Hi fintech friends,

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).

Don’t forget to share with fellow fintech friends!

🦉🏆 Tweets of the Week

🇮🇳 India

📰 Market Updates

1. Senior executives of global stock investment startups met with India's Ministry of Finance to discuss the impact of the 20% TCS levy on outward remittances under liberalised remittance scheme.
2. An overview of Bima Sugam, the UPI for insurance platform being developed by IRDAI (insurance regulator).

🚀 Product Launches

• OfBusiness launched a small business raw material procurement app.

📝 Regulatory Updates

1. RBI (central bank): Expressed concerns regarding banks charging high fees on foreign exchange transactions and complete lack of transparency.
2. SEBI (securities): Proposed that Mutual Fund houses get membership on stock exchanges, and do trades through their own trading terminals.

💰 Financing Announcements

1. GrowFin, an accounts receivable automation startup, raised $7.5mm.
2. GrayQuest, an education financing startup, raised $7mm.
3. Monnai*, a consumer insights infrastructure startup, raised $6.5mm.
4. North East Small Finance Bank, an incumbent small finance bank, raised $3.42mm from Slice*.

ACQUISITION:

1. CAMS acquired 55.42% of Think Analytics India.

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🌏 Asia

📰 Market Updates

1. SingLife, a Singaporean insurer, partnered with Citi and BlackRock's Aladdin to augment its asset management capabilities.
2. KasikornBank, a Thai bank, is doubling down on its Vietnam expansion and expects to grow to $400mm in net income and 8.4mm customers by 2027.
3. Findaya, Gojek's lending Indonesian partner for GoPayLater, is seeing TKB90 (days past due 90 days from due date) of 89.4%.
4. Singaporean police launched an investigation into Terraform Labs and its founder Do Kwon.
5. ANT Group converted a syndicated credit facility into a $6.5bn sustainability-linked loan last year, the largest of its kind in Asia-Pacific.
6. AsiaPay, a Hong Kong based digital payment co., launched Visa Instalments in Hong Kong.
7. Endowus, a Singapore-based private wealth startup, launched Endowus Empower to help underrepresented groups with financial advice.
8. Babel Finance, a Hong King based crypto co., filed for moratorium with the Singaporean courts and is working on new stablecoin to repay $766mm loss.
9. A Payment Attitudes Study by VISA in 2022, revealed that 9 out of 10 Singaporeans prefer using card instead of cash for payments.
10. FOMOPay, a Singaporean payments company and major payments institution licensee, announced that it is not part of the Singaporean Clearing House Association.

💰 Financing Announcements

1. Trukkr, a Pakistani logistics and fintech startup, raised $6.4mm.
2. iLex, a Singaporean marketplace lending company, raised $4.5mm.

🌏 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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