Hi fintech friends, Osborne here!

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).

Note: There will be no edition of TWIF India & Asia next week. Will resume regular programming from 8th July, 2023. Enjoy!

Don’t forget to share with fellow fintech friends!

🐦🏆 Tweets of the Week

🇮🇳 India

📰 Market Updates

1. Oxyzo, a small business lending company, reported INR 562cr ($68mm, +80% YoY) in revenue and INR 197cr ($24mm, +185% YoY) in PAT in FY23.
2. IRDAI (Insurance regulator) is considering a new structure of Managed General Agencies in the Indian insurance sector.
3. Ethiad Airways partnered with Pine Labs' QwikCilver to launch stored value cards for its userbase.
4. India and Philippines signed an memorandum of understanding (MoU) to partner on fintech.
5. Google announced that it will set up a Global Fintech Center in Gujrat's GIFT City.
6. Apple is reportedly partnering with HDFC Bank to launch a credit card in India.

🚀 Product Launches

1. Bajaj Markets launched sovereign gold bonds on its platform.
2. PhonePe launched a credit product for its merchant base.

📝 Regulatory Updates

1. SEBI (securities): Barred IIFL Securities from taking on new clients for two years for violating regulatory norms.

💰 Financing Announcements

1. U GRO, a listed, SMB financing company, raised INR 240cr ($29.3mm).

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🌏 Asia

📰 Market Updates

1. MAS received more than 680 applications for payment services licenses since Jan, 20200 of which it approved 150 as on 31st May. There are now 190 major payment institutions in Singapore.
2. Mizuho Financial Group in Japan began trialing generative AI technology from Fujitsu to streamline development and maintenance operations of its systems.
3. Mastercard partnered with Alipay to introduce cashless payments for international visitors in China.
4. Ripple received an in-principle approve for a payment license in Singapore.
5. StashAway reported $6.8mm in revenue in 2022 and net loss of $20mm.
6. JP Morgan is launching is commercial bank in Singapore.

💰 Financing Announcements

1. Amartha, an Indonesian micro finance startup, raised $100mm.

🌏 International

Please find our global coverage and consider subscribing.

• US and Global, written by Nik Milanovic.
• Europe and UK, written by Michael Jenkins.
• Latin America, written by Christine Chang.
• Africa, written by Emeka Ajene.
• China written by Ning Ye.
• Policy written by Mohammad Hamdy.

And of course, our podcast series - Beyond Two Percent and Hey Fintech Friends.

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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