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

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

This Week in Fintech - Asia | 19th Mar, 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. Paytm's stock price plummeted 13% after RBI ordered Paytm to stop onboarding new customers to its payment bank platform.
  2. Navi, Sachin Bansal's fintech company, filed its draft IPO Prospectus to raise $446mm.
  3. Razorpay reported $112mm revenues in FY21 (ended Mar-2021) and $~1mm net profit.

🚀 Product Launches

  1. Tartan*, a payroll API startup, launched GigStack, a gig worker API platform.
  2. Cashfree launched a SoftPOS, an android mobile app for businesses to collect payment via different methods.
  3. Sheroes launched Mahila Money Prepaid Card, a prepaid card for women entrepreneurs to use for their business needs.
  4. Onsurity partnered with Bombay Stock Exchange (BSE) as a Healthcare Partner for BSE's SME exchange listed businesses.

📝 Regulatory Updates

  1. RBI (central bank): Ordered Paytm Payment Bank to stop new customer onboarding till it completes a full audit of its IT systems. Removed the pricing cap of interest rates a microfinance institution can charge its borrowers and changed the definition of a microfinance loan.
  2. IRDAI (insurance regulator): Announced the appointment of its sixth Chairman- Mr. Debasish Panda.
  3. SEBI (securities regulator): Expects to increase scrutiny in IPO-bound firms after Paytm's IPO debacle

💰 Financing Announcements

  1. CredoPay, a merchant payment startup, raised $5mm.
  2. ActLogica, a wealth management infrastructure startup, raised an undisclosed amount.


  1. Perfios acquired Karza for $80mm.
  2. Razorpay acquired IZealiant Technologies.

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🌏 Asia

📰 Market Updates

  1. Agoda partnered with Atome to offer BNPL for its products in Philippines.
  2. Paxos, a blockchain infrastructure company, Hodlnaut and Digital Treasures Center, a blockchain payment company, received in-principle approval from MAS to operate digital payments token services.
  3. Stripe launched Stripe Tax in Singapore to automatically calculate and collect consumption tax.
  4. Uang Temang's online lending license was canceled by OJK, Indonesia's financial services authority.
  5. Nium launched a brokerage payment tool designed to be a faster and cheaper alternative to SWIFT network.
  6. FinAccel, the parent company of Indonesian BNPL platform Kredivo, has scrapped its SPAC listing plans.
  7. GoTo, the Indonesian super app platform, filed its IPO prospectus to raise $ at a valuation of $29bn.
  8. Asia Digital Bank, a Chinese banking venture with license by Malaysia's Labuan Financial Services Authority, launched A-Bank Super Wallet in Malaysia.

💰 Financing Announcements

  1. Bazaar, a Pakistani B2B commerce and financing startup, raised $70mm.
  2. Kyash, a Japanese digital banking startup, raised $41mm.
  3. Silent Eight, a Singaporean AI-based financial crime prevention startup, raised $40mm.
  4. Igloo, a Singaporean insurance infrastructure startup, raised $19mm.
  5. Treehouse, a Singaporean DeFi analytics startup, raised $18mm.
  6. Wagely, an Indonesian earned wage access startup, raised $8.3mm.
  7. Finblox, a Hong Kong based crypto savings startup, raised $3.9mm.

🌏 International

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