Hi fintech friends, Osborne here!
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).
Note: There will be no edition of TWIF India & Asia next week. Will resume regular programming from 8th July, 2023. Enjoy!
Don’t forget to share with fellow fintech friends!
🐦🏆 Tweets of the Week
Big news! Given that the RBI seems unwilling so far to grant any exceptions:
1. Apple wouldn't have access to txn info. Will have to see how this affects app UX as well as value accrual for Apple. They'll have to see if there are compliant workarounds.https://t.co/D0zMxM0Qnq— Vinay Kesari (@vinaykesari) June 23, 2023
90% stake in HDFC Credila, an education loan specialist lender, sold to BPEA EQT & Chryscapital for Rs.9060 cr.
75% growth in loan book in FY23
RoE of 14%+ for last 5 years.
Txn price/book: 4.15
Sets a benchmark for high growth, high RoE lenders. https://t.co/CFNuqFnyf4— Krishna Hegde (@PositiveGamma) June 20, 2023
Hey folks-
Have put together a Fintech Guidelines repository: https://t.co/wzkPnPI1tn
For questions that keep fintech geeks up at night- like : Dyk that Tokenisation emanates frm PA guidelines?
Or do you recall the DLG WG composition?
LMK if I can add anything else
Cheers!— Saranya Gopinath (@Saranyagop) June 23, 2023
🇮🇳 India
📰 Market Updates
Oxyzo, a small business lending company, reported INR 562cr ($68mm, +80% YoY) in revenue and INR 197cr ($24mm, +185% YoY) in PAT in FY23.
IRDAI (Insurance regulator)is considering a new structure of Managed General Agencies in the Indian insurance sector.
Ethiad Airwayspartnered withPine Labs' QwikCilver to launch stored value cards for its userbase.
India and Philippines signed an memorandum of understanding (MoU) to partner on fintech.
Googleannounced that it will set up a Global Fintech Center in Gujrat's GIFT City.
Apple is reportedly partnering with HDFC Bank to launch a credit card in India.
🚀 Product Launches
📝 Regulatory Updates
SEBI (securities): Barred IIFL Securities from taking on new clients for two years for violating regulatory norms.
💰 Financing Announcements
U GRO, a listed, SMB financing company, raised INR 240cr ($29.3mm).
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🌏 Asia
📰 Market Updates
MASreceived more than 680 applications for payment services licenses since Jan, 20200 of which it approved 150 as on 31st May. There are now 190 major payment institutions in Singapore.
Mizuho Financial Group in Japan began trialing generative AI technology from Fujitsu to streamline development and maintenance operations of its systems.
Mastercardpartnered withAlipay to introduce cashless payments for international visitors in China.
Ripplereceived an in-principle approve for a payment license in Singapore.
StashAwayreported $6.8mm in revenue in 2022 and net loss of $20mm.
JP Morganis launching is commercial bank in Singapore.
💰 Financing Announcements
Amartha, an Indonesian micro finance startup, raised $100mm.
🌏 International
Please find our global coverage and consider subscribing.
US and Global, written by Nik Milanovic.
Europe and UK, written by Michael Jenkins.
Latin America, written by Christine Chang.
Africa, written by Emeka Ajene.
China written by Ning Ye.
Policy written by Mohammad Hamdy.
And of course, our podcast series - Beyond Two Percent and Hey Fintech Friends.
If you’ve made it this far - thanks! As always, you can always reach me at [email protected]. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.
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