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).

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🐦🏆 Tweets of the Week

📈 Chart of the week

🇮🇳 India

📰 Market Updates

1. The RBI Governor, in a speech, highlighted a few red-flags in corporate governance of banks and evergreening of loan portfolios.
2. State Bank of India (SBI) claimed to have received INR 14,000cr ($1.7bn) of INR 2,000 note in deposit since RBI's directive to withdraw the note from circulation on 23rd May.
3. ICICI Bank plans to increase its shareholding in ICICI Lombard and convert this general insurance company into a subsidiary.
4. RBI expects to add more banks for distribution of the eRupee.
5. Amazon India is reportedly experimenting with dine-in payments via Amazon Pay.
6. A regulatory framework for FLDG (First Loss Default Guarantee) model is expected to be issued as a part of the second round of digital lending norms.
7. Grant Thornton released a report claiming that India's neobanking market could grow at a 50.5% CAGR over FY22-25 to $11.65bn in revenue.
8. UPI crossed 9bn monthly transactions and transaction value of $170bn in May, 2023.

🚀 Product Launches

1. CRED is launching credit products for new to credit borrowers.
2. Razorpay launched Turbo UPI, a fast UPI payment acceptance product.
3. Tide, a UK based small business lender, partnered with Transcorp to launch a recycled PVC RuPay card.

📝 Regulatory Updates

1. SEBI (securities): SEBI Chairperson asked mutual fund houses to self regulate and act against individuals' misdemeanor.

💰 Financing Announcements

1. KarmaLife, an earned wage access startup, raised $5.3mm.
2. BharatNxt, an B2B payments startup, raised $1.2mm.

ACQUISITION:

1. Warburg Pincus acquired 95% of Vistaar Finance, an SMB lending company, for $300mm.

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🌏 Asia

📰 Market Updates

1. Deutsche Bank announced that it is allocating a total of $200mm to Vietnam.
2. Moomoo, a Singaporean digital brokerage company, launched 24-hour, five days a week trading of over 100 U.S stocks and exchange traded funds (ETFs).
3. Gulf Binance, a JV between Binance and Gulf Innova, was granted a digital asset license in Thailand.
4. Ant Group expanded Alipay+ integrations in Thailand with integration with four local wallets.
5. Wallex, a B2B FX and cross-border payment company, secured MAS approval to augment its Major Payment Institution (MPI).
6. Standard Chartered partnered with Singapore FinTech Association (SFA) as its knowledge partner, to publish a blockchain paper ‘Deepening Sustainability with DLT’.
7. Crypto.com was granted the Major Payment Institution (MPI) license for Digital Payment Token (DPT) services in Singapore.
8. The Stock Exchange of Thailand (SET) launched its new trading system based on Nasdaq technology.

💰 Financing Announcements

1. Ringkas, an Indonesian digital mortgage startup, raised a $3.5mm.
2. Bayo, a Malaysian payments infra startup, raised $2.2mm.
3. MPFunds, a Singaporean funded trader program startup, raised $1.1mm.

ACQUISITION:

1. Stockbit, an Indonesian stock trading startup, partnered with Fullerton Fund Management to acquire Ayers Asia, an Indonesian investment management company.

🌏 International

Please find our global coverage and consider subscribing.

• US and Global, written by Nik Milanovic.
• Europe and UK, written by Michael Jenkins.
• Latin America, written by Christine Chang.
• Africa, written by Emeka Ajene.
• China written by Ning Ye.
• Policy written by Mohammad Hamdy.

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 osborne@thisweekinfintech.com. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

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