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
Best part about RBI's regulations? Fintech is unsexy again! This is best thing to have happened to the sector since 2017!
What's even more exciting: momentum, FOMO, next-big-thing investors have all moved on to other sectors.
This is the best time to invest & I'm here for it.— Osborne Saldanha (@os7borne) March 22, 2023
Credit Suisse sold to UBS for 3 bn $. 60%discount to stock value at Friday closing. ~600 bn $ balance sheet sold for 3 bn $ equity value. 17 bn $ of AT1 bonds written off. A signal for all bankers and stakeholders, when risk return matrix is overtaken by obsession with size.— Uday Kotak (@udaykotak) March 20, 2023
People constantly wonder why the US has so many Banks compared to other countries!
Are you wondering if the US system makes sense?
Do you want to know where it's heading?
Here's some history, charts, and thoughts: 🧵👇— fintechjunkie.eth (@fintechjunkie) March 22, 2023
😆😆 pic.twitter.com/us5JRxiRtT— Chandra R. Srikanth (@chandrarsrikant) March 23, 2023
🇮🇳 India
📰 Market Updates
SaveIN, a healthcare financing startup, plans to partner with 15,000 channel partners.
FACE (Fintech Association of Consumer Empowerment) released a report showing that digital loan volumes grew by 147% and total loan value grew by 118% in Q3 of fiscal 2023 (QoQ).
Airtel Payments Bankexpects to close FY23 (ended March, 2023) with INR 1,300 cr ($158mm) in revenue (+40% YoY).
The Enforcement Directoratefiled a charge sheet against Razorpay and other NBFCs in connection with the Chinese loan app case.
Mobikwik cofounder stated that the company will apply for an IPO in 12-18 months.
🚀 Product Launches
EaseMyDeal, a payments startup, launched Scan and Pay via Credit Cards.
Avanti Finance partnered withStellapps' mooPay to launch credit products for independent dairy farmers.
FtCash, a lending startup, launched supply chain financing.
KreditBeepartnered withPayU to launch cardless installment payments (BNPL).
📝 Regulatory Updates
(There were no regulatory updates this week. Did I miss anything?)
💰 Financing Announcements
(There were no financing announcements this week. Did I miss anything?)
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🌏 Asia
📰 Market Updates
MASreleased a statement that Credit Suisse will continue operating without interruption in Singapore.
MoMo, a Vietnamese payments company, partnered withWestern Union to launch Vietnamese remittances.
TrueMoney, a Cambodian payments company, partnered withUnion Commercial Bank (UCB) to launch cash out ATM networks via 10,000 agents.
Brankas, a fintech infrastructure startup for SEA, received payments licenses in Indonesia and Philippines.
Ajaib, an Indonesian stock investing startup, said that its bitcoin trading platform grew 600% in three days.
MAS, Singapore's central bank, is expected to release crypto regulations by June, 2023.
Hong Kong's securities regulator proposed rules allowing retail investors to trade certain “large-cap tokens” on licensed exchanges.
XanPool, a Hong Kong crypto payments platform, shut its offices in Singapore and Malaysia.
Kasikornbank, a Thai bank, claimed to onboard 2 million users to its app in the past year.
Bank Indonesia, the Indonesian central bank, reported that the total number of BI-FAST (Indonesia's real time payments system) participants since its launch in Dec 2021 now stands at 122, representing 94% of the share of the national retail payment system.
Montenegro police claimed that they've arrested Do Kwon, cofounder of Terra.
ShopeePaylaunched its integration with BI-Fast, Indonesia's real time payments system.
Pakistan's National Database Registration Authority (NADRA) launched Pak-ID mobile app to apply for the national ID system online.
The Stock Exchange of Hong Kongintroduced new guidelines making it easier for tech firms to go public.
Zipmex, a Thai crypto exchange, is facing issues with its latest $100mm funding as an investor missed the deadline to transfer $1.25mm.
💰 Financing Announcements
Kredivo, an Indonesian BNPL startup, raised $270mm.
🌏 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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