What The FinTech #140 - 14 May 2023

???Welcome to What The Fintech?- your weekly dose of electrifying insights, game-changing breakthroughs, and dazzling trends from the pulse-pounding world of fintech across Hong Kong, Singapore, China, and Asia! As your go-to source for top headlines and industry insights, we're here to keep you updated on the latest innovations revolutionizing the way we think about finance and technology in this dynamic region.

Prepare to embark on a thrilling adventure through the digital landscape as we explore the ground-breaking developments, visionary startups, and trailblazing trends that are shaping the future of finance in Asia and beyond. So buckle up, grab your favorite beverage, and get ready to ignite your curiosity with the latest and greatest from the fintech universe! Let's dive in! ??????

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What The FinTech Episode 58 - Payoneer

Excited to share the latest episode of?What The FinTech?featuring?Miguel Warren?from?Payoneer, the trailblazer in global digital commerce.

From empowering startups to partnering with digital titans like Airbnb and Google, Payoneer is rewriting the rules of global business. Miguel opens up about their journey and their vision to build a truly global ecosystem.

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What was the FinTech this week in:???

HONG KONG

1. Ant could sell a stake in Hong Kong bank
2. The Odsy Foundation Raises $7.5M in Seed Round Led by Blockchange Ventures To Decentralize Access Control in Web3

Ant could sell a stake in Hong Kong bank

Chinese fintech giant Ant Group could sell a stake in its Hong Kong virtual banking unit. Ant Bank (Hong Kong) has talked to potential investors, although plans are at the preliminary stage. One of several lenders to be granted a virtual banking license by the Hong Kong Monetary Authority in recent years, Ant Bank posted a US$30 million loss in 2021. Its parent company has been restructuring over the last two years as it seeks to appease Chinese regulators. In January, Alibaba founder Jack Ma ceded control of the fintech giant under a corporate restructuring which sees his stake in the firm reduced to just six percent.

The Odsy Foundation Raises $7.5M in Seed Round Led by Blockchange Ventures To Decentralize Access Control in Web3

The Odsy Foundation, a non-profit organization dedicated to fostering and developing the Odsy Network ecosystem, today announced it raised $7.5M in seed funding that set the Odsy Network valuation at $250M. The round was led by Blockchange Ventures with participation of VCs, strategic partners and investment DAOs including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC and others.

SINGAPORE

1. MAS to launch an information-sharing platform for banks in Singapore
2. MAS aims for over 80% increase in poly graduates who get full-time jobs in financial sector by 2025
3. Revolut launches new feature for Singapore customers
4. Singapore readies roll out of anti-money-laundering platform to prevent a 1MDB repeat
5. WhatsApp and Stripe help Singapore businesses accept payments directly in chats

MAS to launch an information-sharing platform for banks in Singapore

The Parliament of Singapore has passed a bill that will facilitate the launch of an information-sharing platform for banks. Specifically, the Parliament passed the Financial Services and Markets (Amendment) Bill, and the information-sharing platform will be developed by the Monetary Authority of Singapore in partnership with six commercial banks: DBS, OCBC, UOB, Standard Chartered Bank, Citibank, and HSBC. The banks in question will also receive access to the platform, which will be named Collaborative Sharing of Money Laundering/ Terrorism Financing Information and Cases (COSMIC). The project will roll out in several phases, with the first starting in the second half of 2024. This initial phase will last for two years, during which the sharing of information will be optional. The first phase will also see COSMIC focusing on three financial crime risks in commercial banking, namely misuse of trade finance for illicit purposes, abuse of shell companies, and financing that aids the proliferation of weapons of mass destruction. The aim is to allow the platform to achieve operational stability while the MAS works with various financial institutions to calibrate the platform‘s features and address operational issues. In the later stages of the program, the MAS wants to make it mandatory to share information, particularly for high-risk situations.

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MAS aims for over 80% increase in poly graduates who get full-time jobs in the financial sector by 2025

A scheme launched recently by Singapore‘s central bank aims to significantly boost the number of polytechnic graduates with full-time jobs in the financial sector. The Polytechnic Talent for Finance Scheme will encourage financial institutions to hire and train polytechnic students and graduates. MAS will set aside $8 million, through the Financial Sector Development Fund, over the next three years for the scheme, which will be administered by the Institute of Banking and Finance. There are three tracks under the scheme –internships for polytechnic students, apprenticeships for polytechnic graduates, and sponsorships for finance professionals who are diploma holders. The internship track seeks to encourage financial institutions to train polytechnic students and hire them upon graduation. The apprenticeship track aims to provide polytechnic graduates with an alternative pathway to acquire further skills to progress in their careers. The sponsorship track encourages polytechnic graduates to stay in their jobs in the financial sector while they further their studies.

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Revolut launches new feature for Singapore customers

Global neobank Revolut has announced a new feature that will enable Singapore customers to link with 6 different bank accounts for in-application top-ups. The feature was enabled by the electronic General Interbank Recurring Order (e-Giro). Its technology was set to authorize top-ups from the customer‘s bank account, only after they linked their bank account to the Revolut application. The service will enable clients to link the wallet to multiple institutions, such as DBS, OCBC, Standard Chartered, and UOB accounts, as well as Maybank and Bank of China. By allowing the use of e-Giro and adding the new feature to its suite of digital banking services, Revolut aims to enhance the user experience by meeting their needs, preferences, and demands.

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Singapore readies roll out of anti-money-laundering platform to prevent a 1MDB repeat

Singapore banks will be able to share information on potentially risky clients next year, a move aimed at curbing illicit flows amid the city state‘s rise as a key financial and wealth hub. Parliament passed a bill that paves the way for the Monetary Authority of Singapore to set up and maintain a secure digital information-sharing system. The platform called Cosmic is meant to make it easier for financial institutions to detect and deter activities in areas like scams, money laundering and terrorism financing. Singapore will join the United States and Britain in allowing financial institutions to raise red flags to one another if they spot suspicious transactions related to illegal flows. The most recent prominent case has been 1MDB, in which billions of dollars from the state-owned Malaysian investment fund were siphoned off through bank accounts and shell companies in the city state, Europe, the US and elsewhere.

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WhatsApp and Stripe help Singapore businesses accept payments directly in chats

Stripe, a financial infrastructure platform for businesses, announced a partnership with WhatsApp that allows Singapore businesses to accept payments directly in WhatsApp chats. The new feature is built on Stripe Connect and Stripe Checkout and enables Singapore customers and businesses to buy and sell directly in WhatsApp without having to go to a website, open another app, or pay in person. Supported payment methods include credit and debit cards, and PayNow, a real-time payment system popular in Singapore. The option to enable payments on WhatsApp in Singapore is available to local businesses using the WhatsApp Business Platform, which will include a Stripe account.

CHINA

1. Chinese province unveils Digital Yuan adoption plan & City Says ‘All’ buses now accept CBDC
2. BNP Paribas partners Bank of China to promote the digital yuan
3. Alipay and WeChat Pay data shows China consumer spending over May holidays exceeded pre-Covid levels
4. China Unicom, Tencent announce joint venture plans
5. HSBC reaches deal to buy out China fund partner
6. NeaChat uses OpenAI ChatGPT version 4 offering Chinese users a cutting-edge AI technology experience
7. Ant Group reportedly won't get financial holding

Chinese province unveils Digital Yuan adoption plan & City Says ‘All’ buses now accept CBDC

Chinese provinces are continuing to push digital yuan adoption, with the central bank digital currency (CBDC) set to find new uses in the worlds of education and public transport. The coastal province of Jiangsu has promised to launch a platform that will allow citizens to pay education fees. They will also be able to use it to pay exam fees. . The Jiangsu Provincial Department of Education also said that it would enable scholarship grants to be paid out in the CBDC. The province added that it wanted to ―comprehensively promote the digital yuan pilot work ―in the education field. It added that each provincial-level school will be required to ―promote at least one digital yuan application project.

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BNP Paribas partners Bank of China to promote the digital yuan

France-based bank BNP Paribas has partnered with the Bank of China to promote the digital yuan to corporate clients. The main aim of the partnership is to allow BNP Paribas China‘s corporate clients to link up with the BOC system. This will allow users to manage their digital yuan wallets by connecting them to their bank accounts, tracking transactions, and making payments using China‘s digital currency via an e-CNY management system. The management system also aims to make it easier for clients to use digital cash for real-time transactions. To kick-start CBDC adoption in China, the BOC gave away millions in digital yuan during the Lunar New Year period. Some cities gave away more than 180 million yuan or USD 26.5 million worth of CBDCs through programs such as subsidies and consumption coupons.

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Alipay and WeChat Pay data shows China consumer spending over May holidays exceeded pre-Covid levels

Travel-related purchases by Chinese consumers using Alipay, a major digital payments app, jumped 70 per cent between April 29 and May 1, the first three days of the five-day national holiday, compared with the same period in 2019. Meanwhile, average daily transactions at rival WeChat Pay, owned by Tencent Holdings, nearly tripled for transport-related spending during the first four days of this year‘s holiday compared with the same period in 2019, while the figure for hotel and tourist attractions jumped 93 per cent. The Alipay and WeChat Pay digital wallets account for more than 90 per cent of the mobile payments market in China and their data paints a broad picture of a consumer spending recovery in the world‘s second-largest economy. A total of 274 million people went on trips within the mainland during the holiday, 19 per cent more than the same period in 2019 before the pandemic hit, generating revenue of 148 billion yuan (US$21 billion), up 0.7 per cent.

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China Unicom, Tencent announce joint venture plans

China Unicom, the country's major telecommunications operator, and Tencent Holdings, a leading internet firm, have officially set up a joint venture to better tap into the opportunities of the digital economy. The move came after the State Administration for Market Regulation approved the venture capital arms of China Unicom and Tencent to establish the JV in October. The new venture will focus on content distribution and edge computing and help accelerate the development of services such as digital governance and artificial intelligence.

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HSBC reaches deal to buy out China fund partner

HSBC has agreed to buy out its China fund management joint venture partner, two people familiar with the matter said, as the Asia-focused bank pushes ahead with expansion in the world‘s second-largest economy. HSBC, which currently owns a 49 percent stake in HSBC Jintrust Fund Management, has signed an agreement with Shanxi Trust under which the Chinese state-owned company will sell its 51 percent holding in the joint venture to the bank. The transfer is, however, subject to a public auction of the shares and regulatory review and approval. If approved, Europe‘s biggest bank by assets will expand its presence in the US$3.8 trillion fund management market in China, its main banking market.

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NeaChat uses OpenAI ChatGPT version 4 offering Chinese users a cutting-edge AI technology experience

The NeaChat team is honored to announce that it has obtained access to OpenAI's latest generation of artificial intelligence language model GPT-4, becoming one of the first teams in China to obtain authorized access to GPT-4. GPT-4 is a powerful AI model with excellent natural language understanding and generation capabilities, with significant improvements in functionality and performance over its predecessor, GPT-3.5. The core advantages of GPT-4 lie in its vast knowledge base, efficient problem-solving capabilities, natural language generation, and wide range of applications. We believe that the introduction of GPT-4 will bring a richer and more intelligent experience to NeaChat users. With the powerful capabilities of GPT-4, we will further optimize and expand NeaChat's performance in the following application scenarios: Academic research assistance: GPT-4 can help students and researchers efficiently find materials, generate literature summaries, draft papers, and interpret complex concepts, improving research efficiency. Educational tutoring: GPT-4 can provide teachers with personalized course design suggestions while offering students homework assistance, Q&A, online quizzes, and automated grading services. Financial analysis: GPT-4 can help financial industry users quickly generate market analysis reports, interpret financial data, and predict market trends, improving investment decision-making efficiency. Medical consultation: GPT-4 can provide doctors and patients with medical information search, symptom analysis, and drug recommendations, enhancing diagnostic efficiency and patient management. Legal consultation: GPT-4 can provide lawyers and legal practitioners with legal clause interpretation, case analysis, and contract review services, improving work efficiency and accuracy.

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Ant Group reportedly won't get financial holding

Ant Group aims to obtain a financial holding company license and become a fully regulated company, but its efforts have been delayed as China restructures its financial regulatory system. With the license, Ant Group would complete its restructuring and be regulated like banks and other financial institutions in the country. However, it has been waiting more than a year already while government officials consider who will lead a new financial regulator that is being created and that will have to approve the company‘s application. The process of forming and staffing the new regulatory body and considering the application could take months, so Ant Group‘s efforts will be delayed, per the report. Similarly, Ant Group is waiting for approval of an application for a credit scoring license that it submitted in 2021. This application is being held up as China creates a national data bureau and determines how that bureau will share the governance of credit scoring with the central bank that does so now.

ASIA

1. Four in five regional businesses want to expand overseas but face challenges
2. Visa and Tarabut gateway team to expand MENA open banking
3. Malaysia to roll out second 5G network to end state monopoly
4. Mastercard launches Data and Services Hub in Malaysia
5. PayTabs augments social media sales in MENA with ReelsPay
6. Dek-D.com collaborates with Tencent Cloud to launch CoachDD platform in Thailand
7. Indonesia and Malaysia announce commercial launch of cross-border QR payment linkage
8. Visa rolls out CVV-free payments for tokenized cards in India
9. 3one4 capital raises $200m for its fourth fund
10. Grab announces Target to achieve Zero packaging waste in nature by 2040
11. Yes Bank partners with Cashfree Payments to offer international payment collection service to Indian exporters
12. Richest Man in Vietnam reinforces risky $8 billion wager on EVs
13. India's central bank wants to promote CBDC, "restrict' crypto, reduce dollar dominance
14. Paytm eyes growth beyond India, to soon launch UPI international
15. Paytm adding products and people as it achieves operational profitability

Four in five regional businesses want to expand overseas but face challenges

83 per cent of businesses are keen to expand overseas, and this desire is most pronounced in Indonesian, Chinese, Thai, and Vietnamese companies. Companies in Hong Kong, Malaysia and Singapore are the most hesitant. About 4 in 5 companies value having a cross-border digital trade platform for their overseas expansion. However, some challenges holding businesses back include: difficulties in finding the right partners to work with; lack of in-house talent; lack of legal and regulatory compliance and tax support. Most cited needing more support to venture overseas including connecting with overseas partners or clients and tax incentives.1 in 4 companies want to expand beyond Asia. Within ASEAN, Singapore is seen as the most important country for businesses to venture into, followed by Thailand and Malaysia.

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Visa and Tarabut gateway team to expand MENA open banking

Tarabut Gateway has partnered with Visa collaboration, with plans to create ―data-driven offerings like credit risk assessments, advanced analytics, and insights before moving on to cross-border payment and lending solutions. The future of financial services is being shaped by next-gen digital innovation, with open banking and data sharing serving as a significant driver to help consumers better manage and access their finances. The company wants to use the funds to expand in Saudi Arabia, which has made open banking and other forms of FinTech innovation a central pillar of its Vision 2030 strategy for economic development.

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Malaysia to roll out second 5G network to end state monopoly

Malaysia‘s government plans to roll out a second 5G network next year with bidding for equipment contracts open to all companies, even as Western governments warn the country not to allow China‘s Huawei to participate. Currently, the state-owned Digital Nasional Berhad has a monopoly as Malaysia‘s sole 5G network operator. Once coverage of this network reaches 80% of the country‘s populated areas, a goal expected to be reached this year, a second entity will operate another 5G network in parallel, the communications ministry said on Friday. Bidding for contracts to build the second network will be awarded through an open tender process.

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Mastercard launches Data and Services Hub in Malaysia

Global payments processor and card issuer, Mastercard, has recently announced the official launch of a Data and Services Hub in Malaysia, aimed to grow capabilities in various areas. The new Mastercard hub will help businesses and governments across the Asia Pacific region to build capabilities and provide career opportunities in sectors like cybersecurity, digital transformation, and credit risk. At the same time, the hub aims to bring fresh minds aboard, providing support for talented graduates in Malaysia and across the region. The latest Mastercard Data & Services (D&S) hub located in Malaysia aims to nurture a talent pipeline across various capabilities, from data science and product development to payments consulting. Globally, D&S experts work with close to 4,000 clients across 120 different countries to offer the most feasible Mastercard solutions, based on the client‘s needs and the region specifics. Some of the solutions provided include personalized loyalty programs, product prototyping, and end-to-end marketing solutions. The card scheme‘s hubs are designed to operate like knowledge centres, and the latest addition to the club, the Malaysia hub, will build on the success of similar offices across Asia and globally. The country is committed to becoming a voice in shaping digitalization across APAC, and by leveraging Mastercard‘s infrastructure, will help create more beneficial opportunities for existing and new clients.

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PayTabs augments social media sales in MENA with ReelsPay

Saudi Arabia-based fintech PayTabs has announced that micro merchants and freelancers across the UAE, KSA, and Egypt can sell more over social media with ReelsPay by Paymes. The feature serves to increase sales by highlighting all the content available on an Instagram Reels Video, making it easier for buyers to view the products on display and then purchase them under one payment link. PayTabs brings the buyer and the seller together by enabling digital payment acceptance through the Social Commerce solution. PayTabs enables webpreneurs and homepreneurs to accept payments via social media platforms like Facebook Messenger, Instagram, TikTok, Snapchat, WhatsApp, and other channels. It does this via providing buyers with secure online payment links, QR codes, and complimentary online store fronts for faster checkout experience. ReelsPay accelerates the sales process while giving the seller the opportunity to introduce products to users in an organic way. Via the Paymes merchant Dashboard, sellers can create and list their products on the Reels video and then introduce them to their customers or followers by sharing the ReelsPay link over any social media platform.

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Dek-D.com collaborates with Tencent Cloud to launch CoachDD platform in Thailand

Thailand‘s leading teen community website, Dek-D, has joined hands with Tencent Cloud to launch, CoachDD, a video call platform where students can obtain advice from experienced experts across a variety of disciplines and professional backgrounds. Powered by Tencent Cloud‘s Tencent Real-Time Communication (TRTC) solution, the platform‘s audio and video quality has been enhanced to enable smooth communication and interaction between the students and their coaches in real-time.

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Indonesia and Malaysia announce commercial launch of cross-border QR payment linkage

Bank Indonesia (BI) and Bank Negara Malaysia (BNM) have on announced the commercial launch of the Indonesia-Malaysia cross-border QR payment linkage. The commercial launch of this linkage follows from the successful completion of the pilot phase of the linkage announced on January 27, 2022. The commercial launch of this linkage sees the number of participating financial institutions which include non-banks increase. This will enable more Indonesians and Malaysians to make instant retail payments in either country by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical stores or online merchants using services offered by participating financial institutions.

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Visa rolls out CVV-free payments for tokenized cards in India

Visa has launched a new feature in India that enables users to make online payments without using a CVV number. The feature applies to tokenized credit and debit cards and is only available for domestic transactions in India. When a user tokenizes their card, it is secured with a unique code and transactions are completed using a two-factor authentication process, which does not require the 16-digit card number or any other card details. The new authentication method protects users from cyber fraud as the token cannot be used on another platform. Key points about tokenization: Tokenization helps to protect sensitive data from cyber-attacks and fraud by using a unique token that cannot be used for any other purpose; Tokenization is widely used in the payment industry to secure online transactions, where sensitive data needs to be shared between different parties; Tokenization can be used for various types of data, including credit card numbers, bank account numbers, and personally identifiable information; Tokenization is often combined with other security measures, such as two-factor authentication, to provide enhanced security for users; Tokenization can be done on-premises or in the cloud, depending on the specific use case and security requirements.

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3one4 capital raises $200m for its fourth fund

3one4 Capital, the early-stage venture capital firm, raised $200 million as part of its newly launched fourth fund as it looks to continue with its strategy of disciplined investment into startups. Besides Indian banks, mutual fund houses, family offices, and corporates, overseas investors, including US university endowment funds, global sovereign funds, and corporations participated in the fourth fund. Fund IV has over 90% institutional investor base. The fourth fund will invest across sectors in around 30-35 startups, with funding amounts ranging between $0.5 million and $5 million.

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Grab announces Target to achieve Zero packaging waste in nature by 2040

Grab announced a new target as part of its Environment, Social and Governance (ESG) commitments. Aimed at tackling Southeast Asia‘s packaging waste problem, Grab is committing to achieve zero packaging waste in nature by 2040. Grab has mapped out a two-phase approach to reach its waste target. In Phase 1, Grab will focus on reducing overpackaging and replacing single use-plastics with compostable. The company will also work on developing reverse logistics mechanisms to increase the adoption of reusable and recyclable packaging. This builds on efforts that have begun since 2019 to encourage consumers to opt-out from receiving single-use cutlery for their food delivery orders. To date, Grab has saved more than 23,800 tons of waste2, with 898 million sets of cutleries weighing 8,088 tons saved from 2022 alone. Phase 1 will run until 2030, with the aim of having 30% of plastic packaging diverted by then. Phase 2 will focus on developing long-term scalable solutions to contribute towards a circular economy by performing proper waste collection and supporting the use of reusable packaging, enabling Grab to achieve its target of zero packaging waste in nature by 2040.

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Yes Bank partners with Cashfree Payments to offer international payment collection service to Indian exporters

Cashfree Payments and Yes Bank have come together to offer ?Global Collections,‘ an international collection service for exporters with an account in the bank. Under this partnership, the bank‘s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into INR and settled into their local bank account in India within one business day. Exporters will be able to share their payment collection details with their buyers over email, SMS or WhatsApp, and the buyers will be able to make payments using local rails like Automated Clearing House (ACH), Single Euro Payments Area (SEPA), etc. Exporters will receive their settlements in INR in their local bank accounts in India. Further, exporters will also be able to get foreign inward remittances advice (e-FIRA) within 24 hours. With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its payouts. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, products offered by Cashfree Payments are used in eight other countries including the USA, Canada, and UAE.

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Richest Man in Vietnam reinforces risky $8 billion wager on EVs

Pham Nhat Vuong has few vehicles to show for the massive sums he and his Vietnamese conglomerate have spent building VinFast, the carmaker that‘s put off plans for an IPO. Vingroup Chairman Pham Nhat Vuong at the ceremony marking VinFast‘s initial shipment of electric SUVs to the US in November. Vingroup Chairman Pham Nhat Vuong at the ceremony marking VinFast‘s initial shipment of electric SUVs to the US in November. A business mogul parlaying much of his fortune into a massive bet on electric vehicles, only to fall on hard times. Pham Nhat Vuong is among the latest to take after Elon Musk, the PayPal mafia member who made it through what he famously described as Tesla Inc. ‘s ―production hell.

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India's central bank wants to promote CBDC, "restrict' crypto, reduce dollar dominance

T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, suggested that digital currency usage worldwide should be??restricted‘ to fiat money, arguing in favor of central bank digital currencies (CBDCs). He also promoted the idea of diversifying away from the major reserve currencies, talking on Thursday at the launch of the latest G20 Techsprint hackathon. India currently holds the rotating G20 Presidency. The Deputy Governor warned of the severe risks posed by illicit payments to the integrity of the financial system, aiming mainly at private virtual currencies. He noted that the advances in the fields of AML/CTF could be lost if payments shifted toward cryptocurrencies. Mr. Sankar also touched on the state of the international monetary system, saying there should be new opportunities for non-reserve currencies, such as the Indian rupee. The Deputy Governor wants to reduce the dominance of the dollar, the euro, and other major reserve currencies in favor of a more multipolar currency order. He argues that diversification could ―de-risk the global financial system. Presumably, that‘s partly by reducing the volatility of smaller currencies.

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Paytm eyes growth beyond India, to soon launch UPI international

The National Payments Corporation of India (NPCI) is pushing for acceptance of United Payments Interface (UPI) services in foreign countries, Paytm plans to launch the ?UPI International‘ service on its app soon. Speaking during the company‘s live session on social media, Bhavesh Gupta, board member of Paytm Payments Bank. the NPCI has begun merchant acquisition for UPI in Singapore, he expects it to also start soon in countries which have a big Indian diaspora or see a large number of Indian tourists. Paytm‘s rival PhonePe integrated UPI International with its app earlier this year, under which users can make payments in foreign currencies directly from their bank accounts. Paytm also launched UPI Lite and RuPay credit card service on UPI for iOS. It also launched various other features, including allowing users to have an alternate UPI ID to hide mobile numbers. Recently, PhonePe also launched UPI Lite feature to allow users to make low-value payments under INR 200 from their UPI Lite account without entering a pin.

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Paytm adding products and people as it achieves operational profitability

Paytm recorded 61% year-over-year revenue growth during its fiscal year 2023. The company attributed its year-over-year revenue growth to payments monetization and the growing scale of its loan distribution business. Its achievement of operational profitability during the second half of the year is a trend it expects to continue. In the payment business, Paytm sees opportunities in the growth of UPI and other mobile payment methods and said it plans to capitalize on them by launching new products, investing in consumer marketing, and expanding its merchant acquiring sales teams. On the lending side, Paytm aims to capitalize on opportunities by adding another three or four lending partners to the seven it currently has.

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And that's it for this week's What The Fintech ?? We hope you've found our selection of Asia's fintech trends, innovations, and insights both informative and valuable. Your feedback and suggestions are important to us, so please share your thoughts to help us curate content that matters most to you. ??

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Until next week, keep exploring the future of finance together! ?

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Your Fintech Navigator,

Medhy

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