This Week in Fintech - Asia | 19th Feb, 2022

Fintech news, updates and fund raise announcements from Asia for the week ending 19th Feb, 2022

This Week in Fintech - Asia | 19th Feb, 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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🦉🏆 Tweets of the Week

🇮🇳 India

📰 Market Updates

  1. Life Insurance Corporation (LIC) of India filed its draft IPO prospectus.
  2. Infibeam Avenues launched a "Fintech Startup Management" infrastructure business based in GIFT City.

🚀 Product Launches

  1. Dhan, the stock trading platform of Raise Financial Services, launched a trading API product.
  2. Mudrex, a basket-style crypto investing startup, launched a crypto Interest Account.
📝 Regulatory Updates
  1. RBI (central bank): Deputy Governor made a statement that banning cryptocurrencies is the most advisable choice.

💰 Financing Announcements

  1. Propelld, an education finance startup, raised $35mm.
  2. RapiPay, the neo banking arm of Capital India, raised $15mm.
  3. Kenko Health, a health subscription and insurance startup, raised $12mm.
  4. Swipe, a billing and payments for SMB startup, raised $2mm.
  5. HealthySure, an employee insurance startup, raised $1.5mm.
  6. Tartan*, a payroll API startup, raised an undisclosed amount.


  1. Revolut India acquired Arvog, a foreign exchange services company, for $4.5mm.
  2. M2P Fintech acquired BSG ITSOFT, a provider of core banking solutions, for $20mm.

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🌏 Asia

📰 Market Updates

  1. DBS Digital Exchange surpassed SGD 1bn in trading value in the first year of ops. It is also expected to launch crypto trading for retail users.
  2. FinAccel, the parent company of Indonesian BNPL platform Kredivo, is increasing its stake in Bank BI from 40% to 75%.
  3. Philippines received $31.4bn (+5% YOY) in inward remittances.
  4. MAS, Singapore's central bank, said it will not regulate activities related to NFT's.
  5. Taiwan's central bank is expected to launch it's CBDC.

💰 Financing Announcements

  1. Funding Societies, a Southeast Asian SMB finance startup, raised $144mm.
  2. Akulaku, an Indonesian personal finance company, raised $100mm.
  3. Cyber Sierra, a cyber insurance startup, raised $4.3mm.
  4. NOBI, an Indonesian crypto exchange, raised $4mm.
  5. Andalin, an Indonesian freight and trade finance startup, raised $4mm.
  6. HolyWally, a digital wallet startup, raised $1.4mm.
  7. Lummo, an Indonesian SMB accounting SaaS startup, raised an undisclosed amount.


  1. bolttech, a Singaporean insurance startup, acquired AVA Insurance, an insurance broker and distribution agency.

🌏 International

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