Revolut Prepares For India launch Next Year
Weekly news up to Wednesday, 18th of September 2024
👀 NEWS HIGHLIGHT
Maybank, a dedicated banking partner to more than 1 million small and medium enterprises across ASEAN, announced a strategic investment in Funding Societies | Modalku (Funding Societies), which is said to be the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia.
In conjunction with this investment, Maybank will explore “collaborative synergies with Funding Societies to promote inclusivity and bridge funding gaps within the communities it serves.”
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Uzum Partners With Mastercard to Boost Financial Literacy in Uzbekistan.
⭐️ Offline payments set to contribute 20-30% of Razorpay's revenue: Harshil Mathur
⭐️ Revolut prepares for India launch next year.
⭐️ Ecospend retains Open Banking contract with HMRC.
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AUSTRALIA 🇦🇺
Westpac reports steep rise in app uptake in H1. The number of customers using personal finance tools in Westpac’s mobile banking app has increased by 36% since the start of the year, with around 620,000 logging in each month to access features to help monitor cash flow, categorise spending and manage bills.
ARAB EMIRATES 🇦🇪
FlapKap secures $34 million pre-Series A in a mix of debt and equity. The company will use the new investment to expand its SME financing services across the Middle East and North Africa and the Gulf Cooperation Council (GCC) region.
Standard Chartered launches digital asset custody in the UAE. “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry,” said Bill Winters, Group CEO of Standard Chartered Bank.
NymCard leverages Mastercard move to offer fast and efficient cross-border payments across 47 countries. The collaboration will enhance NymCard’s BaaS platform by using Mastercard Cross-Border Services to provide efficient international remittance experiences to various countries. Read on
Arab Financial Services partners with Lune Technologies. Through this partnership, both companies intend to improve the efficiency of financial data services and enhance decision-making processes for the sector.
Xpence, Paymob join forces at 24 FinTech to reshape digital payment landscape. The partnership will enhance digital payments for SMEs across the GCC. Xpence will integrate Paymob’s advanced payment technology into its platform, enabling seamless online and in-person card payments for SMEs throughout the region.
MALAYSIA 🇲🇾
Hong Leong Bank adds Weixin Pay to DuitNow QR for easier payments. The bank now allows HLB DuitNow QR merchants to accept Weixin Pay (WeChat Pay), offering an additional payment option for Weixin Pay users and Chinese tourists in Malaysia.
CHINA 🇨🇳
Ant International to supply range of digital payment options for Tottenham Hotspur. The partnership sees Ant International, including its brands Alipay+, Antom and WorldFirst, become the exclusive official global payment solutions and digital wallet partner of Tottenham Hotspur.
China's Ant Group refinancing $6.5 bln credit line. The refinancing was for an existing syndicated bank credit line from 2019, a spokesperson added. The company plans to allocate $1.5 billion of the borrowing quota for its overseas arm Ant International, Bloomberg News reported.
Unlimit partners with Shoplazza to boost cross-border payments for Chinese e-commerce. The collaboration will help to enhance cross-border payments for Shoplazza’s 500,000+ merchants, improve payment success rates, and support the growth of the e-commerce industry in the APAC region.
BANGLADESH 🇧🇩
Bangladesh’s Pathao secures $12m in a pre-Series B funding round as the company shifts its focus towards FinTech. The firm will use the new funding to scale Pathao’s FinTech offerings, enhance its technology, and expand its market presence.
INDIA 🇮🇳
India leads crypto adoption despite regulatory pressure. Efforts to regulate the cryptocurrency sector have not hurt India’s adoption of the digital currency. In fact, the country now leads the world on the Chainalysis 2024 “Global Adoption Index.”
Indian InsurTech Onsurity raises $21m to fuel expansion plans. With the new capital, Onsurity plans to launch additional digital product lines tailored to the needs of SMEs, enhance its technology infrastructure, and improve the overall claims experience for its customers.
MOVERS & SHAKERS
XTB MENA appoints Salma Tabbech as new Sales Director to spearhead strategic expansion. With years of experience in the UAE’s and global financial services industry, Salma brings a wealth of expertise and a proven track record of success to her new role.