The Monday Roundup: what we are watching this week | Nov 24th

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.

Crypto Platforms Still Lure Investors Despite the Rulebook

Navi UPI has integrated with the Open Network for Digital Commerce (ONDC) Network to enable commuters in Delhi, Mumbai and Bengaluru to purchase metro QR tickets directly via the Navi app, marking a step forward in expanding digital mobility services in India. Additional metro systems, including Chennai, Hyderabad and Kochi, are expected to be added soon.

The integration allows users to plan routes, book single or return QR tickets and complete payments within one interface, eliminating the need for multiple apps or physical ticket counters. The rollout aligns with the broader push toward digitising high-volume public transport transactions, where cash usage remains significant despite rapid growth in digital payments.

Currently available for Delhi Metro, Mumbai Metro (Lines 1, 2A, 7 & 3) and Bengaluru Metro, the initiative supports ONDC’s ongoing efforts to expand mobility services on open digital infrastructure. India’s metro systems collectively serve around 1.15 crore commuters daily, with more than 40% still using cash or physical tickets. The transition to digital ticketing is expected to streamline operations and drive broader adoption of unified payment platforms.

Kraken has raised $800 million in fresh capital and moved closer to a U.S. public listing, marking one of the most significant steps yet for the crypto exchange. The funding includes a $600 million primary round backed by Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, as well as an additional $200 million from Citadel Securities. The company has now submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for a potential IPO.

The move underscores Kraken’s push to expand globally and strengthen its position in an increasingly competitive digital asset market. It also highlights investor appetite for crypto platforms despite ongoing regulatory pressures. Armed with new capital and the prospect of going public, Kraken plans to grow its operations, broaden its product suite, and further cement its standing as a major force in the cryptocurrency ecosystem.

TransBnk Solutions, a transaction banking technology infrastructure provider, has partnered with a Singapore-based FinTech, DigiAlly, to accelerate digital transaction banking and SME credit enablement across ASEAN. The collaboration was introduced at the Singapore FinTech Festival (SFF).

The partnership combines TransBnk’s transaction banking and embedded finance infrastructure with DigiAlly’s AI-powered data digitisation, document intelligence, risk scoring, and trust enablement technology. The unified solution is designed to support banks, NBFCs, corporates and FinTechs in delivering fully digital, compliant, and scalable financial services, particularly in SME lending, a sector where manual documentation, legacy onboarding processes, and limited risk visibility continue to hinder credit access.

The jointly developed offering enables paperless onboarding, automated KYC, account setup and escrow management, collections and payments workflows, as well as integrated risk monitoring and early-warning intelligence. The companies say these capabilities will help financial institutions reduce operational friction, improve portfolio quality, and enhance credit decisioning speed.

PayTrace has partnered with TreviPay to enable B2B merchants to extend net-terms financing and invoicing capabilities to commercial buyers through TreviPay’s Universal Acceptance solution. The integration leverages the Mastercard acceptance network, aiming to streamline trade credit processes and reduce friction in B2B transactions.

The collaboration comes as business buyers increasingly expect consumer-style payment experiences, faster purchasing, more flexibility, and simplified processes, while many merchants continue to rely on legacy billing and receivables systems. Enabling net terms at the point of sale has become a key priority for suppliers seeking to drive loyalty and increase purchasing power amid growing competitive pressures.

Through Universal Acceptance, PayTrace merchants will be able to offer 30-day net terms financing, automated accounts receivable and collections functions, SKU-level invoicing directly into buyers’ ERP or AP systems, and reconciliation and expense matching. TreviPay assumes credit risk and collections management, while merchants receive upfront payment.

What is the Buzz

The Reserve Bank of India (RBI) is investigating a surge in API‑based money laundering involving shady technology service providers (TSPs) posing as fintechs. These firms exploit banks’ payout APIs, originally designed for bulk transfers to employees or vendors, to move large sums without OTPs or manual checks. By masquerading as legitimate clients, they bypass oversight and enable illicit fund flows. Some payment aggregators are suspected of “renting out” APIs to unregulated players, further worsening risks.

Industry experts argue RBI’s draft circular—requiring banks to vet API customers—is insufficient. They recommend stricter measures, such as pre‑registering beneficiaries with a cooling period and verifying PAN and account details to flag suspicious activity. Reports suggest around 30 TSPs across cities like Noida and Indore are laundering funds, undermining business correspondent networks. While many TSPs operate legitimately, enforcement agencies are now probing gaming companies and urging tighter rules to curb misuse without stifling genuine fintech innovation