This Week in Fintech - Asia | 5th Mar, 2022

Fintech news, updates and fund raise announcements from Asia for the week ending 5th Feb, 2022

This Week in Fintech - Asia | 5th 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).

💼 Roll call: We’re looking for a Head of Revenue to join our team! The ideal person,

  • Is deep into fintech.
  • Likes prospecting and reaching out to new partners and sponsors.
  • Wants to join a tight-knit team of other people who love fintech!

Programming Note: Will be taking a break from posting next week i.e. 12th March, 2022. Will resume regular programming on 19th March, 2022. See you then!

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


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🦉🏆 Tweets of the Week

📊 Stat of the week

Crypto users have donated $51+mm to Ukraine across 89K+ assets since February 26; the government's wallet addresses show $10mm in BTC and $16mm in ETH (Source)

🇮🇳 India

📰 Market Updates

  1. OTO, a 2-wheeler leasing startup, claimed to have disbursed INR 100 Cr ($13mm).
  2. India's GDP grew at 5.4% in Q3 (Oct-Dec-2021) against 8.5% in the previous quarter.
  3. GST revenues increased 18% to $17.7bn in February.
  4. Ashneer Grover, cofounder and MD of BharatPe, filed his resignation from the board of the startup.
  5. Ashneer Grover is ousted from BharatPe and Unity Small Finance Bank, will no longer be a Cofounder, Employee or Board Member and all pending shares will be clawed back.
  6. Bankers running the mandate of LIC's IPO are advising the government to defer the IPO in the wake of the Russia-Ukraine situation.

🚀 Product Launches

  1. WazirX launched a "Build-your-own" exchange product.
  2. Clear launched an invoice discounting product.
  3. Standard Chartered partnered with the International Air Transport Association (IATA) to launch IATA Pay.
  4. National Stock Exchange IFSC launched trading of 8 US stocks out of GIFT City.

💰 Financing Announcements

  1. Perfios, a B2B credit decisioning startup, raised $70mm.
  2. Kuhoo, an education financing startup, raised $20mm.
  3. Snapmint, a BNPL startup, raised $9mm.
  4. Junio, a teen banking startup, raised $6mm.
  5. GrowFin, an accounts receivables automation startup, raised $4mm.
  6. Upswing, a banking infrastructure startup, raised $4mm.

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🌏 Asia

📰 Market Updates

  1. AmaarPay, a Bangladeshi payment startup, received a Payment System Operator (PSO) license from the central bank.
  2. Funding Societies launched Elevate, a virtual card for SMB digital payments.
  3. DBS Bank partnered with Mastercard and PineLabs to roll out BNPL product for users in Singapore.
  4. Jiye Technologies, a Pakistani argi-tech startup, launched BNPL for agri input.
  5. CIMB Bank in Malaysia reported a credit loss of $67mm due to a processing error that led to some customers receiving duplicate credits to their accounts.
  6. A unit of Sinar Mas in Indonesia is expected to invest $200mm in Indonesian's largest e-wallet company Dana.
  7. AirAsia launched AirAsia Money, a financial marketplace in Indonesia and partnered with several startups for various products.
  8. HydraX graduated from MAS's regulatory sandboxand was granted a Capital Markets Services (CMS) license to provide custodial services for capital market products, including tokenised securities.
  9. Pakistan's central bank released QR Code standards to accelerate digital payments.
  10. BigPay, Capita-A backed Malaysian payment startup, launched a personal loan product.

💰 Financing Announcements

  1. Volopay, a Singaporean corporate cards and payable management startup, raised $29mm.
  2. DeZy, a Singaporean cash-to-stablecoin startup, raised $2.2mm.


  1. IN Financial Technologies, a Singaporean neobank, acquired MyCash, a cross border payments company.

🌏 International

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