Fintech Weekly News Update – 8th August
Fintech – India
The Reserve Bank of India (RBI) today granted an in-principle authorisation to Indian Railway Catering and Tourism Corporation (IRCTC) Payments Limited. IRCTC Payments Limited is a wholly owned subsidiary of IRCTC and will operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007. As per the stock exchange filing made by IRCTC, the authorisation was received via email on the same day, based on the RBI’s official letter dated 4 August 2025.
International travellers visiting India now have a new digital payment option at their fingertips. Smart Payment Solutions, an RBI-regulated entity, has launched Mony, a UPI-based mobile app that enables tourists and non-resident Indians (NRIs) to make payments across the country without requiring an Indian bank account.
Razorpay has launched CardSync , a new payment solution developed in partnership with CRED and Visa that enables customers to use their saved credit cards across any online store using Razorpay's checkout system with a single tap. The ecosystem-wide tokenization solution addresses a critical problem in Indian e-commerce: nearly 40% of card payment failures occur due to issues like expired cards, incorrect entry, or customers not having their cards readily available during checkout. Only 40% of users currently complete the tokenization process, according to Razorpay data.
The RBI has clarified that while UPI is not technically free, users won’t be charged for now. As banks begin levying fees on payment aggregators, focus shifts to sustainable monetisation without hurting consumers.
From solving micro-payment inefficiencies to becoming a platform that enables financial inclusion, airpay is focusing on semi-urban and rural India with a range of products and solutions.
The rapid rise of crypto adoption in India-fueled by over 100 million users, booming exchange volumes, and mainstream interest in digital assets-has prompted a growing number of Indian businesses to consider accepting cryptocurrency payments. Choosing the right payment gateway matters: it affects costs, compliance, customer experience, and control over data. This guide explores three crypto payment solutions suitable for Indian businesses: BitHide, NOWPayments, and CoinRemitter. It contrasts their value propositions, and discusses key factors for selection, including security, flexibility, and compliance.
Listed fintech startups like PBFintech and Paytm, in a race to strengthen business fundamentals, have consistently cut marketing and promotional expenses in the last few quarters. While One 97 Communications, which runs Paytm, has been on a cost-cutting spree, PB Fintech has also reduced marketing spends in the past two quarters.
Financial technology (fintech) firm BharatPe, which reported a profit in 2024-25 (FY25), is planning to raise capital ahead of a potential initial public offering (IPO) targeted after FY26, said its chief executive officer (CEO), Nalin Negi. “It (IPO) is not going to happen in this financial year, but anything after that is a fair game… There will be a pre-IPO (funding) round. When that happens is something that we will see,” Negi told Business Standard. He, however, did not mention a timeline or a quantum that it planned on fundraising.
The Government of Odisha, in partnership with the Global Finance & Technology Network (GFTN), announced the upcoming official launch of the Integrated Global Financial Technology Capability Hub (I-GFTCH) in Bhubaneswar, scheduled for 21 August 2025. This marks the first time Odisha is launching a FinTech capability initiative of this scale and global integration. The I-GFTCH launch positions Bhubaneswar at the forefront of India’s evolving financial technology ecosystem and aligns with its national development objectives
Paytm is intensifying its focus on innovation, with artificial intelligence at the core of its efforts to transform the future of digital payments, founder and CEO Vijay Shekhar Sharma said, reaffirming the company's commitment to becoming AI-first. "True to our DNA of innovation and pioneership, we are proud that our AI-led full stack payment solution continues to redefine how millions of merchants accept payments, run their business, and serve their customers. We remain committed to being AI-first, in every product we offer and every process that powers us," he said in his annual letter to shareholders.
Navi Technologies Limited, a financial services company, has unveiled its new brand campaign spotlighting the rapid growth of its payments product, Navi UPI. Titled ‘Some things grow unbelievably fast’, the campaign highlights Navi UPI’s rise to become India’s fastest growing UPI app* within just two years since launch.
Fintech - Middle East & Africa
Ooredoo Group has announced sustained operational and financial growth for the first quarter of 2025, driven by strategic investments in technology and digital infrastructure. The company is accelerating its transformation into a multi-asset digital leader, expanding its reach through initiatives in AI, data centres, subsea connectivity, and fintech services across the Middle East and North Africa. Financially, the Group recorded revenue of QAR 5.8 billion, which remained flat year-on-year but showed modest growth when adjusted for the Myanmar market exit. EBITDA stood at approximately QAR 2.5 billion, maintaining a margin of around 43 per cent, while net profit increased by five per cent to QAR 960 million. Capital expenditure rose by about 40 per cent to QAR 538 million, underscoring the company’s focus on scaling digital infrastructure and preparing for next-generation technologies.
Stablecoin payment platform Yellow Card has officially joined the Circle Payments Network (CPN), a move designed to expand access to USDC across Africa. The integration will bring real-time Nigerian Naira (NGN) payouts, enabling faster and more affordable domestic and cross-border settlements for remittances, payroll, and trade finance.
Interswitch, a leading African technology-driven payments company, reaffirmed its commitment to advancing digital transformation in hospitality at the 2025 Hotel Managers Conference Africa (HMC), held at the Lagos Continental Hotel.
AD Ports Group, a global enabler of integrated trade, transport, and logistics solutions, and MBME Group, a UAE provider of financial technology and digital services, signed a framework agreement to explore developing fintech and digital trade solutions for the group. Under the agreement, AD Ports Group and MBME Group will assess devising fintech and TradeTech solutions for local and international markets. The collaboration will initially focus on areas such as goods tracing, digital payments, compliance suites, e-signatures, onboarding and whistleblowing systems, among others.
In a major technological leap for intra-African trade, the Pan-African Payment and Settlement System (PAPSS) is now accessible via Leo, United Bank for Africa’s (UBA) artificial intelligence-powered chatbot. This integration enables customers to make cross-border payments directly through digital platforms like WhatsApp and Facebook Messenger, marking a new era of 24/7 real-time financial transactions across the continent. PAPSS, developed by the African Export-Import Bank (Afreximbank), is designed to simplify and accelerate payments across African countries using local currencies. Its integration with Leo underscores a push toward more inclusive and accessible financial services, particularly in support of the African Continental Free Trade Area (AfCFTA).
Founders of some of Alaan’s unicorn customers, like Hosam Arab (Tabby), Mudassir Sheikha (Careem), and Khalid Al Ameri, a well-known YouTuber in the region, also invested. This is one of the largest Series A rounds for a fintech in the region, compared to Saudi Arabia’s buy now, pay later platform Tamara, which raised $110 million a couple of years ago. “The category has demonstrated strong product-market fit in the MENA region, and Alaan stands out as the category leader,” said GV Ravishankar, managing director at Peak XV. “Their customer-centric and product-led mindset has enabled them to build solutions tailored to modern finance teams.” (Peak XV also participated in a large Series B round last month, backing UAE’s proptech Huspy.)
TurnStay, a South African fintech travel startup, has raised US$2 million in a seed round funded by First Circle Capital, with support from other leading US and African venture capitalists, including TLCom Capital, Enza Capital, Incisive Ventures, CVVC, and Equitable Ventures. This latest funding comes after a previous US$300,000 raise in July 2024 and will supercharge the company’s expansion, allowing it to scale its fintech infrastructure in the African travel and tourism sector.
Dubai — Once labelled an emerging market, the MENA region has rapidly transformed into a thriving global Fintech hub. With trailblazing regulations, deep public-private collaboration, and a culture of innovation, the region is now setting benchmarks in digital finance. On this World Fintech Day, all eyes are on MENA—not just for participation, but for leadership in the Fintech revolution.
OpenWay, a provider of digital payment software solutions, has expanded into Francophone Africa, saying it will empower banks and fintechs in the region with access to its payment technology and local service infrastructure. OpenWay is taking two strategic steps in Francophone Africa. Firstly it is Making its Way4 platform available to banks and fintechs throughout the region. Way4 has already been chosen by financial leaders in Africa such as Equity Bank in Kenya and rising fintech SanuPay in Ethiopia.
Fintech - Southeast Asia
While Western banks continue to debate whether to modernize their decades-old systems, fintech firms across Asia have already moved past them. These companies are serving millions of previously unbanked users without branches, paperwork or the burden of legacy infrastructure. Rather than competing for existing customers, they have created new ones.
Fintech firms are gaining a competitive edge in Asia-Pacific’s $24.7 trillion card payment market, as their tech-driven agility allows them to scale faster and compete beyond borders. While banks and platform companies still dominate core segments, fintechs are increasingly shaping how digital payments evolve across both mature and emerging markets.
The payments market is experiencing extraordinary growth, with APAC alone expected to see transaction flows reach $250 trillion by 2027.Cross-border payments are the fundamental infrastructure that facilitates the flow of money within an increasingly interconnected global economy, underpinning commerce between individuals, businesses, and governments worldwide. While traditional payment systems have historically struggled with inefficiencies such as high costs and slow processing times, addressing these challenges presents tremendous opportunities for innovation, expanding financial inclusion, and making cross-border transactions faster, more secure, and more accessible.
AlertPay, an Online Payment Gateway Service Provider (OPGSP) of Canada, is formally opening its service on March 15 in Bangladesh. Casada Technology Bangladesh Ltd, local agent and facilitator of Canadian company AlertPay, made an agreement with local Bank Asia to provide service to the individual service exporters of Bangladesh as the first Authorised Dealer (ADs), following a circular of Bangladesh Bank (BB) in this connection. "We made an agreement with Casada Technology Bangladesh Ltd. last year to facilitate receiving of small-value service exporters' overseas payments as such individual service exporters are growing significantly in the country," said Zia Arifin, head of International Division of Bank Asia.
Orientom (CEO AlfredBang), a company developing domestic quantum financial technology, has begun expanding into Southeast Asia. Orientom announced on the 5th that it attended the ‘Thailand Quantum Summit 2025’, an international conference for the global development of quantum technology and ecosystem construction, and revealed its own financial quantum technology under development. This event began on the 3rd and concludes on the 5th. It aims to foster collaboration among academia, talent, industry, and investors, and to foster a sustainable quantum technology ecosystem.
In the shadow of global geopolitical shifts and the relentless march of digital finance, Tencent's recent $70 million investment in Uzbekistan-based fintech giant Uzum has emerged as a masterstroke. This move, valuing Uzum at $1.5 billion, marks Tencent's first major foray into Central Asia—a region now at the crossroads of China's Belt and Road Initiative (BRI) and a rapidly digitizing financial ecosystem. For investors, the deal represents more than just a high-growth fintech play; it's a calculated bet on a geopolitical chessboard where economic influence is reshaping the post-pandemic world.
Uzum has raised $70m in equity financing to accelerate the expansion of its financial and e-commerce services across the country. The latest round was led by global tech giant Tencent and alternative asset manager VR Capital, with additional backing from FinSight Ventures. FinSight, a US-based fund focused on FinTech, AI and super-apps, had previously led Uzum’s first equity round in March 2024. Founded to provide an integrated digital services experience, Uzum combines e-commerce, digital banking and financial services into one unified platform for Uzbekistan’s fast-digitising population.
Fintech - Around the World
Chinese financial services major Antfin ended its decade-long tie with Paytm. It has sold its remaining 5.8% stake in One97 Communications, the digital payment firm’s parent, for Rs 3,800 crore. The move comes after Japan’s SoftBank fully exited in 2024, closing a chapter that once defined Paytm’s rise.
Future FinTech Group Inc. announced the establishment of its Real-World Asset Tokenization Division to explore stablecoin issuance and tokenization of core assets, initiate regulatory filings, and apply for necessary compliance licenses. This move marks the company's entry into a new stage of integrated development under Web3.0 architecture.
The promise of fintech has always been a borderless, interconnected financial ecosystem. Yet, a new and formidable challenge is emerging: the fragmentation of the global economy driven by geopolitical tensions, trade tariffs, and regulatory divergence. This article explores the nuanced and often overlooked impact of these geopolitical shifts on the fintech industry. We dive into how rising protectionism is affecting cross-border payments, demanding new approaches to regulatory compliance, and creating both significant risks and unexpected opportunities for financial technology firms.
The Bank of England says it's working on a new infrastructure for U.K. retail payments that “embeds public and private sector collaboration.
Mastercard launches Receivables Manager and Commercial Direct Payments to automate B2B payment workflows, cutting reconciliation cycles from days to minutes. Platforms address 93% supplier demand for digitization, reducing administrative costs by 70% through automated virtual card reconciliation and straight-through processing.
PayPal Holdings (PYPL) is making waves in the fintech industry with its latest strategic initiatives. According to a recent report, the company, valued at $67.8 billion, is capitalizing on its robust digital payment services to drive growth despite facing stiff competition from industry giants like Visa (V), Mastercard (MA), and Block (XYZ).
Binance has partnered with Worldpay, a US-based payment processor, to enhance cryptocurrency accessibility. This collaboration will allow Binance users to purchase crypto using Apple Pay and Google Pay, streamlining the buying process through familiar mobile payment platforms. By integrating these popular payment methods, Binance aims to lower the barrier to entry for new users and simplify the process of acquiring digital assets. Worldpay’s established infrastructure will handle the transaction processing, providing a secure and reliable gateway. Each insight from India & beyond curated by Phi Commerce. Stay informed. Stay ahead
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