Hi fintech friends, I'm Osborne, investor in early stage startups.

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🧐🏆 Posts of the Week

(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)

🇮🇳 India

📰 Market Updates

1. BriskPE, a cross border payments startup, received an in-principle approval from RBI to operate cross-border payments and remittances.
2. State Bank of India (SBI), India's largest lender, plans to set up a dedicated project finance unit to fund artificial intelligence (AI) and fintech companies, aiming to grow lending to these sectors.
3. TransUnion CIBIL, a credit information company, partnered with FACE, a lending self regulatory org, to launch a financial literacy initiative, providing education on credit scoring and responsible borrowing.
4. Coinbase, a US-based cryptocurrency exchange, announced its launch in India after receiving approval from India's Financial Intelligence Unit.
5. Equity mutual funds in India saw a 26% MoM decrease in net inflows to INR 29,303cr ($ 3.4Bn) in February 2025, compared to INR 39,688cr ($ 4.5bn) in January 2025, as a market plunge deterred investors according to data from Association of Mutual Funds in India (AMFI).
6. Mutual funds in India reported a SIP (Systematic Investment Plan) stoppage ratio of 123% in February, compared to 109% in Jan, according to Association of Mutual Funds in India (AMFI) data.
7. Finance Minister Nirmala Sitharaman said Indian banks must continue to innovate and transform, stating their digital delivery models are progressing well at a seminar by industry body Indian Banks' Association (IBA).
8. Kuhoo Finance, an Indian student loan startup, and Vayana, a small business finance network company, received approval from RBI to operate as a Non-Banking Financial Company (NBFC).
9. PB Fintech, owner of PolicyBazaar and PaisaBazaar, will invest INR 696cr ($ 80M) in PB Healthcare Services to expand into the healthcare sector.
10. Generative Artificial Intelligence (Gen AI) adoption in the banking sector can increase productivity by up to 46%, according to a report by EY.
11. PhonePe partnered with Xiaomi India to replace Xiaomi's app store with PhonePe's app store that comes preinstalled on Xiaomi smartphones.
12. Supermoney, Flipkart's UPI payments app, is now a top 5 UPI app in India.
13. SEBI, India's securities regulator, is considering introducing a suitability test for F&O traders.
14. RBI wants to increase CBDC usage by crediting a portion its employees allowances to their digital wallets.

🚀 Product Launches

1. Signzy, a regulatory compliance SaaS startup, partnered with MagicPay to launch AI-powered eKYC and video KYC solutions for instant customer onboarding for banks and fintechs.
2. FTCash, a microlending startup, received RBI approval to operate as a payment aggregator.
3. MobiKwik partnered with Finsire to launch loans against mutual funds.
4. Groww, an stock brokerage and wealth management startup, launched a affluent user wealth management unit called W to offer investment advisory services, targeting INR 10,000cr (USD 1.2B) in assets under management from high net-worth individuals by 2025.
5. Zaggle, an Indian employee benefits and rewards platform, partnered with Strada to launch a unified employee experience platform.

📝 Regulatory Updates

1. RBI (central bank): Called applications from entities for Self-Regulatory Organization (SRO) to oversee Account Aggregators. Requested banks to assess climate change risks to credit portfolio, including green technology credit exposures, according to a regulatory notice.

💰 Financing Announcements

1. Zolve, a neobank for immigrants in the US, raised $51M in equity and $200M in warehoused credit facility.
2. Yenmo, a loan against mutual fund startup, raised $1.1M.

ACQUISITIONS:

1. Patanjali Ayurved and DS Group acquired Magma Fincorp's insurance business for INR 4,500cr ($517M).
2. DSP Mutual Fund, an asset management company, acquired Volt Money, a loan against mutual fund startup.
3. Perfios, a financial data analysis company, acquired Credit Nirvana, a debt resolution startup.

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🌏 Asia

📰 Market Updates

1. Chocolate Finance, a Singaporean crypto services platform, temporarily suspended instant withdrawals due to a surge in customer requests.
2. Airwallex, a cross border payments startup, launched embedded finance tools allowing businesses to embed banking services like payments and card issuance within their platforms.
3. Akulaku, an Indonesian BNPL startup, launched data-driven credit solutions powered by Creditbook Intelligence (CBI) to expand financial inclusion across the country.
4. Visa launched its AI-based fraud detection solution to help detect and disrupt scams targeting consumers and financial institutions, analyzing over 10 trillion data points worldwide to identify criminal behavior patterns.
5. Thailand's National ITMX and China's UnionPay partnered to launch cross-border QR code payment connectivity for Chinese tourists visiting Thailand.
6. HSBC Singapore partnered with Mastercard to launch an entertainment platform for Premier Mastercard clients, offering exclusive access to dining, travel, and lifestyle experiences.
7. Indonesia's Financial Services Authority (OJK) is reviewing fintech startup Crowde after a report raised concerns about the company's trustworthiness.
8. UnionPay partnered with Cambodia's National Bank to accept UnionPay cards at all merchants, banks, and ATMs in Cambodia, facilitating cashless payments for Chinese tourists visiting the country.
9. National Database and Registration Authority (NADRA), Pakistan's national identity scheme, launched Pakistan's first-ever digital identity card.
10. Silk Bank in Pakistan merged with United Bank after receiving approval from the State Bank of Pakistan (SBP).
11. Thailand's Securities and Exchange Commission (SEC) regulator added stablecoins USD Coin (USDC) and Tether (USDT) to the approved list of cryptocurrencies.
12. Pakistan is exploring the use of blockchain technology to enhance the efficiency of remittances and reduce associated costs as the country reported $3.1bn in remittances in February, growing 38.6% YOY according to State Bank of Pakistan.
13. Singapore Exchange (SGX), Singapore's stock exchange, plans to launch Bitcoin (BTC) and cryptocurrency futures trading for institutional investors.
14. Vietnam Posts and Telecommunications Group (VNPT), Vietnam's state-owned telecommunications company, partnered with Visa to launch a digital banking platform, aiming to promote cashless payments and financial inclusion in Vietnam.
15. The BSP, Philippines central bank, and the Philippines Insurance Commission called for banks and insurers to adopt human-centered artificial intelligence (AI), emphasizing responsible AI practices.
16. Smartpay, a Japanese pay later company, partnered with Chubb to launch embedded insurance for Buy Now, Pay Later (BNPL) services, protecting customers against involuntary unemployment and other risks.
17. Hong Leong Islamic Bank partnered with GoBakarah in Malaysia to launch a fintech ecosystem for social impact, offering Islamic digital financial services to micro-entrepreneurs and the underserved community.
18. South Korea's Financial Services Commission (FSC) announced that it will release new rules allowing institutional investors and qualified retail investors to invest in digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
19. Ripple, a blockchain-based digital payments network, secured a license from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments from the Dubai International Financial Centre (DIFC).
20. Pine Labs in Southeast Asia partnered with Visa to launch buy now, pay later (BNPL) installment solutions targeting merchants in Southeast Asia.
21. The Monetary Authority of Singapore (MAS) and the State Bank of Vietnam (SBV) expanded their Memorandum of Understanding (MOU) on financial innovation, enhancing cooperation in digital banking, payments innovation, and regulatory issues surrounding fintech and innovation.

💰 Financing Announcements

1. Finory, a Malaysian personal finance startup, raised an undisclosed amount.
2. Okapi, an Indian solar financing platform, raised $2M in debt.

ACQUISITIONS:

1. Airwallex, a cross border payments startup, acquired Ctin Pay, a Vietnamese payment platform.

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