This Week in Fintech - Asia | 20th Aug, 2022

Fintech news, updates and fund raise announcements from Asia for the week ending 20th Aug, 2022.

This Week in Fintech - Asia | 20th Aug, 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).

Don’t forget to share with fellow fintech friends!

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

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

🦉🏆 Tweets of the Week

🇮🇳 India

📰 Market Updates

  • Digit General Insurance filed its draft IPO prospectus.
  • Yubi, a wholesale credit marketplace, grew to INR 153 cr ($19.1mm) in revenues in FY22.
  • Paytm partnered with Samsung to launch in-store payments and BNPL for Samsung users.
  • Zerodha, in its 12th anniversary blog post, claimed that the broking industry is seeing activity plateau with a 40% drop in new user additions.
  • PhonePe, Walmart owned payments company in India, plans to launch a consumer commerce app that is integrated with India's Open Network for Digital Commerce (ONDC).
  • PhonePe claimed it processed $830bn in annualised Total Payments Value (TPV) in the quarter ended June-22 processing 3.1bn transactions per month.
  • SBM Bank disallowed its fintech partners from onboarding new users for credit on PPI card programs.

🚀 Product Launches

  • Clinikk* launched an all inclusive health subscription product.

📝 Regulatory Updates

  • RBI (central bank): Released a discussion paper on charges in payment systems.

💰 Financing Announcements

  1. Aditya Birla Health Insurance raised $83.5mm for 9.99% shareholding from ADIA.
  2. Jar*, a GenZ savings and investment startup, raised $22.6mm.
  3. Mool Finance, a payroll management startup, raised an undisclosed amount.
  4. Finverv, a lending as a service startup, raised an undisclosed amount.


  1. Razorpay acquired 80% of Ezetap, an offline payment startup, valuing it at $200mm.

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE 👍🏽 or DOWNVOTE 👎🏽

🌏 Asia

📰 Market Updates

  • GCash, a Philippine payments startup, claimed to have 66mm registered users.
  • Funding Societies launched BizFund, an enhanced SME-focused term financing.
  • SafePay, a Pakistani payments startup, received a license from SBP (Pakistan's central bank) to pilot its payments systems. This is the second approval to receive its final full service payments operator license.
  • Xendit, a payments startup, is aggressively expanding its presence in Philippines and other Southeast Asian countries.
  • Korea Financial Intelligence Unit (KoFIU) notified the authorities of 16 unregistered Virtual Asset Service Providers operating in the domestic market.

💰 Financing Announcements

  1. Fomo Pay, a Singaporean payments company, raised $13mm.
  2. Majoo, a small business SaaS and payments startup, raised $10mm.
  3. RootAnt, a banking as a service startup, raised $4.5mm.

🌏 International

Please find our global coverage and consider subscribing.

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

1-min Anonymous Feedback: Your feedback helps me improve this newsletter. Click UPVOTE 👍🏽 or DOWNVOTE 👎🏽

Follow me on Twitter or LinkedIn.