The Monday Roundup: what we are watching this week | Apr 28th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Embedding of services within digital channels

MMob has joined the Google Cloud Partner Advantage program as a Partner Level partner 1, a move that is set to accelerate the adoption of API integrations. This collaboration enables Google Cloud customers to quickly and efficiently embed products and services within digital channels. MMob’s toolkit simplifies the process by offering secure API onboarding, customisable customer journeys, and service deployment through a single code snippet. The partnership aims to enhance the interoperability of financial services, positioning both MMob and Google Cloud to better serve the global market.

Amazon has invested ₹350 crore (around $42 million) into Amazon Pay India to strengthen its position in the competitive FinTech sector. This strategic move comes as Amazon Pay seeks to compete with major players like PhonePe and Google Pay, which dominate the UPI ecosystem. Despite holding a modest 0.6% market share, Amazon Pay recently secured a payment aggregator license from the RBI, enhancing its ability to process merchant payments. The new investment will help Amazon Pay expand its services, including UPI transfers, bill payments, and insurance premium payments.

Upgrade lending infrastructure

Surfin, a Singapore-based FinTech company, has raised $26.5 million in its latest funding round. This investment will drive the company’s expansion and enhance its suite of financial products and services, enabling them to tap into new markets and improve customer offerings. Led by several prominent investors, the funding reflects strong confidence in Surfin’s growth potential and innovative approach to FinTech. With this capital, Surfin aims to further solidify its position in the rapidly growing FinTech industry.

Lloyds Banking Group has adopted the FICO Platform to upgrade its lending infrastructure and transition to the cloud. This modernisation supports more than £7 billion in annual loan volume and utilizes real-time data processing and advanced analytics to boost operational efficiency. Since implementation, the platform has delivered a 2.5% rise in credit card approvals and doubled the number of new consumer loan customers. It has also addressed over 50 system constraints, enabling quicker and more intelligent lending decisions.

What is the buzz

Perfios, a B2B SaaS TechFin company based in India, has announced the acquisition of IHX, a healthcare information exchange platform. The move aims to integrate Perfios’ health data insights with IHX’s extensive industry network, bringing new efficiencies to the health insurance claims landscape.

IHX plays a crucial role in connecting healthcare providers and payers, facilitating digital integration across the healthcare insurance sector. The platform currently processes over 40% of all cashless health insurance claims in India, managing more than 10 million transactions annually and handling claims worth over $1 billion.

With a network comprising 30,000 hospitals across 1,200 locations and partnerships with over 30 payers, IHX offers access to India’s $14 billion health insurance market. It also positions itself as a key gateway to the broader $600 billion healthcare sector.