Coinbase launches in India; KBank, Ant International launch USD payments | TWIF Asia - 08th June 2026

Coinbase launched in India with INR rails for spot and perpetual futures trading.

Unified Payments Interface (UPI) transactions grew to ₹29.9 lakh cr ($315bn) in May 2026, up 19% YoY in value and 24% YoY in volume.

Life Insurance Corporation (LIC) of India explored FinTech opportunities including partnerships, strategic investments, and in-house development.

Corporate India reported 25.3% net profit growth YoY in Q4 FY26, but operating margins contracted 170 basis points to 17.5%.

Digital lending startups sanctioned ₹2.15 lakh cr ($22.6bn) in personal loans in India FY2026, capturing 77% volume share.

Axis Bank raised its stake in Axis Max Life Insurance to 19.9% through ₹380cr ($40M) investment.

Reserve Bank of India (RBI) reported 66.7% of bank credit is priced below 9% as rate cuts expanded cheaper loans, with 14.1% YoY growth.

Association of Mutual Funds in India (AMFI) suspended Stable Money's mutual fund distribution activities until November 2026, impacting investor transactions.

Reserve Bank of India (RBI) launched Unified Payments Interface (UPI) connectivity with Cambodia, enabling Indian travellers to make QR-code payments at 4.5M merchants.

BharatPe partnered with Yes Bank to launch BharatPe Flex, a credit-on-UPI solution enabling customers to make UPI payments through a credit line with up to 45 days interest-free period.

Zerodha introduced transfer charge refunds up to INR 500 ($5.3) and discontinued Account Maintenance Charges (AMC) for first-year new accounts from June 1, 2026.

Juspay partnered with Mastercard to enable Click to Pay checkout solutions across Asia, improving merchant conversion rates.

Mahindra and Manulife incorporated their 50:50 life insurance joint venture with ₹7,200cr ($758M) total committed capital.

Raise Financial Services launched Millions app for Gen Z investors, offering mutual funds, stocks, Systematic Investment Plans (SIPs), and Initial Public Offerings (IPOs) with minimum SIP of INR 500 (USD 5.49).

Reserve Bank of India (RBI) announced measures to attract foreign capital, easing investment norms as rupee strengthened 50 paise to 95.24 per dollar.

Reserve Bank of India (RBI) recognised Sahamati Foundation as a Self-Regulatory Organisation (SRO) for the Account Aggregator (AA) Ecosystem.

PFRDA launched a regulatory sandbox framework enabling entities to test innovative pension products and fintech solutions for up to 9 months.

HDFC Bank directed agents to cease mobilizing government deposits and current/savings accounts effective July 1, 2026.

Reserve Bank of India (RBI) maintained repo rate at 5.25%, cut GDP growth forecast to 6.6%, and raised inflation to 5.1%.

Reserve Bank of India (RBI) will bear full hedging costs on Foreign Currency Non-Resident (FCNR(B)) deposits, enabling banks to offer NRI depositors rates 50-100 basis points higher until September 30.

WeRize, a social finance product distribution startup, raised ₹66cr ($7M).

Lumiq, a data analytics and AI platform for BFSI sector, raised ₹50cr ($5.3M).

Triple-A, a Singaporean licensed global payment institution, launched in Europe and rolled out its stablecoin-enabled Multicurrency Accounts.

Coda Payments, a Singaporean payments company, secured a Major Payment Institution (MPI) licence in Singapore.

South Korea's stock market overtook India to become the world's sixth-largest stock market in May 2026.

United Overseas Bank and FPT signed a partnership to explore AI, digital banking, lending and financial infrastructure modernisation across Vietnam and APAC markets.

Mitsui Sumitomo Insurance is pushing for $1.75bn profit in FY30.

South Korea's wealth fund opened a Tokyo office to tap alternative assets and expand investment opportunities in Japan.

United Overseas Bank explored joining Vietnam's International Financial Center (VIFC), establishing headquarters in Ho Chi Minh City, while regulatory credit rating requirements hindered major global banks.

Labuan International Business and Financial Centre (Labuan IBFC), Malaysia's off shore financial center, ranked 55th globally in Global Financial Centres Index (GFCI), growing to $94bn in industry assets in 2025.

VPBank in Vietnam partnered with Taptap Send to launch zero-fee inbound remittance services across Vietnam, targeting 30M customers.

AXS and NTT DATA Japan partnered to explore cross-border bill payment connectivity between Singapore and Malaysia.

KASIKORNBANK (KBank) and Ant International partnered to develop integrated financial infrastructure enabling real-time 24/7 cross-border USD transactions leveraging blockchain technology.

Ant Bank and Alibaba launched various AI powered payments products in Macau.

Finmo partnered with Gotrade Securities to provide local payment infrastructure for Southeast Asian retail investors accessing US equities.

ZA Bank partnered with Industrial Bank to launch Cross-boundary Wealth Management Connect Southbound Scheme, allowing Greater Bay Area investors access to global wealth products.

Association of Banks in Singapore (ABS) and Monetary Authority of Singapore (MAS) clarified PayNow nickname removal from 6 June 2026 targets scam prevention, affecting 30% of users.

Coinbase froze $3M in cryptocurrency tied to Southeast Asia fraud rings through a coordinated Department of Justice (DOJ) operation involving Meta, Microsoft, and Starlink, resulting in 349 arrests across multiple countries in June 2026.

Danantara, Indonesia's sovereign wealth fund with $1tn in assets, planned a dollar bond offering to test investor confidence.

Handshake Finance, a Singaporean escrow-as-a-service startup, raised $400K.

Airwallex acquired Leapfin to strengthen financial data automation, revenue recognition and reconciliation capabilities.

PayPay acquired 70% stake in T&D Financial Life Insurance for $840M.