The Monday Roundup: what we are watching this week | April 27th

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.

Boosting Open Banking Compliance

Atome has partnered with payment aggregator Bayad to introduce in-app bill payment services for users in the Philippines, marking a step forward in simplifying everyday financial transactions through FinTech integration.

The new feature enables Atome users to pay essential bills—including water, electricity, internet, and government contributions—directly within the app. By consolidating these services into a single platform, the partnership aims to reduce friction in managing routine expenses and eliminate the need to switch between multiple payment channels. In addition to convenience, users will earn reward points on bill payments, adding an incentive for adoption. The integration also connects Atome’s platform to Bayad’s extensive nationwide network of more than 120,000 physical touchpoints, further strengthening accessibility.

The initiative is expected to benefit a large segment of the population, particularly unbanked and underbanked individuals, by providing a unified platform for managing expenses. By integrating payments, rewards, and everyday financial services, Atome continues to expand its role as a comprehensive digital finance solution. The partnership reflects a growing trend among fintech firms to embed high-frequency financial services into digital ecosystems, improving accessibility while supporting broader financial inclusion efforts in emerging markets.

iFAST Global Bank has announced a strategic partnership with Ozone API to strengthen its Open Banking capabilities and ensure compliance with evolving regulatory standards. The collaboration supports the bank’s migration to version 4.0 of the UK Open Banking Standard, positioning it among the early adopters of the latest framework.

The partnership enables iFAST Global Bank to offer secure, standards-compliant APIs for its digital multi-currency current accounts, catering to both individual and business customers. The move aligns with the bank’s broader vision of delivering a globally connected, digital-first banking experience.

Open Banking version 4.0 introduces several enhancements, including improved interoperability through alignment with the ISO 20022 messaging standard, stronger security via the FAPI 1.0 Advanced profile, and increased transparency through clearer payment status updates and error messaging. The upgrade also lays the foundation for future innovations such as Variable Recurring Payments, enabling more flexible financial management. iFAST Global Bank completed the transition from version 3.1.11 to version 4.0 in January 2026, with Ozone API’s technology supporting the implementation. The development comes amid strong growth for the bank, which reported profitability in the fourth quarter of 2024 and has surpassed S$1 billion in customer deposits, driven by its Digital Personal Banking division.

Building national QR payment infrastructure

Pine Labs has acquired SaaS startup Shopflo for $9.34 million (INR 88 crore), in a move aimed at strengthening its position in the rapidly growing direct-to-consumer (D2C) segment. The acquisition will integrate Shopflo’s checkout and analytics capabilities into Pine Labs’ broader payments ecosystem.

The deal marks Pine Labs’ expansion beyond traditional payment processing into a more comprehensive commerce enablement platform. By combining Shopflo’s technology with its existing infrastructure, Pine Labs aims to streamline both online and offline retail experiences, helping merchants improve conversion rates and reduce cart abandonment.

Shopflo’s platform is designed to optimise the online checkout journey while offering analytics-driven insights into customer behaviour. These capabilities will allow merchants to better understand user preferences, personalise engagement, and build more effective sales strategies. The integration is expected to deliver a seamless end-to-end solution covering payments, checkout, and customer engagement.

The move comes amid strong growth in the D2C sector, where brands are increasingly focusing on building direct relationships with consumers and enhancing digital experiences. Pine Labs is positioning itself as a one-stop platform to support these businesses by simplifying operations and enabling scalable growth.

GLN International has launched a nationwide QR payment service in Vietnam through a partnership with NAPAS, integrating directly with the country’s national QR payment infrastructure.

The service was introduced at a launch event in Vietnam, attended by representatives from the State Bank of Vietnam, NAPAS, BIDV and Hana Bank. GLN has led operation of the connected payment system and managed the technical integration as part of broader cross-border initiatives by Hana Financial Group. Hana Bank has participated as the only Korean financial institution designated as a settlement bank under State Bank of Vietnam approval. Vietnam’s QR ecosystem is built on the VietQR Global network operated by NAPAS, linking banks and merchants nationwide. Through the new integration, users of partner applications can access the network, broadening merchant acceptance. The partnership is also expected to support inbound payments, allowing Vietnamese consumers to use local apps for QR transactions in South Korea.

The service is available across key tourist destinations including Da Nang, Phu Quoc, Nha Trang and Ho Chi Minh City. Payments can be made through GLN-connected apps including Toss, PurpleGLN, Hana OneQ, Hana Money and Hana Card, without requiring currency exchange. GLN noted future expansion is expected to include additional platforms such as Naver Pay and the KB Banking App. The company currently offers QR payment and withdrawal services across 14 Asian markets, with access to more than 200 million QR merchants globally.

What is the Buzz

The Reserve Bank of India (RBI) has taken decisive action by cancelling the licence of Paytm Payments Bank Limited (PPBL), effectively halting all its banking-related operations. This move comes after the regulator found serious lapses in compliance, mismanagement, and practices deemed harmful to depositors’ interests. RBI has also announced its intention to approach the High Court to initiate the winding-up process of PPBL, ensuring that depositors’ funds are safeguarded during the transition.

The cancellation means PPBL can no longer accept deposits, provide credit, or allow wallet top-ups, marking a complete shutdown of its banking functions. Importantly, RBI clarified that PPBL has sufficient liquidity to repay all deposit liabilities, offering reassurance to customers. Paytm, the parent company, emphasised that it has no direct financial exposure to PPBL, as the payments bank operates independently.

This development follows earlier regulatory restrictions, including a ban on onboarding new customers in 2022 and tighter controls in 2024. While Paytm Payments Services Limited continues to function as a payment aggregator, the cancellation underscores RBI’s stricter stance on governance and compliance in the fintech sector. The move is expected to have reputational consequences for Paytm, even if its financial exposure remains limited.