Apple and HDFC Bank part ways | TWIF 20-07-2024

Apple and HDFC Bank's partnership for Apple's first credit card in India is shelved for now.

WazirX, a crypto trading startup, was hacked and 200+ assets totalling INR 2,000cr ($240mn) was stolen.

Digital loanswill account for 5% of total retail loans in India by FY2028 from 2.5% in FY2024, according to a report.

Northern Arc Capitalreceived SEBI approval to list its shares in the public markets.

Paytmreported INR 1,502cr ($179mn) in revenue (-34% QoQ) and INR 840cr ($100mn) loss in Q1 FY25.

India's fintech industry is expected to grow to $420bn in valuation by 2029, as per a report.

India's digital payment value is expected to double to $7tn by 2030.

On Financepartnered withNSE to integrate Gen AI workflows in NSE's internal tools.

CapitalMind, a wealth management company, reported that it's PMS arm manages INR 2,000cr ($240mn) in customer assets.

RBI (central bank): Updated its Master Directions on fraud risk management for non-banks.

SEBI (securities): Issued a warning to Paytm over related-party transactions with its payment banking entity. Proposed a new asset class for investment that's a hybrid combining features of MF plans and portfolio management services.

Seeds Fincap, a small business finance company, raised $8.5mn.

OmniCard, a business spend management startup, raised $3mn.

Multipl, a save now buy later startup, raised $1.5mn.

Perpetuity Capital, an EV financing startup, raised $840K.

Validus, a KRA provider for the capital markets, raised an undisclosed amount.

Tonik Bank, a digital bank in Philippines, reported USD 20mn in interest income in 2023.

GoTolaunchedDira by GoTo, it's first AI product and the first Bahasa language AI assistant, on the payment app.

Dubai's DIFC and Indonesia's Nusantara Capital Authoritysigned an MoU to partner on growing the local financial ecosystems in both cities.

The central banks of South Korea and Indonesiasigned a partnership to launch a cross border payments integration.

BigPay, AirAsia's payments platform, expanded to Thailand.

Haruko, a London based digital asset investment management startup, raised capital and expanded to Southeast Asia.

UOB Bank in Singapore partnered withWoori Card in South Korea to offer users rewards across both countries.

XTransfer, a Chinese cross border payments company, received MAS license to operate as a major payment institution.

Arta, a wealth management startup, received MAS approval to operate as a wealth platform.

StraitsX, a Singaporean stablecoin issuance startup, received MAS license to operate as a crypto payments platform.

MariBank, a Singaporean digital bank of Sea Group, reported $7.5mn in total income in 2023.

ANT International partnered withBNP Paribas to launch enhanced cross border payment solutions for European merchants and consumers.

Foreign capital in China's VC industryfell 60% YoY to $3.7bn in 2023, i.e. 10% of total foreign capital in 2021. This has led to an expansion of state-backed funds.

PEXX, a Southeast Asian stablecoin-based money transfer startup, raised $4.5mn.

Jeff, a Vietnamese financial product marketplace, raised $2mn.

Wise AI, a Malaysian eKYC startup, raised an undisclosed amount.

Allianz insurance group will be acquiring a 51% shareholding in Income Insurance in Singapore for $1.63bn.