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The largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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ZestMoney founders resigned, Paytm launched RuPay credit card | 20th May, 2023

ZestMoney founders resigned, Paytm launched RuPay credit card | 20th May, 2023

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).

Don’t forget to share with fellow fintech friends!


✨ Thank you, Mumbai!

Thank you, Mumbai, for joining us at the Fintech Happy Hour presented by Falcon. Met a lot of old friends and made a lot of new ones. It's truly gratifying to see and hear of folks benefit from chance meetings with other fintech friends at these Happy Hours.

Thank you to our super sponsors: Falcon, Sandbox, QubeHealth!


🐦🏆 Tweets of the Week


📈 Chart of the week


🇮🇳 India

📰 Market Updates

  1. Niyo, a neobanking startup, is planning to launch a travel tech platform in the coming months.
  2. Founders of ZestMoney resigned from the company after the company was unable to find a suitable acquirer.
  3. Payments Council of India (PCI) has reportedly written to India's Ministry of Finance to restore commissions on payments made using RuPay cards.
  4. Razorpay reportedly crossed $100bn in gross transaction value in FY23 (ended Mar, 2023).
  5. Credit cards transactions used for non-INR payments, will incur a 20% tax collected at source. India's Finance Ministry posted a clarification.
  6. LIC's share price plummeted 35% from listing day one year ago and 40% from IPO price.
  7. Federal Bank is reportedly raising $486mm.
  8. SBI Bank reported its annual net profit grew 59% YoY to INR 50,000cr ($6.1bn).
  9. RBI is expected to introduce norms around capitalisation and KYC for payment companies engaging in POS terminal and QR terminal business lines.

🚀 Product Launches

  1. Zomato launched its UPI payments product.
  2. Paytm partnered with SBI Card to launch a co-branded RuPay credit card.

💰 Financing Announcements

  1. PYOR, a data and insights for digital assets startup, raised $4mm.
  2. CapitalSetu, a supply chain finance startup, raised $350K.

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🌏 Asia

📰 Market Updates

  1. Axiata Group, a Malaysian telecom group, is planning to raise $50-100mm for Boost, it's fintech arm with the banking license.
  2. Futu and Tiger Brokers, Chinese stock brokers, stopped accepting new users in China and remove their apps from the Chinese app stores.
  3. Hackers from North Korea stole cryptocurrency worth ~$721mm from Japan.
  4. Futu, a Chinese stock broker, launched its trading platform in Malaysia.
  5. Trust Bank, a Singaporean digital bank co-owned by Standard Chartered and others, launched a supplementary credit card product with instant issuance.
  6. Indonesia's Financial Services Authority (OJK) introduced four policies on fintech peer-to-peer (P2P) lending to encourage the funding of small businesses.
  7. MoMo, a Vietnamese payments company, launched BNPL option for Apple App store payments.
  8. 2C2P, a Thai payments company, partnered with AMK in Cambodia to launch remittances between the two countries.
  9. WebCash, a South Korean B2B fintech startup, is planning to expand to SEA market.

💰 Financing Announcements

  1. bolttech, a Singaporean insurance infrastructure company, raised $196mm at $1.6bn valuation.
  2. Jenfi, a Singaporean revenue based finance startup, raised $6.6mm.

🌏 International

Please find our global coverage and consider subscribing.

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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