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!
🐦🏆 Tweets of the Week
CC business is getting re-written in 🇮🇳 thanks to UPI, the 600 bps on flows fat margin business will inch closer to 250-300 bps ROA in the next decade, could be great for consumers, very hard for mono-line CC businesses and banks that have thrived on extracting toll. The lines…— Madhusudanan (@onlymadhoo) July 15, 2023
Number of Mutual Fund investor accounts went from 40 mn to 146 mn in 9 years from Dec 2014 to Mar 2023. More than 50 mn were added in just the last 21 months to March 2023.— therealjpk (@therealjpk) July 12, 2023
HDFC Bank CASA ratio declined over 3% y/y 🤯
Liability (deposit) side of Indian bank balance sheets are just getting more portable - with APIs opening up & tighter system-level liquidity.
Era of cheap deposits coz of franchise & high friction to shift out is ending.— Krishna Hegde (@PositiveGamma) July 5, 2023
🇮🇳 India
📰 Market Updates
Central Banks of India and Franceannounced linking its real time payments networks.
Total funding raised by fintech startups in June is reportedly $190mm.
CredAblepartnered withSuperTron to distribute financial products to small businesses.
NeoGrowthcrossed $46.3mm in revenue in FY23.
GetVantagereportedly disbursed $37mm in loans via revenue based finance since inception.
🚀 Product Launches
💰 Financing Announcements
OneStack, a SaaS platform for small banks, raised $2mm.
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🌏 Asia
📰 Market Updates
PayPay, a Japanese payments company owned by SoftBank, is considering a US listing.
ReePay, a Vietnamese BNPL startup, is reportedly up for sale.
Data from Chinese exchangesshowed it accepted 330 new applications for IPO's in the first six months of 2023, down from more than 500 in the same period last year.
UnionPay International and the National Bank of Cambodiasigned an MoU to collaborate on QR payments.
DTCPay, a Singaporean payments processor, is launching its operations in Hong Kong.
💰 Financing Announcements
OrderFaz, a social commerce fintech startup, raised an undisclosed amount.
ACQUISITION
DBSsold 77.8% stake in AXS, a digital payments and collections network, to Tower Capital Asia, a PE fund.
🌏 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 [email protected]. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.
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