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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✨ Delhi NCR Fintech Happy Hour presented by Falcon

We're hosting our Delhi NCR Fintech Happy Hour presented by Falcon on Thur, 11th May, 2023! Nobody thinks Delhi NCR has a thriving fintech ecosystem - let's prove them wrong! Register with the link below and see you on Thursday!

🐦🏆 Tweets of the Week

📈 Chart of the week

🇮🇳 India

📰 Market Updates

1. Central Banks of Russia and India are planning to integrate RuPay and Mir (Russia's card network).
2. CRED reportedly has a loan portfolio of INR 11,000-12,000 ($1.3-1.5bn). CRED is also raising funding for its lending company, New Tap at a valuation of $250-300mm.
3. Mobkwik claimed that it turned profitable in the quarter ended Mar, 2023 and grew revenue by 39% YoY to INR 560cr ($68mm) in FY23 (ended Mar, 2023).
4. ProgCap reportedly generated INR 26.4cr ($3.2mm) in revenue in FY22 (ended Mar-22).
5. India's unemployment rate grew to 8.11% in April, 2023.
6. GetVantage, a revenue based finance startup, received RBI approval for an NBFC license.
7. According to a report by BCG, global payment fintech companies are expected to generate $500bn in revenue by 2030.
8. CAMS released a report stating that 8.5mm millenials, accounting for 54% total new mutual fund investors, were onboarded to the capital markets during the period FY19-FY23.
9. BankSathi, an agent-led financial product distribution startup, claimed to close FY23 (ended Mar, 2023) at INR 60crs ($7mm) revenue and is already on track to do $10mm ARR.
10. Pine Labs reportedly generated $200mm in revenue in FY23 (ended Mar, 2023) with the payments POS business generating $90-95mm in revenue.

🚀 Product Launches

1. Airtel Payments Bank and NPCI launched face authentication for Aadhaar enabled payments.
2. Cashfree Payments partnered with YES Bank to launch International Collections for Indain exporters.
3. PhonePe launched UPI Lite for UPI based payments for low value transactions without a pin.

💰 Financing Announcements

1. EduFund, a goal based savings and investments for education startup, raised $3.5mm.
2. Ohm Mobility, an EV financing startup, raised $365K.

ACQUISITIONS:

1. BharatPe acquired 51% shareholding in Trillion Loans, a licensed lending company.

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🌏 Asia

📰 Market Updates

1. The Bank of Thailand, Thailand's central bank, announced it will delay releasing the final Virtual Bank Licensing Regulations till Q3 2023.
2. bKash, a Bangladeshi payments company, partnered with Huawei to launch a digital financial inclusion partnership.
3. DBS Bank's CEO said in an interview that the bank might face headwinds in the wealth management section.
4. PPro, a global payment switching company, expressed plans to enter Japan.

💰 Financing Announcements

1. Advance Intelligence group, the holding company of SEA fintech products, raised $80mm.
2. Zodia Custody, a crypto custody provider, raised $36mm.

🌏 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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