, a Philippine digital bank, launched multipurpose loans for its customers in the country.
Maybank in Malaysia launchedmyimpact SME Hub, a new lending product offering for small businesses in Malaysia.
Indonesia's auto finance market is expected to grow to $51bn by 2026, growing at a 6.2% CAGR from $34bn in 2022.
According to a survey, 53% of Singaporeans are dissatisfied with digital banks for not offering offline touch points.
💰 Financing Announcements
ACQUISITIONS:
Xalts, a Singaporean digital asset infrastructure startup, acquiredContour Network, a digital asset trading platform launched by 8 major banks.
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