This Week in Fintech - Asia | 30th July, 2022

Fintech news, updates and fund raise announcements from Asia for the week ending 30th July, 2022.

This Week in Fintech - Asia | 30th July, 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

  • Dilip Asbe, CEO of NPCI, said at an event that RuPay Credit Cards on UPI could be launched within two months.
  • PolicyBazaar reported that its IT systems were breached but no customer data was exposed.
  • Innoviti received approval from RBI for its Payment Aggregator license.
  • Indifi claimed to register 120% YoY growth in new loan disbursals with NPAs below 2%. In FY22 (ended Mar-22), it had ~13mm in annual revenue with 48K lifetime loans disbursed.
  • Carlyle and Advent will purchase $1.15bn worth of shares of YES Bank.
  • NPCI is reportedly working on setting RuPay credit card MDR at 2% in anticipation of launching credit cards on UPI.
  • CoinSwitch, a crypto trading startup, launched zero-fee bitcoin trading fest.
  • OfBusiness invested $2.5mm in Tracecost, a digital, real-time construction cost tracking software.

🚀 Product Launches

  • Uber partnered with Moove, its largest vehicle supplier globally, to launch alternate credit scoring for its fleet.

📝 Regulatory Updates

  • RBI (central bank): Released the Digital Payments Index for March, 2022. Granted an extension to apply for Payment Aggregator licenses till 30th Sept.

💰 Financing Announcements

  • Fi, a neo banking startup, raised $45mm.
  • Jai Kisan, an agri finance startup, raised $18mm (total $50mm equity and debt).
  • Crypso, a crypto social investing startup, raised $3mm.
  • Better Opinions, an events trading startup, raised $2.5mm.
  • Spare8, a micro investing startup, raised $770K.

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🌏 Asia

📰 Market Updates

  • ATRAM, a Philippine asset and wealth manager, partnered with Additiv, a wealth tech platform, to launch a new digital wealth management offering.
  • Zipmex resumed withdrawals from its crypto exchange and written off a $5mm loan to Celsius.
  • OJK, Indonesia's financial regulator, introduced stringent regulations for online lenders.
  • Luno, a London-HQ crypto startup, launched debit, credit payments for token purchases.
  • Zipmex, a Singaporean crypto exchange, filed for bankruptcy protection in Singapore.
  • Stripe partnered with Saison Capital to launch an insights platform for SEA.
  • Fave partnered with CIMB in Malaysia to provide BNPL to CIMB’s customers.
  • SDAX, a Singaporean platform that provides capital market and digital asset exchange services, launched its platform.
  • ABLR, a BNPL startup, launched its platform in Malaysia.

💰 Financing Announcements

  • SuperAtom, a fintech super app, raised $22mm.
  • DBank, a Pakistani digital bank, raised $17.6mm.
  • RabbitCare, a Thai financial platform, raised an undisclosed amount.
  • Maxi, an Indonesian employee assistance startup, raised an undisclosed amount.


  1. Qapita, a Singaporean cap table management startup, acquired ESOP Direct, an Indian ESOP management startup.

🌏 International

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