SG FinTech Firm Sleek Nets $23M Series B
Weekly APAC news up to Wednesday, 11th of June 2025.
👀 NEWS HIGHLIGHT
Digital corporate services provider Sleek has raised US$23 million in a series B funding round led by Australian investment manager Ellerston Capital.
The funding round also included participation from SaaS company Money Forward.
Founded in 2017, Sleek provides services such as company incorporation, accounting, payroll, and tax compliance through its digital platform.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Afterpay and Zip Pay changes for millions of Australians.
⭐️ Visa introduces Click to Pay with leading banks and payment facilitators.
⭐️ Western Union appoints Vince Tallent as Senior VP, Head of Asia Pacific.
⭐️ Naver Pay makes first move into proptech with Asil acquisition.
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SINGAPORE 🇸🇬
PEXX launches a Neobank, bridging USD and crypto for global users. The Singapore-based FinTech allows users to open USD accounts without US residency requirements, using only a passport and phone for instant onboarding. The platform integrates traditional banking with cryptocurrency capabilities, enabling deposits in USDT and USDC stablecoins.
Singapore to block access to trading platforms Octa and XM. The Singapore Police Force and the Monetary Authority of Singapore stated that the two platforms were offering leveraged foreign exchange trading, commodities, indices, and equities to customers in Singapore without the required licenses.
Ant International rolls out AI-as-a-service for FinTechs and superapps. The company has launched its new artificial intelligence platform, Alipay+ GenAI Cockpit, as part of a broader AI strategy aimed at helping FinTech companies and super apps develop more secure and efficient financial services.
UNITED ARAB EMIRATES 🇦🇪
TOPPAN Security to acquire dzcard for Asia and Africa Expansion. TOPPAN Security will now offer localized banking card services to clients in high-growth markets, including Thailand, the Philippines, Malaysia, India, Morocco, and East Africa.
CHINA 🇨🇳
Citigroup to cut 3,500 jobs at China tech centres amid global revamp. The reduction of staff at the China Citi Solution Centres in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year. This is to simplify and shrink global tech operations to improve risk and data management.
Hong Kong set to allow crypto derivatives trading. The Securities and Futures Commission, Hong Kong’s securities regulator, is planning to allow professional investors to trade crypto derivatives, marking a significant expansion of the territory’s virtual asset market offerings.
INDIA 🇮🇳
Groww to raise $202 Mn from GIC and ICONIQ ahead of IPO. The startup said that the purpose of the offer is to raise funds for the growth of its existing business and the business of its subsidiaries. The Series F fundraise would be separate from Groww's pre-IPO fundraise.
PhonePe appoints Ex-Standard Chartered CEO Zarin Daruwala as Board Member ahead of IPO. The FinTech appointment comes after PhonePe has established itself as a key player in India's digital payment ecosystem by capitalising on the launch of Unified Payments Interface (UPI) approximately eight years ago.
IPO-bound PhonePe announces UPI payments on feature phones. This innovative feature-phone UPI app will provide essential capabilities such as peer-to-peer transfers and offline QR payments, specifically designed to cater to the often overlooked feature phone demographic.
E-commerce major Flipkart has received a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI), allowing it to offer loans directly to customers and sellers on its platform. This marks the first time a major Indian e-commerce player has secured such authorisation.
FinTech startup Decentro raises Rs 30 crore and will shift domicile to India. The company intends to move its base from Singapore to India. Decentro aims to enhance its products and expand its enterprise adoption. They offer APIs for KYC, payments, and debt collection.
Zaggle to acquire Dice Enterprises for $14.7m, eyes SaaS expansion. By integrating Dice’s skilled tech talent, Zaggle aims to accelerate innovation and enhance the feature set of its platform. The deal is expected to be finalised within 90 days.
Wise secures IPA for cross-border payment aggregator in India. By securing the licence, Wise is set to be able to facilitate higher transaction limits of up to USD 0.29 (25 lakh) for freelancers and businesses receiving cross-border payments through the company’s international account details capability.
PHILIPPINES 🇵🇭
Atome to get $75 million from Lending Ark as credit demand grows. The financing will help Atome to broaden its credit offerings and expand financial access in the Philippines. Atome offers insurance, savings, cards, and lending services. Continue reading