This Week in Fintech - Asia | 25th June, 2022

Fintech news, updates and fund raise announcements from Asia for the week ending 25th June, 2022.

This Week in Fintech - Asia | 25th June, 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

🚀 Product Launches

  • Freo, a retail neobanking startup, partnered with Equitas Small Finance Bank to launch FreoSave, a retail digital savings account.
  • Card91* partnered with YES Bank and RuPay to launch its card infrastructure product.
  • ICICI Bank launched Campus Power, a banking platform for students and schools.

📝 Regulatory Updates

  • RBI (central bank): Released a notification disallowing non-bank prepaid payment instrument (PPI) license holders from loading prepaid wallets with credit lines. Extended the deadline for implementation of new card issuance guidelines to 01st Oct, 2022.
  • SEBI (securities): Stopped AMC's from offering bundled insurance products with mutual funds. Allowed AMC's to resume investing in global stocks.

💰 Financing Announcements

  • Leap, a fintech startup for overseas education, raised $75mm.
  • Annapurna Finance, a microfinance startup, raised $15mm.
  • Finbox, a credit infrastructure startup, raised $15mm.
  • Castler, a treasury management startup, raised $1mm.


  • Pine Labs acquired Setu, a financial infrastructure startup, for $70-75mm.

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🌏 Asia

📰 Market Updates

  • AirAsia launched AirAsia Pocket, a closed loop wallet, in Malaysia.
  • Three Arrows Capital, a Singaporean crypto hedge fund, is looking for a bailout.
  • A report by Experian claims that 25% of APAC online consumers have been a victim of fraud.
  • China's digital yuan wallet was downloaded by 261mm people - about a fifth of the country's population - and used for transactions worth $13.8 billion.
  • Huobi, a Chinese crypto exchange, received licenses to operate in Dubai and New Zealand.
  • HBL Bank in Pakistan became the country's first bank to launch WhatsApp banking.
  • BigPay, AirAsia owned payments startup, launched cash collection services in Indonesia and Philippines.
  • received in principle approval for its Major Payment Institution license and Sparrow received approval for Digital Payment Token Services.
  • Mojaloop Foundation, a global open source payments company, launched a Centre of Excellence for CBDC's in Singapore.
  • MAS Fintech head said that the regulator will be “brutal and unrelentingly hard” on bad behaviour in the crypto industry.

💰 Financing Announcements

  • StashFin, a Singaporean neobanking startup, raised $70mm at a $800mm valuation.
  • FinHay, a Vietnamese stock investment startup, raised $25mm.
  • Helicap, a Singaporean alternate lending startup, raised $5mm.
  • AnFin, a Vietnamese stock trading startup, raised $4.8mm.

🌏 International

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