Trading terminals launched in India; Thunes launched pay-to-stablecoin-wallet on SWIFT | TWIF Asia - 23rd Mar, 2026

M2P Fintech reported ₹506cr (USD 54M) revenue in FY25, growing 33% YoY.

MobiKwik, a payments startup, plans to double down on its payment devices business in FY27.

Autope, an integrated urban mobility payments startup, crossed ₹100cr ($11M) in FY26 revenue.

India's mutual fund industry grew 27% YoY to ₹82 lakh crore ($870bn) in February 2026, driven by equity schemes and SIP participation.

India's net direct tax collections grew 7.1% YoY to ₹22.8 lakh crore ($242B) till March 17 in FY26, with corporate tax growing 13% YoY.

Indian government launched RELIEF scheme offering ₹500cr ($53M) insurance support for exporters facing challenges from Persian Gulf conflict.

SBI Mutual Fund filed Initial Public Offering (IPO) prospectus for ₹13,500cr ($1.5bn).

Indian government approved INR 20,000 crore (USD 2.2 billion) Credit Guarantee Scheme for Microfinance Institutions to ease funding constraints for MFIs.

PhonePe, Walmart-backed Indian digital payments provider, paused its Initial Public Offering (IPO) plans citing geopolitical conflicts and market upheaval.

Insurance Regulatory and Development Authority of India (IRDAI) granted Certificates of Registration to Allianz Jio Reinsurance and Kiwi General Insurance.

Dhan launched DEXT T3, a customisable trading terminal for stock traders.

Zerodha launched Kite Terminal Mode, enabling traders to build customisable workspaces with multiple layout presets and integrated trading tools.

Mylapay, a merchant payment gateway startup, partnered with TransBnk to launch end-to-end Card and Unified Payments Interface (UPI) payment solutions globally.

Falcon partnered with Jana Small Finance Bank to launch Credit Line on UPI (CLOU), providing embedded credit to Jana SFB's customers.

Insurance Regulatory and Development Authority of India (IRDAI) sought significantly lower commissions on Bima Sugam products, with insurers agreeing to zero-commission policies.

Securities and Exchange Board of India (SEBI) established a working group to review mutual fund distributor framework addressing declining registered investment advisers.

Shubham Housing Development Finance, a housing finance company, raised INR 900cr ($96M).

Neo Group, a wealth management company, raised ₹500cr ($53M).

Jiraaf, a fixed income investment startup, raised ₹44cr ($4.8M).

Weaver Services, a housing finance startup, acquired 75% in Centrum Housing Finance, a subsidiary of Centrum Group.

Kotak Mahindra Bank and Federal Bank submitted final offers to acquire Standard Chartered's 600,000 India credit-card-only customers.

Polymarket acquired Brahma, a decentralized finance (DeFi) infrastructure startup, to improve user experience and enhance liquidity.

Circles partnered with Airwallex to integrate embedded finance capabilities into CirclesX platform, enabling telecom operators to launch digital banking services across 70+ countries.

Thunes launched Pay-to-Stablecoin-Wallets solution through existing SWIFT infrastructure, enabling banks to send instant cross-border payments to over 500M stablecoin wallets.

PayPal expanded its US dollar-backed stablecoin PYUSD to 70 markets across Asia-Pacific, Europe, Latin America and North America.

2C2P partnered with M-PAY to provide payment services for the travel sector, expanding digital payment options across Vietnam and six other Asian markets.

Grab launched motor insurance for Singapore private-hire drivers with installment payments and personalised pricing.

SBI Japan's Crypto Arm launched USDC stablecoin lending service in Japan, offering 10% annualised yield for 12 weeks, then 5% ongoing.

Five Vietnamese companies including Techcombank, VPBank, LPBank, VIX Securities, and Sun Group submitted applications to launch Vietnam's first licensed cryptocurrency exchanges.

Wise, a cross border payments company, became the first non-bank to receive five payment-related licenses in Thailand.

Bank Indonesia (BI) launched full cross-border Quick Response Code Indonesian Standard (QRIS) payments from Japan, enabling Japanese travelers to pay at Indonesian merchants.

MetaComp, Singaporean digital payments startup, raised $35M.

TransFi, an emerging markets-focused stablecoin payments platform, raised $19M.

dtcpay, Singapore-based stablecoin digital payments company, raised $10M.

FinVolution Group, a Chinese loan facilitation startup, acquired Fundo, an Australian lending company.

Ant Group acquired 50.55% stake in Bright Smart Securities in Hong Kong for HK$2.8bn ($360M)