This Week in Fintech - Asia | 07th May, 2022

Fintech news, updates and fund raise announcements from Asia for the week ending 07th May, 2022.

This Week in Fintech - Asia | 07th May, 2022

Hi fintech friends,

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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Editor’s Note: If you’re an early-stage startup founder raising equity, I may be able to help - reach out to osborne@thisweekinfintech.com.

Want to be a This Week in Fintech - Asia Sponsor? Email me at sponsor@thisweekinfintech.com or see our sponsorship information here.


🦉🏆 Tweets of the Week


🇮🇳 India

📰 Market Updates

  • SarvaGram, a rural finance company, claimed to cross $23mm in AuM as on April, 2022 with ARR of 6-7mm for FY22.
  • RBI released a report stating that India might overcome Covid losses by FY34-35.
  • India's unemployment rate rose to 7.83% in April, 2022, compared to 7.6% in March, 2022. Urban unemployment was 9.22% in April, 2022 compared to 8.28% in March, 2022.

🚀 Product Launches

  • IndiaMart partnered with Tazapay to help its exporters with cross-border payments.
  • Fable Fintech, a financial inclusion startup, partnered with XeOPAR, a cross border payments company, for inward remittances.

💰 Financing Announcements

  • Digit General Insurance, a general insurance company, raised $55mm at $4bn valuation
  • Open, a small business banking startup, raised $50mm at a unicorn valuation.
  • KaleidoFin, a financial inclusion startup, raised $15mm.
  • Freed, a consumer debt relief startup, raised $2.8mm.
  • Bliv.club, an NFT financialisation startup, raised an undisclosed amount.

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🌏 Asia

📰 Market Updates

  • The Hong Kong Monetary Authority (HKMA) released a consultation paper to discuss key policy and design issues for introducing retail central bank digital currency.
  • Shopee, a Singaporean ecommerce platform, received approval from the Brazilian central bank to operate as a payment service provider.
  • NetBank in Philippines partnered with V5Pay, a Philippine payments startup, for small business payment acceptance.
  • Shinhan Financial Group, a South Korean financial major, acquired a 10% shareholding in Tiki, a Vietnamese ecommerce company.
  • Peppermint, an Australian mobile banking startup, received Electronic Money Issuer license in Philippines.
  • South Korean fintech startups are "disappointed" by the country's incoming President's view on cryptocurrencies.

💰 Financing Announcements

  1. KoinBasket, a Singaporean crypto investment startup, raised $2mm.

(there were no other funding announcements this week. Did I miss any? Email me.)


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🌏 International

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If you’ve made it this far - thanks! As always, you can always reach me at osborne@thisweekinfintech.com. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

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