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

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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. Indian startups raised 32% fewer funding rounds however, overall funding rose 6% to $11.3bn, according to a report by Tracxn.
2. "The increasing digitalisation of investments and credit is creating new challenges for monetary authorities", according to RBI deputy governor Michael Patra.
3. The Central Government proposed introduction of a new law to prohibit unregulated lending and impose a penalty of INR 1cr on violators, as well as a 10-year imprisonment.
4. SuperMoney, Flipkart's finance platform, is planning to launch credit and wealth management products.
5. YES Bank partnered with FICCI FLO, to launch "YES PowherUp", a small business finance program for women entrepreneurs.
6. Velocity, a revenue based finance startup, launched a INR 200cr ($23M) fund to finance restaurants and cloud kitchens.
7. Zerodha grew its revenue by 21% YoY to INR 8,320cr ($980M) and profit by 62% YoY to INR 4,700cr ($553M).
8. NBFC's which provide digital lending products sought RBI approval to offer credit lines on UPI platform.
9. Poonawalla Fincorp will implement AI tools to transform its talent acquisition and HR processes.
10. The number of QR code-based frauds doubled in two years in 2024, while losses tripled to INR 56cr ($6.6M).
11. The banking system cash deficit reached INR 1.5tn ($17.7bn), the highest since June, due to advance tax payments and RBI intervention in the currency market.
12. Non-performing assets (NPAs) of peer-to-peer (P2P) lending entities grew by 2x YoY to INR 1,163cr ($137M) in FY24.
13. Indian commercial banks wrote off INR 12.3 lakh crore ($145bn) in loans between the 2014-15 and 2023-24 financial years.
14. Banks are finding it difficult to meet SEBI's new cybersecurity regulations by the January 1 deadline.
15. Indian Public Sector Banks (PSBs) recorded their highest-ever aggregate net profit of INR 1.41 lakh crore ($16.6bn) in FY24.
16. Mobikwik listed its stock on the exchanges at a 59% premium over issue price.
17. India's import data since July may have to be recast as the ministries of finance and commerce & industry look into the sudden spike recorded in imports of gold.

🚀 Product Launches

1. Zerodha launched Margin Trading Facility to trade with leverage, borrowing up to 80% of the trade value.
2. Fi Money integrated its debit card benefits into GoKwik's KwikCheckout to introduce card-based offers to 120 million online shoppers within the GoKwik network.
3. Shriram Finance launched a green finance vertical to focus on financing electric vehicles, charging stations, and renewable energy products.
4. Aditya Birla Health Insurance issued the first health insurance policy over the Open Network for Digital Commerce (ONDC).

📝 Regulatory Updates

1. SEBI (securities): Introduced amendments for the AMC industry including reduced minimum investment, simplified disclosures, shorter lock-in period, new nomination and remuneration committee, relaxations for liquid fund managers, and eased redemption norms for AMC employees.

💰 Financing Announcements

1. Bureau, an identity, fraud and risk management startup, raised $30M
2. HostBooks, an AI based accounting startup, raised $5M.
3. QuiD Cash, a supply chain finance startup, raised $4.5M.
4. Mili, a wealth advisor AI assistant startup, raised $2M.
5. Curie Money, a mutual fund banking startup, raised $1.2M.

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🌏 Asia

📰 Market Updates

1. Sygnum, a digital asset banking group, partnered with Moomoo Singapore, a broker-dealer, to offer digital asset investments to its users.
2. 71% of organisations are using AI in their financial processes, with 41% reporting that its use is moderate or significant, according to a report by KPMG.
3. Trust Bank, a Singaporean digital bank, launched Savings Pots to help customers save more better.
4. AliPay partnered with companies in 66 markets to expand its travel payments platform.
5. Funds stolen via cryptocurrency hacks grew 21%YoY to $2.2bn in 2024.
6. Citi Bank partnered with Maybank Securities to launch securities lending services in Singapore.
7. Fairbanc, a B2B embedded finance startup, raised $3M in loans from Bahana Artha Ventura.
8. Hong Kong's Securities and Futures Commission (SFC) granted licenses to four cryptocurrency exchanges.
9. Tyme Group, a South African and Singapore based digital banking group, raised $250M from Nubank.
10. Allianz Insurance withdrew its offer to acquire at least 51% of Singapore’s Income Insurance for about $1.63bn.
11. Bank Indonesia, Indonesia's central bank, announced the completion of the Proof of Concept (PoC) for the wholesale Rupiah Digital under its Garuda Project.
12. The Payment Cards Group (PCG), a Hong Kong-based payment processor and acquirer, partnered with Black Bear Merchant Services to launch a new brand - AbbyPay.

💰 Financing Announcements

1. bolttech, a Singapore-based insurance infrastructure startup, raised $100M at a $2.1bn valuation.
2. Funding Societies, a Singapore-based SME digital finance startup, raised a $25M.
3. Swipey, a Malaysian small business accounting SaaS startup, raised an undisclosed amount.

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