BlackRock and Jio Financial Services to launch joint asset management venture in India
The announcement follows JFS’s recent demerger from Reliance Industries.
Asia
Bain Capital buys majority stake in India’s Adani Capital, invests $120m to boost growth
Bain Capital will pick up a 90% stake, with current CEO Gaurav Gupta retaining the other 10%.
Banque Saudi Fransi completes payment processing upgrades with TCS
The Saudi bank selected TCS BaNCS to digitise its IT landscape across deposits, lending and payments.
Huawei launches F2F2X data infrastructure architecture to help FSI build and manage modern data centres
F2F2X (Flash-to-Flash-to-Anything) was unveiled at the recent Huawei Intelligent Finance Summit.
Spend management platform EnKash launches Olympus solution for businesses
The solution targets MMEs that lack experience and accessibility of financial and non-financial products.
Apple eyes credit card launch in India as partnership with Goldman may be nearing its end
Apple is reportedly exploring a partnership with HDFC Bank in India to roll out a credit card offering.
Humo and Credo Bank to pilot RTGS.global settlement service
The pilots will seek to streamline historically cumbersome cross-border settlement processes.
Turkish fintech Papara acquires Spanish neobank Rebellion Pay
Papara calls the acquisition a “crucial step” in its European expansion strategy.
Danske Bank taps Infosys for digital transformation
As part of the partnership, Infosys will also acquire Danske Bank’s India IT hub, employing over 1400 people.
Philippines signs MoU with India to strengthen fintech cooperation
The MoU will help establish a joint working group on fintech between the two countries.
ICYMI fintech funding round-up: Kanastra, Majority & Cloudbankin
Our weekly fintech round-up for you to get the latest funding news from around the world.
Keytrade Bank in core banking tech overhaul with Infosys Finacle
Keytrade Bank chose Infosys Finacle due to its “worldwide expertise, implementation plan and price offering”.
India’s Fino Bank taps Hubble to launch spending account
The spending account will be integrated with Fino Bank’s digital savings app, accessible on its mobile app FinoPay.
Singapore’s Pepper Group eyes India launch with $150m investment
Pepper Money India will offer personal finance products to consumers and aims to launch second half of 2023.
Indian lendtech firm Lentra secures $27m in Series B extension
Lentra plans to use the new funds to fuel its international expansion and product development.
Irish payments start-up NomuPay lands $53.6m in funding
NomuPay plans to scale in its core markets and further invest in product development.
India’s PhonePe secures another $100m from General Atlantic
With the latest funding, PhonePe has raised a total of $850 million in the current round.
North East Small Finance Bank migrates to new core, Turing CBS from M2P
Turing CBS is understood to have replaced FIS’ Profile core banking system at NESFB.
ZestMoney founders step down following failed acquisition by PhonePe
Lizzie Chapman, Ashish Anantharaman, and Priya Sharma are all set to leave the company.
Pakistan’s UBL Fund Managers taps Codebase for digital onboarding solution
The omnichannel digital onboarding solution has been built using Codebase’s Digibanc platform.
UK regtech Facctum appoints two senior executives
Onkar Inamdar joins as head of engineering and Syam Chintapenta as chief development officer.
Indian fintech unicorn Open lays off 47 employees
Open says the cuts were based on employee performance.
IFGS 2023: Collaboration key for Singapore’s burgeoning fintech sector
Sopnendu Mohanty, chief fintech officer at MAS, discussed the country’s strategies and successes at IFGS 2023.
PhonePe’s funding spree continues as it raises another $100m
PhonePe has received the new funding from returning investor General Atlantic.
Navan acquires Indian travel expense management firm Tripeur
The agreement marks Navan’s fifth acquisition in the last two years.
Pakistan’s Samba Bank extends Temenos partnership with Transact core banking upgrade
Samba Bank says its partnership with Temenos and NdcTech has enabled it to “future-proof” its growth.
DMI Finance bags $400m equity funding led by MUFG
Also taking part in the round was existing investor Sumitomo Mitsui Trust Bank.
India’s PhonePe calls off acquisition of BNPL firm ZestMoney
PhonePe was in talks to acquire ZestMoney for around $200 million to $300 million according to reports.
Pakistan’s latest digital bank HugoBank names Atyab Tahir as CEO
Tahir brings more than 20 years of experience to the newly founded digital bank.
Askari Bank taps BPC for credit card and fraud management tech
The deployment of BPC’s solutions will support Askari Bank with its ongoing expansion.
Indian lendtech Stashfin secures $100m in debt funding
The latest funding follows the company’s $270 million Series C round held in June last year.
India’s PhonePe secures additional $200m from Walmart
The fresh funding forms part of PhonePe’s ongoing fundraise of up to $1 billion in capital.
Central banks of UAE and India partner for cross-border CBDC testing
The central banks will conduct joint proof of concept and pilots of bilateral CBDC cross-border transactions.
Apexx Global bags $25m in Series B funding round
With the new funds, Apexx Global plans to expand further across North America.
RBI fines Amazon Pay’s India unit $374,000
The central bank claims Amazon Pay India didn’t comply with “certain provisions” of KYC and PPI directions.
Thought Machine plans to boost headcount by 20% in 2023
Thought Machine intends to hire across India, Japan and South Africa for the first time.
Panamax expands global reach with Acute Informatics acquisition
Panamax’s CEO says the acquisition of India-based Acute is a “strategic move to expand our horizons”.
Indian telecom firm Airtel’s merger talks with Paytm reportedly fall through
Sources tell CNBC-TV18 that Paytm didn’t want to give up management control.
Indian SaaS fintech Mintoak bags $20m in Series A funding
PayPal Ventures led the funding round, with new and existing investors also participating.
Singapore and India link up PayNow and UPI for real-time cross-border payments
The MAS and RBI will use a scalable cloud-based infrastructure to manage future increases in remittance volumes.
