Spate of product launches at GFF | TWIF - 02nd Sep, 2024

Nandan Nilekaniclaimed that startups powered by India's DPI are valued at $100bn.

Credit card spends increased 19% YoY in July, 2024 to INR 1.7tn ($20bn) while transaction volumes increased 39% YoY.

72% Indians believe Indian financial institutions collect more data than required, as per a survey.

India has an 87% adoption rate of fintech products, according to a survey.

RBI Deputy Governorsaid "Fintech startups, unlike traditional financial institutions, have yet to establish the trust that stems from being licensed, regulations and having a proven track record."

35 Indian fintech startups are potentially looking to list their shares in the public markets over the next 3-4 years.

Navadhan, a rural financing startup, expanded to 4 more states.

Indian fintech revenue is estimated to reach $190bn by 2030, according to a report by BCG.

PhonePereported 74% YoY growth in revenue to INR 5,064cr ($604M).

Banking liquidity declined sharply in Aug, 2024 from peak of INR 2.86tn ($34bn) to INR 0.95tn ($11bn).

HDFC Bank is planning to sell $1.2bn in loan portfolios using a rare debt instrument of issuing a "pass-through certificate".

CapitalMindreceived in-principle approval to launch a mutual fund.

RazorpaylaunchedEMI2, an affordability payments feature for brands to launch monthly payment facilities.

Razorpaypartnered withMastercard to launch biometric authentication and OTP-less solution for checkout payments. Razorpay also launched a few more products.

Google Paylaunched UPI Circle, UPI Vouchers, Clickpay QR and more.

MastercardlaunchedPayment Passkey Service to use biometric authentication while replacing OTP's.

JP Morganpartnered with In-Solutions Group to launch a banking "seller app" on ONDC.

HDFC Banklaunched new features for UPI and CBDC including circle-delegate payments, programmable CBDC and more.

HDFC BanklaunchedGiga, a financial platform for gig economy workers.

Pop, a fintech startup, launched Pop Club ruPay Credit Card, a multi-brand co-branded credit card.

Grip Investlaunched the first privately placed, investment-grade bond with a 14% yield.

Pine Labspartnered withVisa to launch Pine Labs Mini, a small merchant payment acceptance platform.

RBI (central bank): Granted "self-regulatory organisation" status to Fintech Association For Consumer Empowerment (FACE).

IRDAI (Insurance): Asked insurance companies to come up with strategies to make insurance products more affordable.

Finarkein, a financial data and SaaS startup, raised $4.75M.

PlutusOne, a bill payments startup, raised $2M.

Insurance Padosi, an insurance education and distribution startup, raised $500K.

OneMoney, an account aggregator startup, raised an undisclosed amount.

MediAssist, a third party health administrator, acquiredParamount Health, for INR 312cr ($37M)

Trust Bank, a Singaporean digital bank, launchedTrust Cashback Card, a credit card.

Stripelaunched AI powered payment tools for Asia. Stripe's cross border payments in Asia grew by 30% YoY.

Thailand Postreceived board approval to apply for Thailand's digital banking license.

Revolut and Visapartnered to launch international payments for businesses via Visa Direct.

ANT Digital Technologiesjoined Hong Kong Monetary Authority's sandbox to test out a tokenised asset platform.

TymeBank, a South Africa and Singapore HQ'd digital bank, is planning expansion to Indonesia.

South Korean banks' total capital ratio grew 16% in Q2 to 13.2%.

Fingular, a Singaporean financial group, launched its services in Qatar via investment in TESS Payments LLC.

Helicap, an Indonesian fixed income startup, raised $4.3M.