Hi fintech friends, I'm Osborne, Principal at EMVC!

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).

✨ Thank you for joining us in Bangalore

We had a fun evening in Bangalore with the fintech community - founders, product leaders, investors and more. The insightful fireside chat between Shashank Mehta, Nikhil Kumar and Tanya Naik was much needed. We even had a beautiful live band performance.

Thank you to everyone who came!

Most importantly, thank you to our sponsor Plural by Pine Labs.

🧐🏆 Posts of the Week

🇮🇳 India

📰 Market Updates

1. India's CBI conducted searches at UCO Bank's locations in connection with INR 820cr ($100mm) in suspicious instant payment transfer (IMPS).
2. The Financial Intelligence Unit imposed a fine on Paytm Payments Bank for "violating its obligations" under the Prevention of Money Laundering Act.
3. As per NPCI data, payment volume on Paytm dropped by 14% MoM in Feb, 2024 while payment volume grew on PhonePe and Google Pay by 7% and 6% respectively.
4. Fairfax committed to invest $200mm in IIFL Finance.
5. CERSAI, the body governing the central KYC repository, is planning to upgrade to CKUCRR 2.0 with new checks and features for entities and will open it up to citizens.
6. ShipRocket, a logistics startup, launched fintech products including checkout, working capital finance and more.
7. Yubi, a debt marketplace startup, reported INR 328cr ($40mm) in revenue in FY23.

🚀 Product Launches

1. Flipkart partnered with Axis Bank, launched UPI service.
2. Cashfree launched Embedded Payments for SaaS firms to accept platform.

📝 Regulatory Update

RBI (central bank):

• Directed JM Financial to discontinue any form of lending against shares and debentures after RBI found "serious deficiencies".
• Directed IIFL Finance to discontinue sanctioning and disbursing gold loans after the RBI found "material supervisory concerns" in its gold loan portfolio that were not corrected.
• Approved the merger of AU Small Finance Bank and Fincare Small Finance Bank.
• Released notifications for arrangements/agreements with card networks for credit card issuance.
• Notified amendments to the Master Direction for Credit Card and Debit Card Issuance and Conduct.
• Signed an MoU with the central bank of Indonesia to promote the use of local currencies for bilateral trade.
• Approved a system by Bharat BillPay to make net banking interoperable.

SEBI (securities):

• Approved Digit Insurance's IPO.
• AMFI (the mutual fund industry body) released a guideline allowing a mutual fund distributor to earn trail commissions for switched AUM.

💰 Financing Announcements

1. IDfy, an identity verification startup, raised $27mm.
2. Exly, a freelancer business management SaaS startup, raised $6.2mm.
3. Vijya Fintech, a wealth management startup, raised $850K.
4. mPokket, a personal finance startup, raised $60mm in debt.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE 👍🏽 or DOWNVOTE 👎🏽

🌏 Asia

📰 Market Updates

1. Currencycloud received Major Payment Institution (MPI) license from MAS, Singapore.
2. Bukalapak shut down BukaCicilan, its pay later product offering.
3. Bitstamp received MAS approval for its crypto exchange license.
4. Smartpay, a Japanese pay later startup, partnered with Chubb insurance to launch digital insurance products for Japanese users.
5. OJK, Indonesia's financial regulator, lifted its ban on Akulaku's BNPL product.
6. Wise paused all e-wallet features in Indonesia. In Singapore Wise announced integrating with PayNow network for tourists to pay with QR payments in the country.
7. Thailand's central bank started accepting applications for virtual banking license.
8. Hong Kong's Green and Sustainable Finance steering group launched a Green Fintech Map of fintech solutions.
9. ShopBack, a Southeast Asian shopping and rewards platform, will discontinue its BNPL product in Singapore and Malaysia.

💰 Financing Announcements

1. Wagely, an Indonesian earned wage access startup, raised $23mm.
2. Untukmu.AI, a Singapore and Indonesian AI startup for gifting, raised an undisclosed amount.
3. Singapore Gulf Bank, a digital bank in Singapore, raised an undisclosed amount.
4. Fairbanc, a B2B supply chain finance startup, raised $13.3mm in debt.

ACQUISITION:

1. QuotaLab, a South Korean cap table management startup, acquired LogosSystems, a South Korean fund management platform.
2. Sunday, a Southeast Asian insurance startup, acquired KSK Insurance, an Indonesian insurance company.

🌏 Sponsor on TWIF

Mail us at sponsor@thisweekinfintech.com

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.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE 👍🏽 or DOWNVOTE 👎🏽

Follow me on Twitter or LinkedIn