India’s Adani Exploring eCommerce and Payments Business
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?? NEWS HIGHLIGHT
Indian conglomerate Adani is reportedly in discussions to enter the eCommerce and payments space.
The company is considering applying for a license to take part in India’s Unified Payments Interface (UPI) network, the Financial Times (FT) reported Tuesday (May 28), citing unnamed sources.
Adani is also talking with banks to finalize plans for a co-branded credit card and negotiating to offer online shopping via India’s state-supported eCommerce platform, the Open Network for Digital Commerce, per the report.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? REGIONAL HIGHLIGHTS
?? BharatPe, PhonePe settle trademark dispute on using 'Pe' suffix.
?? Philippines’ Top FinTech GCash Eyes 2025 IPO, Chairman Says.
?? Zip’s Larry Diamond returning to Sydney, says US mission accomplished.
AUSTRALIA ????
Australian Financial management FinTech WeMoney has raised $3 million in fresh capital from existing investors and is actively seeking another $10 million if the development of “open banking” via the Consumer Data Right (CDR) can gather momentum.
Australian-owned wealthtech HeirWealth launches.The family wealth platform addresses many of the challenges that individuals, families, and professional advisers face as part of the country’s $3.5 trillion intergenerational wealth transfer including administrative inefficiencies and managing both traditional and non-traditional asset across fragmented tools.
SINGAPORE ????
Alchemy Pay preps Web3 digital banking. The Web3 Digital Bank initiative is designed to solve the problems that Web3 firms face in managing cross-border payments and transactions between fiat and crypto currencies.
HONG KONG ????
Hong Kong e-CNY pilot expands: residents can open digital-yuan wallets and top up via FPS, no mainland account required. The move aims to expand the scope and scale of a cross-boundary pilot of the Chinese central bank digital currency that the HKMA has been conducting, along with the People’s Bank of China (PBOC), since December 2020.
THAILAND ????
Kasikornbank Visa Credit Card adds Tap-and-Pay service via smartphone, partnering with Google Pay for easy tapping, fast payments, and card-free transactions worldwide.
INDIA ????
Stripe is seeking to enter a joint venture with State Bank of India, aiming to acquire a significant stake in SBI Payments Ltd to break into the market in India.
CashFlo Acquires Logitax To Scale Up Its B2B Payments, Financing Platform. The Logitax team, including its leadership, will join CashFlo to continue developing finance automation, as per the company.