The Monday Roundup: what we are watching this week | June 2nd

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.

Swiss Interbank Clearing

Codebase Technologies has enabled the pilot launch of Raqami Islamic Digital Bank, marking Pakistan’s first fully Shariah-compliant digital retail bank. The initiative aligns with the State Bank of Pakistan’s 2028 vision of achieving 75% financial inclusion, thereby addressing longstanding gaps in the country’s financial ecosystem.

Pakistan, home to over 240 million people—predominantly Muslim and increasingly digitally connected—is looking for a transformative shift in its banking sector. While mobile penetration has surpassed 75% and nearly two-thirds of the population is under the age of 30, Islamic banking still constitutes just 19% of total banking assets. This disconnect highlights the urgent need for agile, accessible, and ethical financial solutions.

Banking Circle has expanded its embedded financial infrastructure by gaining direct access to the Swiss Interbank Clearing (SIC) system, enabling real-time and ACH transactions in Swiss Francs (CHF). Clients now benefit from seamless domestic and cross-border CHF payments, efficient account management via Liechtenstein-issued VIBANs, and multi-currency capabilities through a single API. This development strengthens Banking Circle’s position as a leading global clearing provider, offering access to five major European and UK currencies. The move aligns with its ambition to become a super-correspondent bank, delivering low-cost, scalable, and instant cross-border B2B payment solutions across Europe and beyond.

Socially responsible credit solutions

Visa has launched “Visa Intelligent Commerce,” a new initiative designed to advance AI-powered payments across the Asia Pacific. This platform provides developers with integrated APIs and access to Visa’s trusted payment infrastructure, enabling the creation of intelligent, automated commerce experiences. It supports AI agents embedded in apps and virtual assistants to complete transactions using Visa’s 4.8 billion credentials. Visa has partnered with major firms, including Ant International, Grab, and Tencent, to promote adoption. The initiative also includes stablecoin-backed card services through partners like DCS Singapore and StraitsX, reflecting Visa’s commitment to secure, scalable, and innovative digital payment solutions

Kashable, a New York-based FinTech firm, has secured a $250 million credit facility led by Nomura Corporate Funding Americas. This funding will support its workplace lending platform, which offers socially responsible credit solutions integrated with employer payroll systems. The platform enables employees to access loans based on income and employment data, with repayments made via payroll deductions. Since its founding in 2013, Kashable has issued nearly $1.5 billion in loans, reaching around four million employees. The new funding will enhance HR and payroll integration, as well as expand financial wellness tools. Kashable’s total funding now stands at approximately $400 million.

What is the Buzz

India has emerged as a global FinTech leader, driven by robust digital infrastructure like UPI, Aadhaar, and Account Aggregator, along with a mobile-first population and clear regulations. A report by QED Investors highlights that FinTech-led digital lending in India grew at a 35% compound annual growth rate (CAGR) in 2024, driven by increasing credit demand. This growth is especially impactful for underserved populations, enhancing financial inclusion. With its affluent middle class projected to reach 600 million by 2031, India is attracting global investors. The report emphasises the need for FinTechs to balance innovation with trust, profitability, and regulatory compliance to thrive in this dynamic, high-potential market.