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

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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🧐🏆 Posts of the Week

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

🇮🇳 India

📰 Market Updates

1. Axis Bank grew net profit by 4% YoY for the Dec quarter, reaching Rs 6,304cr ($728M).
2. For the first time, SBI Life Insurance recorded higher premiums than LIC in regular premium (as against one-time premium) policies in Dec 2024 - SBI Life saw a 16.7% increase in regular premium policies, while LIC saw a 15% decline.
3. BSE StAR MF platform grew 68% YoY in transactions, processing 50.6 million per month in H1 FY25.
4. YES Bank, partnered with Reserve Bank Innovation Hub (RBIH) to launch Frictionless Finance Accelerator Programme for fintech startups.
5. India stood 3rd globally in terms of funding raised by fintech startups, despite a decline of 33% YoY to $ 1.9bn, down from $ 2.8bn funding in 2023.
6. Groww is planning to go public at $6-8 billion valuation.
7. The central government is considering to lower the government's ownership in five state-run banks, including UCO Bank, Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Punjab and Sind Bank, via stake sales
8. The loan growth for NBFCs and Housing Finance Companies (HFC) is expected to ease to 17% in FY25 from 21% in FY24.
9. Truhome Finance, formerly Shriram Housing, will expand its business by 30% by FY26, backed by strategic initiatives and capital infusion of Rs 1,200cr ($140M) from owner Warburg Pincus.
10. Fintech startups' outstanding personal loans in riskier segments dropped 10% QoQ in the September quarter to Rs 66,683cr ($7.7bn), compared to Rs 74,057cr ($8.6bn) in June quarter.

🚀 Product Launches

1. MobiKwik, a consumer credit and digital wallet company, partnered with Piramal Capital & Housing Finance Ltd to provide personal loans to its customers.
2. Scapia expanded its travel offerings beyond flights and stays to include visa applications and train bookings.
3. NPCI International partnered with Magnati, a UAE payments company, to launch UPI payments for Indian travelers in the UAE.

💰 Financing Announcements

ACQUISITION:

1. Amazon India acquired Axio, a digital lending startup, for $150M.

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🌏 Asia

📰 Market Updates

1. ABBANK, a Vietnamese retail bank, invested in Backbase, a Dutch engagement banking startup, to launch its new business digital banking platform, ABBANK Business.
2. KAF Investment Bank received approval from the BNM (Malaysian central bank) to launch a digital bank in Malaysia.
3. Southeast Asia's fintech sector raised $1.6bn in 2024, a 23% decline from 2023.
4. The Hong Kong Monetary Authority (HKMA) allowed digital banks in Hong Kong to open physical branches, a major change from their previous virtual-only model.
5. Central banks of Vietnam and Laos launched cross border payments using local currencies and QR codes.
6. Reap, a Hong Kong-based payment technology provider, received an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

💰 Financing Announcements

1. Skorlife, a consumer credit startup, raised $6.2M.
2. W Capital Markets, a corporate finance firm, raised an undisclosed amount.

ACQUISITION:

1. AEON Financial, part of Japan's AEON Group, acquired Vietnam's Post and Telecommunication Finance Company (PTF) from SeABank for $170M.
2. Bank Alfalah, a major Pakistani bank, acquired a 9.9% stake in Jingle Pay, a UAE-based fintech specializing in cross-border money transfers.

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