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).
🧐🏆 Posts of the Week
From the RBI Financial Stability report: Look at the Credit card NPAs of credit cards of public sector banks! (Must be kisan credit cards?) pic.twitter.com/RnlpOUDQPK— Deepak Shenoy (@deepakshenoy) January 18, 2024
I didn’t think this is what enterprise adoption looked like, to be honest. https://t.co/xJF3QaEfDM— Chia Jeng Yang (@chiajy2000) January 18, 2024
Half the fintech game is a fraud & abuse prevention game— Anuj Rathi (@anujrathi) January 15, 2024
'Rich Dad, Poor Dad's' Robert Kiyosaki has said he's $1.2 billion in debt because 'if I go bust, the bank goes bust. Not my problem,' per YahooFinance.— unusual_whales (@unusual_whales) January 13, 2024
(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)
🇮🇳 India
📰 Market Updates
Risckovry, an embedded insurance startup, reportedly processed INR 1,500cr ($180mm) in gross written premium.
Jio Financialreported consolidated net profit of INR 294cr ($35.4mm), in the quarter ended Dec, 2023 - down 56% QoQ.
Niva Bupa Health Insurance, owned by Bupa and True North, is planning an IPO to raise INR 3,000cr ($361mm).
PhonePeannounced that it sold 9mm+ insurance policies since launch in Sept, 2021. It sold 4mm in 2023 alone.
BharatPe and its NBFC arm, Trillion Loans, raised $100mm in debt.
HDFC Bank applied for a universal banking license in Singapore.
Margin funding loan book among retail stock investors grew to $6.6bn as of 16th Jan 2024, compared to $3.5bn in Jan, 2023.
ICICI Lombard, ICICI Bank's general insurance arm, grew its profit after tax to $52mm for the quarter ended Dec, 2023.
HDFC Bankreported net profit of $1.9bn for the quarter ended Dec, 2023 up 34% YoY.
🚀 Product Launches
Fello, a gamified savings platform, partnered withAugmont to launch Gold Pro, a gold leasing product.
CapitalNowpartnered withFinbox to launch digital underwriting and credit disbursement.
Google Paypartnered withNPCI to launch UPI payments for international travellers.
📝 Regulatory Updates
RBI (central bank): Released a draft framework for recognising Self Regulatory Organisations.
💰 Financing Announcements
ACQUISITIONS:
DMI GroupacquiredZestMoney.
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🌏 Asia
📰 Market Updates
Flowdesk, a French digital asset trading startup, raised $50mm to launch in Singapore and US.
Binance Thailandlaunched its crypto exchange for trading.
Tyme Group, a multi-country digital banking company, reported $160mm in revenue in 2023.
Validus, a Southeast Asian SMB financing startup, raised $10mm in debt.
TrueMoney, a Malaysian digital payments company, launched QR payment acceptance via DuitNow.
The UNflaggedUSDT stablecoin as the preferred cryptocurrency for money laundering and other illicit activities in Asia.
Trading volumes on local Indonesian crypto exchanges plummeted by 60% compared to the previous year.
Tonik Bank, a digital bank in Philippines, launched SME financing.
💰 Financing Announcements
(there were no fund raise announcements this week.)
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