Hi fintech friends, I'm Osborne, Principal at EMVC.

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).

✨ Bangalore Fintech After Dark

We've partnered with M Venture Partners and Carta to host a Bangalore Fintech After Dark meetup. We're excited to host the fintech community in Bangalore. Details below:

📆 Date: 26th June, 2024🕕 Time: 6:30pm to 9:30pm 📍 Bangalore

🧐🏆 Posts of the Week

❝

Debit card transactions continues to drop. They are further 30% down from the numbers below. They are fast becoming irrelevant. Credit Card value wise grew 20% but volume was flat (ie. average ticket size went up). UPI is up 49% in the same period. https://t.co/xMF9xkHWj5— Deepak Abbot (@deepakabbot) June 5, 2024

❝

RBI's clampdown on unsecured retail loans is hitting the industry now. Remember that in Nov 2023 they had said that

- credit card receivables will see an increase in risk weight to 150% (from 125%) for banks

Credit card outstanding credit (includes non-rolled-over credit): pic.twitter.com/vJxG24CeTt— Deepak Shenoy (@deepakshenoy) June 6, 2024

❝

Closed my UPI credit card. Had stopped using it a while ago because half the time it wasn't accepted. Back to bank based UPI and credit card. Keep things simple.— Anupam Gupta (@b50) June 6, 2024

(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)

📈 Chart of the Week

Source

🇮🇳 India

📰 Market Updates

  1. CASHe, an unsecured credit startup, is setting up a technology Center of Excellence in Hyderabad.

  2. NPCI International signed an agreement with Peru's central bank to use NPCI's real time payments tech (UPI) for Peru.

  3. Bajaj Housing Financefiled its draft IPO prospectus to raise INR 7,000 cr ($840m) via IPO.

  4. RBIcautioned users against accessing usurious loan products from small ticket loan providers.

  5. PhonePeclaimed it is disbursing INR 300cr ($36mm) in loans to its merchants every month.

  6. PNB Bank opened its branch in Dubai and will be seeking regulatory approval.

  7. Fisdom, a wealth product distribution startup, announced that it turned profitable.

🚀 Product Launches

  1. Adani Grouppartnered withICICI Bank to launch a co-branded credit card.

  2. Uni Cardslaunched PowerUp Money, an investments product.

📝 Regulatory Update

  1. RBI (central bank): Proposed to set up a digital payments intelligence platform.

💰 Financing Announcements

  1. Fibe, fka Early Salary, an unsecured credit startup, raised $90mm.

  2. Sriram Finance, a multi product NBFC, raised $469mm in external commercial borrowing.

  3. Lendingkart, a small business financing startup, raised $12mm in debt.

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🌏 Asia

📰 Market Updates

  1. Volopay, an expense management startup, launched its platform across more countries in APAC.

  2. Elevate, a creator payment acceptance gateway in Dubai and London, raised $5mm and expanded to Philippines.

  3. ANext Bank, the wholesale bank of ANT International in Singapore, reported doubling its MSME customer base.

  4. ORO, Bhutan's first digital bank, launched its services.

  5. HitPay, a small business payment startup, received MAS license to operate as a payment service company.

  6. Thailand's securities regulator (SEC) approved launching the country's first Bitcoin Exchange Traded Fund however it will be made available exclusively to UHNI customers.

  7. Vietnam’s massive bailout of the Saigon Joint Stock Commercial Bank (SCB) has escalated to $24.5 billion in special loans equivalent to 6% of Vietnam’s 2023 gross domestic product.

  8. The regulators of Hong Kong and Saudi Arabiaare exploring ways to collaborate to cross list ETF's and two way fund flows between the two countries.

  9. Australia's regulator introduced regulations for BNPL products to be regulated as regular credit products.

  10. Nium, a global payments company, launched Flexible Multi-Currency Payouts, Taxpayer reporting and other product lines.

💰 Financing Announcements

  1. Nium, a global payments company, raised $50mm.

  2. iPiD, a small business payments identity startup, raised $5.3mm.

  3. Mezzofy, a Hong KOng based digital coupon startup, raised $2mm.

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