Doo Payment Granted Australia Remittance License By AUSTRAC
Weekly news up to Wednesday, 21st of August 2024
👀 NEWS HIGHLIGHT
PostEx, a FinTech startup, has announced that it raised $7.3 million in pre-series A funding round, which provides startups the necessary capital to further develop their business, it became known on Tuesday.
Pre-series A funding is an intermediate investment round between seed funding and series A, aimed at helping startups bridge the gap by refining their product and achieving key milestones before a larger series A round.
According to the press statement by the startup, “The proceeds will assist PostEx in consolidating its market leadership in Pakistan and support an aggressive expansion into the Gulf Cooperation Council (GCC) — where new markets and customers will have access to PostEx’s services.”
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ PayU and Fynd to enhance payment solutions for Indian merchants.
⭐️ Doo Payment granted Australia remittance license by AUSTRAC.
⭐️ PayMongo Launches E-Wallet to Empower Filipino SMEs.
⭐️ Australian AI startup RedOwl joins Mastercard's prestigious Start Path Small Business Program.
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AUSTRALIA 🇦🇺
Airwallex, the Tencent-backed digital payments startup, just hit $𝟱𝟬𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 of annual run rate (ARR) revenue and is seeking to get IPO-ready by 2026, according to CEO Jack Zhang. Read the complete interview by Ryan Browne for more interesting info.
Adatree unveils Australia’s first CDR-powered account verification, to tackle fraud and streamline operations. The product is set to make a significant impact in Australia, especially in the fight against financial fraud and scams. Read on
Easy Crypto launches new Australian 'beginner wallet' aimed at first-time crypto investors. The Easy Crypto Wallet has been designed to deliver the simplest and the safest experience for anyone looking to manage their own cryptocurrency.
Cloudfloat announces the strategic acquisition of Incomee. The acquisition aligns with Cloudfloat’s ongoing mission to enhance and simplify financial management for businesses, positioning the company to deliver a more comprehensive suite of financial solutions to its business customers.
Katie Wilson appointed new Head of Policy at FinTech Australia. Wilson’s responsibilities in her new position will include facilitating industry relations with the government, leading policy submissions, and collaborating with FinTech Australia members to shape the organisation’s stance on various regulatory matters.
SINGAPORE 🇸🇬
Yuno recently secured a $25 million Series A round to support launches in key Asian markets like Singapore, Hong Kong, and Thailand. Jonathan Hall, Head of Asia at Yuno, elaborates on Yuno’s strategic goals for these markets and how the funding will be utilized: Click here to learn more
Singaporean investment app Syfe pulls in $27M to hasten growth in Asia Pacific. “This funding will enable us to reach more customers and help them grow their wealth for a better future,” Syfe CEO and founder Dhruv Arora said.
DBS tokenizes treasury management for Ant International. Singapore's DBS is collaborating with Ant International on a blockchain-based tokenization project for 24/7 intra-group treasury and liquidity management. Read on
WSPN secures $30 Million in seed funding to redefine the future of digital payments with stablecoin 2.0. WSPN is building a more secure, efficient, and transparent payment solution by working towards establishing a global framework and a new digital payment ecosystem.
HONG KONG 🇭🇰
Hong Kong launches generative AI Sandbox for finance sector. Hong Kong GenAI sandbox is a platform to test AI’s potential applications in finance, including risk management, anti-fraud, customer services and process re-engineering.
CHINA 🇨🇳
Binance and Macau police team up to fight against online scams. Binance said it will integrate anti-fraud alerts into its system, specifically targeting users in Macau. These alerts will be tailored by the Judiciary Police and will appear when users initiate a withdrawal.
THAILAND 🇹🇭
Thailand launches crypto regulatory sandbox to ‘facilitate experiments.’ Thailand’s Securities and Exchange Commission said the sandbox is now open for applications for participants including crypto exchanges, brokers, custodians and fund managers.
INDIA 🇮🇳
Wealthtech startup Infinyte Club raises $3.6 million in funding round led by Elevation Capital. The funds will be used to enhance the technology and grow the team. This financial year, the startup plans to attract more investors and expand its range of asset classes.
India’s Axis Bank and Visa partner on ‘Ultra-Premium’ Credit Card. The new card, Primus, will be offered by invitation only and will cater to select, ultra-high-net-worth individuals — defined as those with a net worth of over $30 million — Axis Bank, one of the largest private sector banks in India.
Innoviti raises $8.3m in Series E round led by Random Walk Solutions. Innoviti Technologies, India’s payments-centric retail SaaS platform for enterprise brands, has announced that it closed its Series E round, raising a total of $8.3 million (INR 70 crore.) as a combination of equity and debt.
Cross-border payments FinTech Skydo raises $5 mn from Elevation Capital. The company will use the funds to expand its operations and invest in its risk monitoring and compliance systems. The company said it has applied for the Cross-Border Payment Aggregator (PA-CB) licence from the Reserve Bank of India.
The National Payments Corporation of India discussed partnerships with startups to introduce biometric authentication for UPI transactions. This would enable users to verify payments using fingerprints on Android devices and face ID on iPhones, replacing the current UPI PIN. The move followed the RBI's proposal for alternative authentication methods to enhance security and user experience.
Vayana raises $20 million in funding round led by SMBC Asia. Trade finance platform Vayana has raised $20.5 million from investors led by Sumitomo Mitsui Banking Corporation (SMBC) Asia Rising Fund to fuel its plan to introduce new products.
Binance returns to India as registered crypto exchange following 7-month ban. The company confirmed that it had registered as a reporting entity with India’s Financial Intelligence Unit to comply with anti-money laundering regulations for crypto exchanges operating in India.
Swiggy launches ‘Swiggy UPI’ to fuel customers’ payment experience. With this integration, users can complete UPI transactions without leaving the Swiggy app, reducing the payment process from five steps to just one.
Amazon considers moving Amazon Pay into a standalone app in India. The U.S. tech giant has been contemplating decoupling its payments service from the e-commerce app for about a year and intends to proceed with the plan in the coming months, sources said.