Mega IPOs upcoming in Asia - Razorpay, NSE, Mynt | TWIF Asia - 21st Jun, 2026

Raise Holdings, operating the Dhan stock broking platform, reported ₹905cr ($96M) revenue in FY26, up 14% YoY, but profit fell 20% to INR 326cr ($35M).

Zerodha Capital, Zerodha's lending arm, reported net profit of ₹15 cr ($1.6M) in FY26, growing 20.5% YoY, driven by 44.2% YoY increase in total income to ₹53.5cr ($5.7M).

Indian-linked funds in Swiss banks declined 8% to INR 36,793 crore (USD 404M) in 2025, though direct customer deposits surged 50%.

Indian banks raised Foreign Currency Non-Resident (Bank) deposit rates up to 7.1% following Reserve Bank of India (RBI) free hedging window measures.

InCred Capital launched US operations in New York to serve institutional investors.

InCred Money received in-principle approval to launch and operate a mutual fund.

National Stock Exchange (NSE) filed its draft red herring prospectus (DRHP) for Initial Public Offering (IPO).

Turtlemint filed Initial Public Offering (IPO) prospectus, to raise ₹ 883cr ($93.6M) at valuation of ₹4,513cr ($478M).

Razorpay, a payments startup, filed confidentially for $600M Initial Public Offering (IPO) targeting stock market debut by end of 2026.

Hero FinCorp partnered with Salesforce to deploy Agentforce, achieving 72% loan turnaround time improvement.

Visa partnered with Mintoak to enable acquirers across Asia Pacific to deliver platform-led merchant engagement integrating payments with value-added services.

Zerodha, Dhan, Groww, Angel One, Upstox secured IFSCA approval for US stock investing via GIFT City, launching in 2-3 months.

Securities and Exchange Board of India (SEBI) announced plans to issue comprehensive guidelines governing artificial intelligence (AI) use in capital markets.

SEBI proposed reforms to Margin Trading Facility (MTF) framework, increasing minimum broker net-worth to ₹5cr ($550K), expanding funding options, and permitting Limited Liability Partnerships (LLPs) to offer MTF.

Reserve Bank of India (RBI) finalised stricter consumer protection guidelines for loan products requiring explicit consent capture, transparent interfaces, and banning forced bundling.

Reserve Bank of India (RBI) will absorb forex risks on Foreign Currency Non-Resident (FCNR-B) deposits and External Commercial Borrowings (ECBs), targeting $50bn in overseas inflows by January 2027.

Reserve Bank of India (RBI) mandated daily reporting of Foreign Currency Non-Resident (FCNR) (B) deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs) under swap facility provisions, effective June 8, 2026.

Reserve Bank of India (RBI) issued consolidated Master Directions for payment systems, consolidating previous guidelines on capital requirements, fit and proper criteria, FATF compliance, perpetual validity, cooling periods, and voluntary surrender procedures.

Equal AI, an indentity management startup, raised ₹283cr ($30M).

Mynt, Philippines' largest finance superapp operator, received board and shareholder approval to pursue Initial Public Offering (IPO), planning to offer 12% of outstanding capital stock.

SeABank in Indonesia raised charter capital of $1.3B.

Commonwealth Bank of Australia invested $100M to upgrade branch network, focusing on accessibility, technology, and staffing.

Singapore's digital payments market reached $39.4B in 2024, projected to grow 16.3% annually to $114bn by 2030.

ING reduced its stake in Thailand's TMBThanachart Bank from 23.1% to 19.5%.

The Bank of Korea (BOK) warned that unusually large AI-driven bonus payouts at South Korea's semiconductor firms could fuel broader inflation by raising wage demands across other industries and boosting consumer demand.

HSBC launched TradeCash, enabling customers to draw loans using sales invoice data with fund disbursement within minutes.

Visa integrated stablecoins into payment infrastructure in Asia, achieving $7B annualised settlement volume by March 2026.

Amundi partnered with CACEIS and Ant International to launch tokenised share classes for money market fund, enhancing on-chain treasury capabilities.

PayMongo, Paymentology, and Mastercard partnered to launch a virtual prepaid business card for Philippine SMEs.

Manulife Hong Kong joined the Insurance Authority's AI Cohort Programme to advance responsible AI adoption in insurance.

Selfwealth launched one-click share bundles that let Australian investors buy curated ASX themes in a single trade.

People's Bank of China (PBOC) and Bank Indonesia launched bilateral QR code payment linkage enabling two-way digital transactions across 46M merchants.

Ant Group tested AI assistant Ah Bao in Alipay to automate financial and lifestyle tasks.

Clicx, Thailand's first virtual bank, launched with a 4% savings on deposits.

OCBC launched OCBC Pulse, a free Environmental, Social, and Governance (ESG) assessment tool for small and medium enterprises (SMEs) across Singapore, Malaysia, Indonesia, and Hong Kong, targeting 12,000 SMEs.

Sumsub launched AI agent integration via Model Context Protocol to convert Anti-Money Laundering (AML) policies into verification workflows in minutes.

dtcpay partnered with BitGo Singapore to leverage regulated digital asset infrastructure for global payment expansion.

Singapore Exchange (SGX) established an over-the-counter gold clearing system, with Monetary Authority of Singapore (MAS) offering gold vaulting services to foreign central banks.

NymCard, a Dubai based embedded finance startup, launched nCore FullStack, a single in-house payments infrastructure platform that enables banks to deploy cards, lending, payments, and settlement through one integration.

Aleta Planet, a Singaporean payments company, expanded into India offering plug-and-play Visa debit card infrastructure and launched 9,000 Sanrio-themed cards.

Citibank Hong Kong launched eVouchers feature in mobile app with personalised rewards.

Monetary Authority of Singapore (MAS) warned that rising energy and chip costs for artificial intelligence could weigh on investment returns, despite accelerating AI adoption globally.

Arki Finance obtained a Capital Markets Services (CMS) licence from Monetary Authority of Singapore (MAS) to provide investment advisory and portfolio management services.

Flyweel, an Australian digital advertising financing startup, raised $2.4M.

Sovra, a MENA based self-custodial dollar account startup, raised $2M

Tonik Digital Bank, Philippines-based digital bank, raised undisclosed funding.

Choco Up, a Singaporean SME lending startup, raised $15M credit facility.

Finder acquired Mozo, an Australian financial comparison company, to expand its consumer finance comparison offering and strengthen growth in key categories.

Allianz is in the lead to acquire HSBC Life Singapore, valued at up to $2B.