BKN301 Names Qatar as MENA Hub in Digital Banking Push
Weekly APAC news up to Wednesday, 5th of February 2025.
👀 NEWS HIGHLIGHT
India is reportedly set to see initial public offerings (IPOs) with a total value topping that of 2024, when the value of the country’s IPOs was the highest in Asia and was second only to the United States globally.
The total equity fundraising through IPOs in India could top $23 billion in 2025, up from $19.6 billion in 2024, the Financial Times (FT) reported Saturday (Feb. 1).
This year’s IPOs in India could include seven companies that aim to raise at least $1 billion each, according to the report. Last year, three companies had $1 billion-plus offerings.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ BKN301 Names Qatar as MENA Hub in Digital Banking Push.
⭐️ Fasanara backs Saudi crowdlending platform with $60m.
⭐️ Saudi Telecom’s digital bank STC set to launch full operations.
⭐️ FinTech firms target Singapore’s wealthy with feature-rich apps.
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AUSTRALIA 🇦🇺
Australia tells BNPL providers to apply for credit licences. Firms need to apply for a credit licence, have the application for lodgement accepted by Asic, and become a member of the Australian Financial Complaints Authority by 10 June. Continue reading
Ozone API partners with ProductCloud. The new partnership will help Australian companies simply comply with the Consumer Data Right legislation, providing a technology platform which removes complexity and enables them to rapidly deliver open APIs aligned to the latest version of Consumer Data Standard.
National Australia Bank scam warnings help Australians abandon suspect payments. NAB pings customers with an alert if a payment appears out of character for them or raises scam concerns. The notices are designed to encourage recipients to stop and check before they send money.
UNITED ARAB EMIRATES 🇦🇪
Arab Financial Services expands into UAE. This move follows the successful acquisition of a Retail Payment Services License, category II from the Central Bank of the UAE, allowing it to introduce a comprehensive suite of innovative and secure payment solutions tailored to the country's dynamic financial landscape, the company said.
INDIA 🇮🇳
Cred joins RBI's digital currency project. Tiger Global and Peak XV backed Indian firm Cred to roll out access to India's central bank digital currency. Cred will roll out access for its e-rupee wallet to a select set of users and the issuance of e-rupee tokens into the wallets will be facilitated by YES Bank.
PB FinTech reports a rise in Q3 profit on insurance boost. The company's consolidated net profit rose 88% from a year earlier to 715.4 million rupees ($8.26 million). It also continues to benefit from increasing demand in the insurance policy aggregator sector.
JAPAN 🇯🇵
Metaplanet plans to raise $745 million via stock warrants to buy more bitcoin. The firm said that plans to issue 21 million shares of 0% discount warrants. These financial instruments give the holder the right, but not the obligation, to buy the underlying stock at a predetermined price before the warrant expires.
PAKISTAN 🇵🇰
Pakistan’s ABHI acquires FINCA microfinance bank. “This acquisition represents a significant leap forward, allowing us to reach communities that have historically been excluded from the financial system. Together with TPL and FINCA, we are determined to transform financial access across Pakistan,” said Chair of the FINCA Pakistan board of directors.
IDEX Biometrics teams up with LIFE CARD. This partnership marks the introduction of biometric payment cards. It marks a significant step in the evolution of payment technology in Japan, offering consumers a glimpse into the future of secure, biometric-enabled payment systems.
MOVERS & SHAKERS
Paytm Payments MD and CEO Nakul Jain quit. He will step down from his position at the close of business on March 31, 2025, or sooner if both sides agree. Jain plans to pursue an entrepreneurial venture, prompting his departure after joining Paytm in April 2022.
ASX appoints Dirk McLiesh as Chief Risk Officer. Mr McLiesh is an accomplished listed-company executive with more than 25 years’ experience in risk management leadership positions within the financial services industry in Australia and New Zealand.