PhonePe secures IPO clearance for mid-2026 listing | TWIF Asia Jan 24, 2026

PhonePeobtained regulatory clearance for Initial Public Offering (IPO) targeting mid-2026 listing with 100% offer for sale.

Reserve Bank of Indiaprojected 7.4% GDP growth driven by domestic factors amid global uncertainties.

AU Small Finance Bankreported Q3 net profit of ₹668cr ($73M), growing 26.3% YoY, driven by strong core earnings and reduced credit costs.

State-owned UCO Bankgrew net profit by 16% to ₹739cr ($81M) in Q3, driven by core income growth and reduced non-performing assets.

ICICI Bankreported a 4% YoY net profit decline to ₹11,318cr ($1.24bn) in Q3 FY26 due to RBI-mandated agriculture loan reclassification.

HDFC Bankreported a net profit of ₹18,654cr ($2bn), up 11.5% YoY in Q3 FY26, with improved treasury gains and loan growth.

Yes Bankreported net profit of ₹952cr ($104M) in Q3 FY26, driven by bad loan recoveries and higher core income, marking a 55% YoY growth.

Reserve Bank of Indiaproposed linking BRICS countries' central bank digital currencies (CBDCs) to facilitate cross-border transactions and reduce dollar dependence.

Public sector banks entered QR-code merchant payments market, targeting small merchants.

Upstox, an Indian stock broker, reported ₹1,208cr ($132M) total income with 21.5% profit growth to ₹215cr ($23M) in FY25.

Go Digit General Insurancereported ₹2,160cr ($235M) quarterly revenue, growing 4% YoY in Q3 FY26 with 18% profit growth.

Reserve Bank of India (RBI)reported credit flow to commercial sector grew 15% YoY to ₹298 lakh crore ($3.2tn), with non-bank sources contributing 47% of total flows in end-December.

Federal Bank, South Indian Bank, and Yes Bankreduced exposure to low-yielding loans in Q3 FY26 to maintain net interest margins.

Punjab National Bankreported Q3 net profit of ₹5,100cr ($578M), a 13% YoY increase, with focus on retail, agriculture, and MSME sectors and loan recoveries.

Public Sector Banks (PSBs)sanctioned 396K small business loans totaling ₹52,300cr ($5.7bn) using digital credit underwriting model between April and December 2025.

Crisil Ratingsreported gold-loan non-banking financial companies will grow assets under management at 40% CAGR, reaching ₹4 lakh cr ($44bn) by March 2027.

Swiss Rereported India's insurance premium growth will accelerate to 6.9% over 2026-2030, driven by strong economic fundamentals and regulatory changes.

Securities and Exchange Board of Indiaupdated mutual funds regulations defining new compliance standards.

Reserve Bank of Indiaamended Priority Sector Lending regulations with multiple modifications.

Razorpayreceived Reserve Bank of India (RBI) Payment Aggregator-Physical license for offline payments.

Association of Mutual Fund of India (AMFI)submitted 27-point budget proposal requesting tax benefits and regulatory changes for mutual fund investments

SEBI and AMFIexplored reducing KYC and depository costs to improve mutual fund industry profitability.

Juspay, a payments company, raised INR 460 crore ($50M) at a $1.2bn valuation.

AssetPlus, a mutual fund distribution startup, raised Rs 175 crore ($19M).

Intellend, an embedded lending startup, raised ₹10.6 crore ($1.1M).

Wonder Home Finance, a home finance company by Wonder Cement, raised ₹500cr ($55M).

Namdev Finvest, an SME finance startup, raised $37M (₹339cr) in debt.

Roha Housing Finance, a housing finance company, raised ₹400cr ($44M) in debt.

Pine Labsacquired 100% stake in Agya Technologies, an RBI-licensed account aggregator, through its fintech infrastructure arm Setu.

Sumitomo Mitsui Banking Corporation (SMBC)decided to wind down its US-based digital banking unit Jenius Bank.

Singapore banks reduced physical branches and ATMs by 2% annually over the past decade as digital banking adoption increased.

Agoda and Mastercardpartnered to enable direct, real-time travel point redemptions for bank cardholders across Asia Pacific region

HSBClaunched a strategic pilot with Harvey AI to integrate artificial intelligence into its Global Legal function to improve efficiency and support business teams.

OCBC Bank in Singapore launched a securities financing unit for institutional investors to enhance liquidity and balance sheet efficiency.

9Pay in Vietnam, piloted a stablecoin-to-QR payment gateway under Vietnam's International Financial Centers regulatory sandbox, enabling cross-border transactions for U.S. users.

Nium, Singapore-based fintech, narrowed annual loss to S$88M ($69M) with 13.3% revenue growth in 2024.

Aspire in Singapore partnered with Deel to provide Employer of Record infrastructure, enabling businesses to hire and manage global teams seamlessly.

Fujitsu and SC VentureslaunchedQubitra Technologies, a quantum computing joint venture targeting financial applications.

Trust Bank, a Singaporean digital bank backed by Standard Chartered and FairPrice Group, launched its US stock and ETF trading platform with Saxo Singapore, offering 7,000 tradable securities through its app.

Kakao Bankpartnered with SCBX to launch first digital bank in Thailand.

Vietnamestablished stringent licensing requirements for crypto firms, mandating $400M minimum capital and strict regulatory oversight.

Australia's financial intelligence agency AUSTRAC ordered an external audit of Airwallex to assess anti-money laundering and counter-terrorism financing compliance.

Securities and Exchange Commission of Pakistan (SECP)eased access to capital market investments by permitting Asset Management Companies to open Sehl Sarmayakari Accounts independently.

Thailand's Securities and Exchange Commission (SEC)unveiled comprehensive cryptocurrency guidelines.

MariBank, a Singaporean digital bank, raised $58.5M.

Neem, a Pakistani embedded finance and full-stack payments startup, raised an undisclosed amount.

AirwallexacquiredPaynuri, a South Korean payment processor, securing local regulatory licenses and planning business account and payment services expansion.

Juniper Groupacquired Tagit, a Singapore-based digital banking software startup, expanding its fintech portfolio without disclosing financial details.