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).

✨ Falcon presents Mumbai Fintech Happy Hour - 5th Sept, 2023

Falcon presents Mumbai Fintech Happy Hour is back! Details below, register now!

Mumbai Fintech Happy Hour is co-sponsored by AWS and Monnai, Supported by Global Fintech Fest and organised by This Week in Fintech and Emphasis Ventures.

🗓️ Tue, 5th Sept
🕕 6pm onward
📍 BKC, Mumbai

🐦🏆 Tweets of the Week

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

🇮🇳 India

📰 Market Updates

1. Mirae Asset Financial Group is reportedly in talks to acquire Sharekhan, India's ninth largest stock brokerage firm.
2. RBI reportedly held conversations with P2P lending companies to diversify partnerships to avoid asset liability mismatch with lenders and borrowers.
3. Lentra, a loan management SaaS company, expanded to Philippines.
4. BankBazaar reported INR 160cr ($19.3mm) in revenue in FY2023 (ended Mar 31, 2023).
5. UPI crossed 10bn monthly transactions in Aug, 2023 amounting to $205bn in transaction value.
6. India's fintech ecosystem could generate $70bn in revenue by FY30, according to a report by Elevation Capital and McKinsey.
7. True Balance, a payments and lending company, grew revenue from INR 244cr in ($29.5mm) FY22 to INR 431cr ($52.1mm) in FY23.

🚀 Product Launches

1. PhonePe launched Share.Market, an investments platform for stocks, mutual funds and other products.
2. PNB, a public sector bank, launched PNB GST Sahay, a small business financing product underwritten with GST invoices.

💰 Financing Announcements

1. CredRight, a small business financing startup, raised $9.7mm (equity and debt).
2. Rupid, an earned wage access startup, raised an undisclosed amount.
3. Credgenics, a debt collections startup, raised an undisclosed amount.

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🌏 Asia

📰 Market Updates

1. AliPay partnered with ZeroPay, a Korean payments company, to expand AliPay's payment acceptance for Chinese tourists in South Korea.
2. AliPay also partnered with PayNet in Malaysia to launch cross border, real time payments for Asian travellers to Malaysia.
3. Zeropay, a South Korean payments startup, partnered with GLN international to launch its QR payment acceptance network.
4. SEBA Hong Kong Limited, a subsidiary of Swiss crypto bank SEBA Bank AG, received an approval-in-principle from the Hong Kong regulator for its licensed crypto-related services.
5. Superbank, an Indonesian digital bank JV by Grab, Singtel, and Emtek Group, partnered with Genesis Alternative Ventures, an alternative lender to launch a $40mm financing product for local startups.
6. PayPay Japan reportedly filed 90 patents in 2021, more than double than those filed by the country’s top three banks combined.
7. MayBank in Malaysia partnered with Broadridge to launch a stock trading financing product for investors.
8. Vietnamese central bank signed an agreement to be a part of the Southeast Asian countries bloc for cross border payments.
9. BillEase, a Philippine fintech startup, claimed to cross $60mm in annual revenue.

💰 Financing Announcements

1. Qashier, a Singaporean payment acceptance startup for merchants, raised $10mm.
2. MFast, a payments startup, raised $6mm.

ACQUISITION:

1. Line Man Wongnai, a Thai food delivery and restaurant discovery company, acquired a majority stake in Rabbit Line Pay, a payments acceptance 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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