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Earnings week in India; Setu launched financial LLM | TWIF 11-05-2024

Earnings week in India; Setu launched financial LLM | TWIF 11-05-2024

Hi fintech friends, I'm Osborne, Principal at EMVC.

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).


🧐🏆 Posts of the Week

(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)


🇮🇳 India

📰 Market Updates

  1. TVS Credit, the NBFC arm of TVS Motors, reported total income of INR 5,795cr ($694mm) in FY24 (ended Mar, 2024) and PAT of INR 148cr ($18mm) for Q4 FY24 (ended Mar, 2024).
  2. Punjab National Bank reported total income of INR 32,361cr ($3.9bn) for Q4 FY24 (ended Mar, 2024).
  3. Kotak Mahindra Bank reported net profit of INR 4,133cr ($495mm) for Q4 FY24 (ended Mar, 2024).
  4. NSE reported INR 2,488cr ($298mm) in net profit for Q4 FY24 (ended Mar, 2024).
  5. PB Fintech reported INR 1,090cr ($130mm) in operating revenue in Q4 FY24 (ended Mar, 2024).
  6. Groww completed its shift to domicile in India.
  7. RBI Governor held a meeting with UPI platform and discussed setting up features for minors and senior citizens on UPI.
  8. Japan's Sumitomo Mitsui Financial Group (SMFG) invested INR 1,300cr ($156mm) in its Indian arm.
  9. Ministry of Statistics and Program Implementation (MOSPI) released a report stating that net household savings was down to a five-year low of INR 14.2tn ($170bn) in FY23 (ended Mar, 2023). Net household savings grew to INR 23.3tn ($279bn) in FY21 but the previous low was in FY18 at INR 13.1tn ($157bn).
  10. Aditya Birla Finance and other lenders have invoked loan guarantees that Paytm provided against repayment of defaults.
  11. India's Financial Intelligence Unit launched v2.0 of its tech platform with upgrades including AI to verify money laundering and terrorist financing crimes in India.

🚀 Product Launches

  1. ICICI Bank launched UPI payments for its NRI customers using their international mobile numbers.
  2. Google launched Google Wallet for Android users in India.
  3. Setu, the BaaS arm of Pine Labs, launched Sesame, an LLM for the Indian financial industry.
  4. Ebanx, a Brazilian payments company, partnered with YES Bank to launch operations in India.

📝 Regulatory Update

(there were no regulatory announcements this week. did I miss any?)

💰 Financing Announcements

  1. 50Fin, a loan against financial asset startup, raised $550K.
  2. LendingKart, a small business finance startup, raised $10mm in debt.

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🌏 Asia

📰 Market Updates

  1. SEC, Thailand's securities regulator reiterated that digital asset exchanges are not allowed to list meme tokens citing lack of fundamental value and high risk of price manipulation.
  2. Thailand's central bank concluded its CBDC pilot with the conclusion that it could serve as an alternate payment system.
  3. Alipay+ and Nepal's clearing house partnered to launch cross border payments acceptance in Nepal.
  4. Nium partnered with Emirates NBD Bank to launch cross border payments for users in MENA.
  5. Citi Bank partnered with Asian Development Bank (ADB) to launch a $100mm supply chain finance products for small businesses across Asia.
  6. FIS launched Atelio by FIS, the payment company's embedded finance platform.
  7. Zipmex, a Singaporean crypto trading platform, is winding down its operations.

💰 Financing Announcements

(there was no funding announcement this week. did I miss any?)


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

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