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. Mobikwik grew revenue by 43% YoY to INR 291cr ($34.24M) in Q2 FY25 (ended Sep, 2024).
2. HDFC Securities crossed INR 25,000cr ($2.9Bn) in mutual fund AUM.
3. The microfinance industry contracted in Q2 FY25 as delinquency rates on their loans, grew to 4.3% in September 2024 from 2% a year ago.
4. HDFC Bank's deposits grew by 15.8% YoY, primarily through term deposits, while advances recorded a slower 3% increase, partially due to a decline in corporate loans.
5. Indian banks are expected to grow their credit portfolio by 12.5% YoY by FY 2025, according to an HSBC report.
6. The Insolvency and Bankruptcy Board of India (IBBI) mandated the exclusive use of the eBKray auction platform to sell assets under the liquidation process from April 1.
7. HDFC Bank received Reserve Bank of India's approval to pick up an aggregate stake of up to 9.5% in Kotak Mahindra Bank, AU Small Finance Bank and Capital Small Finance Bank.
8. Paisalo Digital, an NBFC, facilitated 5.9M transactions worth INR 3,400cr ($395M) in 2 years since launch through partnerships with SBI and Bank of India.
9. Loan book securitization volumes grew 80% YoY to INR 68,000cr ($7.9bn) in Q3 FY25.

🚀 Product Launches

1. BriskPe launched its cross-border payments platform for Indian small and medium-sized businesses.
2. Razorpay launched Biometric Authentication feature for checkout, which allows customers to securely access their saved cards using biometrics like fingerprints instead of OTPs.

📝 Regulatory Updates

1. SEBI (securities regulator): Established new guidelines for research analysts and investment advisers to enhance investor protection.
2. RBI (central bank): Removed the lending restrictions on microfinance company Arohan Financial Services.

💰 Financing Announcements

1. Infinity Fincorp Solutions, a MSME lending startup, raised $35M.
2. GreyQuest, an education financial solutions startup, raised $9.5M.
3. QuiD Cash, a supply chain finance startup, raised $4.5M.
4. Mintoak, a small business payments startup, raised $8.5M in secondary raise.

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🌏 Asia

📰 Market Updates

1. OCBC became the first bank in Singapore to launch tokenised bonds.
2. The Monetary Authority of Singapore (MAS) granted XTransfer a major payment institution (MPI) license and Skyee an In Principle Approval for the MPI license.
3. Maybank launched a counter-fraud security feature on its MAE App called Money Lock, allowing customers to lock funds in the savings or current accounts.
4. Nomupay, an Irish cross-border payments startup, raised $37M to expand into Asian markets.
5. SC Ventures, the innovation, fintech investment and ventures arm of Standard Chartered, launched a new invoicing and billing platform dubbed 'Labamu'.
6. Indonesia completed its Proof of Concept (PoC) for the wholesale Digital Rupiah Central Bank Digital Currencies (CBDCs).
7. Thailand's central bank plans to pilot crypto payments for tourists in Phuket.
8. Singapore's Parliament passed the Protection from Scams Bill, granting authorities the power to issue Restriction Orders (ROs) that temporarily freeze bank transactions and credit facilities for individuals identified as potential scam victims.
9. The Financial Services Authority of Indonesia (OJK) announced new regulations for digital financial assets, including cryptos, as part of its transition to overseeing the sector over 24 months.
10. The National Bank of Cambodia (NBC) introduced new regulations governing cryptoasset transactions and activities within the country.
11. Rakkar, a digital asset custody provider backed by SCB 10X, received a Digital Asset Custodian License by the Ministry of Finance of Thailand.
12. SBI in Japan is acquiring a majority stake in Solaris for EUR 100M.
13. Mashreq Pakistan is launching a digital bank in Pakistan to drive financial inclusion.

💰 Financing Announcements

1. Endowus, an Asian wealth management startup, raised $17.5M.

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