Thunes Hits Major Growth Milestones As Network Expansion Accelerates
Weekly news up to Wednesday, 14th of August 2024
đ NEWS HIGHLIGHT
Cross-border payments FinTech Skydo on Tuesday raised $5 million in a pre-Series A round led by the firmâs existing investor Elevation Capital.
The company will use the raised funds to expand its operations and invest in its risk monitoring and compliance systems.
The firm had previously raised $5.2 million in a seed round led by Elevation Capital in 2022.
NOW, ON TO THE SUMMARY OF LAST WEEK'SÂ NEWS
đ§ REGIONAL HIGHLIGHTS
âď¸ Innoviti raises $8.3m in Series E round led by Random Walk Solutions.
âď¸ Thailand launches crypto regulatory sandbox to âfacilitate experimentsâ.
âď¸ Indiaâs Axis Bank and Visa Partner on âUltra-Premiumâ Credit Card.
âď¸ Crypto Exchange Activity Hits $845 Billion in July, Up 105% from 2023.
Stay Updated on the Go. Join my new Telegram channel for daily updates and real-time breaking news. Stay informed and connect with industry enthusiasts âsubscribe now!
AUSTRALIA đŚđş
Australia moves one step closer to roll out of Confirmation of Payee. Australian Payments Plus (AP+) and the Australian Banking Association (ABA) have completed the design specs for a new national Confirmation of Payee service, providing another layer of protection against scammers.
The Australian Government has instigated a âresetâ of the countryâs Consumer Data Right (CDR), citing the cost of implementation as an impediment to adoption. The Albanese Government has opened a consultation on simplifying consent rules, allowing consumers to give multiple consents in a single action.
SINGAPORE đ¸đŹ
Thunes has announced that it has hit major growth milestones, exceeding $100m run-rate Revenue whilst remaining firmly on course to reach EBITDA break-even by year-end. Thunes' growth is driven by rising demand for its Direct Global Network, enabling real-time payments in over 130 countries and 80+ currencies.
Brankas and Boost Capital have launched LoanLink, the first chat-based lending solution of its kind in Southeast Asia. LoanLink provides a user-friendly chat interface that facilitates seamless integration and instant loan applications.Â
NY-based FinTech Payoneer has acquired Skuad, a Singapore-based global HR and payroll startup, for $61 million in cash, the company exclusively told TechCrunch. Payoneer said it could also pay up to another $10 million, contingent on if Skuad meets various performance goals within the first 18 months of the acquisition.Â
US-based crypto company BitGo has received a Major Payment Institution License from Singapore's MAS, allowing it to offer regulated payment token services. According to data from the MAS, BitGo is now one of 27 MPI-licensed firms alongside major industry companies.
HONG KONG đđ°
HSBCâs PayMe goes global with access to 34 million merchants in 46 markets on UnionPay. The digital payment platformâs 3.2 million users will be able to pay for global purchases from August 8 via the partnership.
Hong Kong's Mox Bank moves into crypto investing. The service offers a convenient way to gain exposure to the crypto market through a regulated and familiar investment platform without the complexities of managing a personal crypto wallet.
CHINA đ¨đł
Thredd launches LianLian Globalâs virtual card program in APAC market. LianLian Global has chosen Thredd to power their Yueda virtual card, supporting customers in e-commerce, international B2B trade, and travel with fast, secure, and transparent global fund transfers.
THAILAND đšđ
Thailand launches regulatory sandbox to test crypto innovation, services. Thailandâs Securities and Exchange Commission (SEC) said interested parties are welcome to participate in the Digital Asset Regulatory Sandbox to test their crypto-related services and promote innovative development.
INDIA đŽđł
India-based JioFinance has launched in Paris, France to facilitate international transactions for Indian visitors during the Olympic Games. Specifically, JioFinance will facilitate international transactions for Indian visitors.
Setu and Axis Bank launch UPISetu, Indiaâs UPI-focused payments platform for businesses. NPCIâs UPI has seen a rise in India âwith Person-to-Merchant (P2M) transactions alone witnessing a phenomenal rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024.â
Stenn partners Payyd on invoice financing for Indiaâs exporters. The collaboration delivers seamless access to Stenn's innovative invoice financing, providing Payydâs customers with on-demand capital through converting outstanding invoices into cashflow.
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.
INDONESIA đŽđŠ
Wibmo Services & Ayoconnect team to secure digital payments across SEA. This collaboration aims to boost the security landscape for digital payments for businesses across Southeast Asia. The partnership will focus on integrating advanced security solutions into the card and notecard offerings.
Wise Payments Ltd. plans to start signing up new customers in India for overseas remittances after a pause, seeking a bigger slice of a market thatâs swelled to $32 billion. The London-based FinTech firm stopped accepting new clients in recent months in order to revamp its infrastructure after getting a license from the Reserve Bank of India that permits the appâs customers to send more money overseas. Wise plans to restart signing up new customers in the next few months, said Shrawan Saraogi, Asia Pacific head of expansion at Wise.
PHILIPPINES đľđ
Billionaire Jack Ma and one of the richest clans in the Philippines both notched wins as the company running the most popular e-wallet service in the archipelago raised new funds at a $5 billion valuation.
Tonik Bank is now in Cebu. This move underscores Tonik's vision for financial inclusivity, offering accessible banking solutions to more Filipinos. Now, customers in Cebu can access Tonik's full range of products and services.
Philippine FinTech GCash still eyeing IPO after MUFG investment. The Philippinesâ top mobile payments provider GCash is still keen on going public after its latest investment round pushed the FinTech companyâs valuation to $5 billion.Â
BSP to allow up to ten digital banks in the Philippines from 2025. This move aims to leverage the benefits of digital banks while managing associated risks. The new decision will permit four additional licenses, available to both new applicants and existing banks seeking conversion.
Global FinTech Innovations Inc (Mynt), the Alibaba-backed parent company of the Philippinesâ finance app GCash, is reportedly looking at the possibility of applying for a digital banking licence in the country now that the central bank lifts a moratorium, planning to accept four more digital lenders in the Philippines.
JAPAN đŻđľ
Japanâs top finance regulator hesitant on Crypto ETF approvals. The head of Japanâs finance regulator said âcautious considerationâ is needed in deciding whether to follow the likes of Hong Kong and the US by approving crypto-linked exchange-traded funds.
VIETNAM đťđł
HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machineâs Vault Core. Vietnamese commercial bank HD Bank has leveraged its existing relationship with core banking vendor Thought Machine to launch Vikki Digital Bank.Â