payments
Digital Garage has invested in Phi Commerce, a leading Indian payment service provider. Additionally, DG Financial Technology, the payment business company within the Digital Garage Group, has signed a business alliance agreement with Phi Commerce. Phi Commerce is a reliable payment service provider licensed and certified by the Reserve Bank
mergers & acquisitions
Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking Corporation have reached an agreement with State Bank of India (SBI), the state-owned bank of the Republic of India, and other financial institutions in India to acquire a 20.0% equity stake in YES BANK, a private commercial bank in India, subject
venture capital
Neobank Zolve, focused on cross-border financial solutions, has raised USD 251 million in equity and debt financing. The Series B round was led by Creaegis and saw participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global.
Insurance
InsuranceDekho raised USD 70m in its latest funding round, co-led by Beams Fintech Fund alongside Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif, which participated through its InsurTech fund managed by European investment firm Eurazeo. This latest funding round comes about a year and a half after InsuranceDekho
trade finance
MUFG Bank has completed its first fully-digitalised trade finance transaction from its GIFT City Branch for a subsidiary of Tata International, the global trading arm of the Tata Group. Utilising the Contour Network Hub from Xalts, MUFG and Tata International's Singapore treasury centre digitally negotiated, prepared, applied, and
asset management
India is increasingly attracting inflows from foreign investors, including Japan, and NAM India is committed to become a gateway for Japanese investments into India. In this pursuit, Nippon Life India Asset Management, acting through its IFSC branch in GIFT City, has launched the “Nippon India ETF Nifty 50 BeES GIFT”
web3
Hitachi Payment Services has made a strategic minority investment in Spydra Technologies to develop and introduce innovative offerings in the rapidly evolving domains of Web 3.0, Central Bank Digital Currency (CBDC) and Blockchain Technology. Spydra is a low-code enterprise blockchain platform specializing in real-world asset tokenization. Spydra enables asset
india
Sumitomo Mitsui Financial Group (SMFG) has made a significant capital investment of ₹3,000 crore in SMFG India Credit Corporation (SMICC) through a rights issue, demonstrating its strategic commitment to expanding its Indian operations. Of this investment, ₹300 crore has been allocated to its wholly-owned subsidiary, SMFG India Home Finance.