Hi fintech friends, I'm Osborne, investor in early stage startups.

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).

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🧐🏆 Posts of the Week

📈 Chart of the Week

Source: Goldman Sachs

🇮🇳 India

📰 Market Updates

1. Coinbase, US-based cryptocurrency exchange, resumed India operations in October 2025 after securing Financial Intelligence Unit (FIU) registration, launching early access for select users with plans for full rollout in Q4 2025.
2. Reserve Bank of India (RBI) reported bank credit to industry grew 6.5% in August 2025, with mixed sectoral growth across micro industries, personal loans, and services sector.
3. Bajaj Housing Finance raised home loan disbursements by 32% YoY to INR 16K cr ($1.8bn) and expanded Assets Under Management (AUM) by 24% to INR 1.3 lakh cr ($14bn) in Q2 FY26.
4. Bajaj Finance reported 24% YoY growth in Assets Under Management (AUM) to INR 4.6 lakh crore ($52bn) in Q2 FY26, added 4.13M new customers, and expanded deposit book by 5.4%.
5. Yes Bank reported 6.5% YoY loan advances to INR 2.50 lakh crore ($28bn) and 7.1% YoY deposit growth to INR 2.96 lakh crore ($33bn) in Q2 FY26.
6. Open Network for Digital Commerce (ONDC) launched financial assistance programme targeting buyers and sellers across multiple retail categories, offering up to INR 40 ($0.5) per delivered order until December 31, 2025.
7. Mitsubishi UFG Financial Group (MUFG) entered advanced negotiations to acquire 20% stake in Shriram Finance for INR 23,200cr ($2.6bn) in potentially largest Foreign Direct Investment (FDI) in Indian Non-Banking Financial Company (NBFC) sector.
8. Axis Bank-owned Freecharge reported INR 297cr ($33M) revenue, a 35% YoY decline, and slipped into INR 42cr ($5M) net loss in FY25.
9. Small Industries Development Bank of India (SIDBI) grew net profit by 20% to INR 4,811cr ($542M) in FY25, with asset base growing 8.7% to INR 5.6 lakh cr ($63bn).
10. Indian Renewable Energy Development Agency (IREDA) sanctioned INR 33,148cr ($3.7bn) in loans during H1 FY26, representing 86% YoY growth in loan sanctions and 54% growth in disbursements.
11. HDFC Bank grew loans by 9% to INR 28 lakh crore ($315B) and Kotak Mahindra Bank increased credit by 16% to INR 4.6 lakh crore ($52bn) in Q2 of FY2026.

🚀 Product Launches

1. Kiwi launched interest-back Equated Monthly Instalment (EMI) on Unified Payments Interface (UPI), enabling consumers to split big-ticket purchases into affordable instalments with cash back.
2. Zomato partnered with HDFC Pension to launch National Pension System (NPS) model for delivery partners, targeting 100K partners by 2025 and providing retirement security.
3. National Payments Corporation of India (NPCI) is expected to introduce EMI feature on UPI, allowing users to convert payments into monthly installments through QR code scanning.

📝 Regulatory Updates

1. Securities and Exchange Board of India (SEBI) launched Mitra, a centralised digital platform that helped investors trace inactive or unclaimed mutual fund investments across multiple registrars and transfer agents (RTAs).
2. Reserve Bank of India (RBI) announced measures to promote rupee's cross-border trade, enabling direct currency rate publications and expanding rupee-denominated investment options across regional markets.
3. SEBI granted sponsorship approval to Nuvama Wealth Management to establish its mutual fund business, enabling launch of specialised investment fund schemes.
4. Maharashtra government replaced stamp paper bonds with digital 'e-bonds' for import-export transactions, targeting 40,000 annual trade documents and aiming to enhance business efficiency.
5. SEBI launched validated UPI handles with '@valid' suffix to help investors identify legitimate financial intermediaries and reduce cyber fraud risks in the securities market.
6. RBI Governor clarified no proposal exists to impose charges on Unified Payments Interface (UPI) transactions, while highlighting sustainability concerns of zero-cost payment model.
7. RBI permitted investment of surplus balances in Special Rupee Vostro Accounts in non-convertible debentures, bonds, and commercial papers issued by Indian companies.
8. RBI created a six-member Payments Regulatory Board (PRB) to oversee and regulate India's digital payment systems, replacing the previous Board for Regulation and Supervision of Payment and Settlement Systems.
9. RBI developed Digital Payments Intelligence Platform (DPIP) to flag risky transactions, targeting INR 520 crore ($60M) in digital banking frauds.
10. RBI proposed risk-based deposit insurance premiums, ECL provisioning framework, revised Basel III norms, and investment regulations to strengthen India's banking system.
11. RBI developed phone security platform enabling lenders to remotely lock mobile phones purchased via credit after borrower defaults, while protecting consumer data privacy.
12. RBI removed restrictions on banks financing mergers and acquisitions through share transfers.
13. RBI granted self-regulatory organisation (SRO) status to Finance Industry Development Council (FIDC) to improve regulatory compliance in non-banking lending sector.

💰 Financing Announcements

1. GrowXCD Finance, a small business lender, raised INR 200cr ($23M).
2. RUGR Fintech, a rural digital banking startup, raised INR 44cr ($5M).
3. Ignosis, a financial data intelligence startup, raised INR 35cr ($4M).

ACQUISITION:

1. Abu Dhabi-based International Holding Company (IHC) acquired 43.5% stake in Sammaan Capital for INR 8,850 crore ($1bn) through preferential share issue in a cross-border fintech investment.

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🌏 Asia

📰 Market Updates

1. SWIFT partnered with 30+ global banks from 16 countries to develop a blockchain ledger for real-time, secure cross-border payments using smart contracts.
2. Ant International's WorldFirst reported 300% transaction volume growth in emerging markets, expanded banking partnerships with eight global systemically important banks, and launched AI-powered risk management and customer support tools.
3. UOB launched comprehensive AI training initiative across bank, targeting 26,000 employees through skills development, Innovation Academy, and industry partnerships.
4. Mastercard launched a global media network using transaction data, processed 160bn transactions in 2024, and partnered with Citi, WPP, American Airlines, and Microsoft to deliver targeted advertising.
5. Airwallex secured in-principle payment licenses in UAE, incorporated a new entity in Saudi Arabia, and partnered with Tabby for localised payment experiences.
6. Tyme Group planned retail banking expansion in Indonesia through acquisition and established data processing hub in Vietnam, targeting emerging digital banking markets.
7. Eddid Financial launched Eddid ONE, a traditional stock trading & web 3.0 trading platform in Hong Kong to offer subscription and redemption service for tokenised Real World Assets ("RWA").
8. Visa expanded its VCS Hub, launching a comprehensive commercial payments platform with integrated AI tools and end-to-end payables solutions for global financial partners.
9. StraitsX partnered with OKX SG and Grab to launch OKX Pay, enabling instant stablecoin payments via QR codes at GrabPay merchants in Singapore.
10. Nium launched Global Collections, a white-label platform allowing banks to offer local currency accounts in multiple international markets including Europe, UK, US, and Singapore.
11. Triple-A, Singapore-based digital currency payment institution, partnered with iPiD to implement global payee verification for fiat and stablecoin transactions.
12. Monetary Authority of Singapore (MAS) introduced digital advertising guidelines targeting financial institutions and online content creators, requiring responsible information sharing and potential enforcement actions.
13. Securities and Exchange Commission (SEC) of Thailand launched digital asset payment pilot programme for foreign tourists converting cryptocurrencies to Thai Baht, accepting applications from digital asset exchanges and e-money providers until December 2025.

💰 Financing Announcements

1. Honest, an Indonesian credit card issuer, raised $100M in equity funding and additional $40M debt financing.
2. Yup, a digital bank in Southeast Asia, raised $32M.
3. JAVLN, an Australian cloud insurance software startup, raised $6M.

ACQUISITION:

1. DB Insurance, a South Korean property and casualty insurer, acquired The Fortegra Group, a US specialty insurer based in Florida, to establish broader presence in US and European insurance markets.

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