Wise Secures IPA for cross-border Payment Aggregator in India
Weekly APAC news up to Wednesday, 4th of June 2025.
👀 NEWS HIGHLIGHT
Irish FinTech Nomupay has raised $40 million and entered into a significant partnership with Japanese payments solution firm SB Payment Service Corp (SBPS), a SoftBank Corp. group company, — the deal is at a valuation of $290 million.
Founded in 2021 and operating across Asia, EMEA and Europe, Nomupay has built a seamless, all-in-one payment solution. From pay-ins and payouts to acquiring, it powers global growth for 1,500+ merchants with a dedicated team of 230+ innovators.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Wise secures IPA for cross-border payment aggregator in India.
⭐️ Stable Money raises $20M in series B led by Nilekani’s Fundamentum.
⭐️ Tribe and Finmo build a bridge between APAC and Europe.
⭐️ PingPong boosts B2B payments with new licenses, EU links, and AI tools.
AUSTRALIA 🇦🇺
LAB Group and Whiteoak partner to digitise investor onboarding. Through this partnership, LAB Group is streamlining the end-to-end onboarding process for both financial advisers and direct investors, helping Whiteoak scale its operations while maintaining the highest standards of compliance and investor experience.
FinTech Superhero’s valuation jumps nearly 20% in 3 months after $11 million raise. The new cash comes after a $3 million raise in February at a $125.5 million valuation. Altogether, the business has now taken on around $70 million in external capital and is now worth $150 million post-money.
MALAYSIA 🇲🇾
UnionPay boosts Malaysian presence through partnership with CIMB. The partnership aims to improve the payment experience for UnionPay cardholders in key sectors such as retail, transportation, medical care, and e-commerce. It will also provide CIMB merchants with access to UnionPay’s security authentication service.
THAILAND 🇹🇭
Tencent eyes Thai market for palm biometric payments in race with Alipay. It is aiming to capitalise on the nation’s digital transformation push and “Cloud First” policy. Tencent’s palm biometrics may redefine payment norms, merging security with convenience.
Thailand moves to block Bybit, OKX, and others for unlicensed operations. "This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel," the Thai regulator said in a translated statement.
INDIA 🇮🇳
India’s digital payments ecosystem saw rapid expansion. Digital payments jump 35% in FY25, and UPI drives 84% of retail volume according to the Reserve Bank of India’s Annual Report. Read more
Razorpay completes a reverse flip to India, joining a growing list of unicorns that have relocated their domicile back to their home country in recent months. This development follows Razorpay’s transition into a public limited company. The Bengaluru-based payments unicorn is targeting an IPO by 2026–27.
FinTech Unicorn Moneyview renames parent company ahead of IPO. It has officially renamed its parent company from Whizdm Innovations Private to Moneyview Private Limited. The rebranding aligns with its preparations for an IPO, where it plans to raise around $400 million, primarily through a fresh share issuance.
PayG secures RBI payment aggregator license, a pivotal milestone in India's FinTech evolution. With the license in hand, PayG is now fully authorized to continue delivering seamless and compliant digital payment solutions to its expanding network of merchants and consumers.
Indian FinTech startup Oxyzo’s revenue jumped 33.6% to $145.3m. This growth was primarily driven by a 32% rise in interest income. The company recorded a net profit of 339.1 crore rupees (US$39.69 million), up 16.7% from 290.5 crore rupees (US$34.02 million) in the previous fiscal year.
Jar enters UPI payments through BharatPe and Unity Bank. Jar’s integration with BharatPe’s TSP platform enables smooth UPI payment processing, while Unity Small Finance Bank facilitates the banking operations required for these transactions.
PayU boosts board in run-up to IPO. With the board expansion, the FinTech giant aims to establish new governance and compliance standards while accelerating its investments in next-generation technology. The board expansion comes days after PayU India received final authorisation from the RBI to operate as a payment aggregator.
Indian FinTech startup Spense raises $1.85m pre-seed funding. The startup plans to use the new funding to onboard more banks and strengthen its FinTech partnerships. It also plans to enhance its technology offerings to support additional use cases beyond credit cards.
MOVERS & SHAKERS
PAObank appoints Mr. Ronald Iu as Chief Executive and Executive Director. Mr. Iu will lead the management team of PAObank to further leverage advanced financial technology, expanding its presence in small and medium-sized enterprises ("SMEs") and retail banking, thereby creating greater value for their customers.