The Weekly Wrap: all you need to know by Friday COB | Jan 16th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Indian FinTech firm Razorpay has secured authorisation from the Reserve Bank of India (RBI) to operate as a cross-border payments aggregator, marking a significant regulatory milestone for the company and reinforcing its position in India’s international payments ecosystem.

The approval enables Razorpay to expand its regulated role in facilitating cross-border transactions for Indian merchants and overseas businesses operating in the country. Under the licence, Indian businesses using Razorpay can continue to accept payments in more than 130 international currencies, supporting global customer bases without relying on multiple payment service providers.

The firm has not only secured RBI authorisation to operate as a cross-border payments aggregator but is also preparing for a major IPO, with plans to raise around ₹4,500 crore ($500 million) through a late-2026 listing. The Bengaluru-based FinTech has already invited pitches from leading merchant bankers to manage the offering.

At the same time, the authorisation simplifies market entry for international brands looking to sell in India. Overseas companies will be able to accept local payment methods, including the Unified Payments Interface (UPI), without the need to first establish a local corporate entity. This is a notable development in a market where regulatory and operational requirements have historically acted as a barrier for foreign firms seeking to tap into India’s fast-growing digital economy.

Deals of the week

• Rain raises $250m to scale stablecoin payments infrastructure
• Swift completes multi-bank trial for tokenised bond settlement
• Mal raises $230m to build AI-native Islamic digital bank
• Monnai raises $12m to power AI-driven identity and risk decisions
• Contact and Al Safy partner to launch AI finance platform
• Findi’s TSI secures $46m to expand India’s ATM network
• Wasabi raises $70m to scale AI-driven cloud storage
• Atome raises $345m to scale digital credit in Southeast Asia
• Mylapay raises $1m to scale compliance first payments infrastructure
• Network International launches UAE stablecoin payments

Be on the lookout for

WeLab, a pan-Asian FinTech headquartered in Hong Kong, has raised $220 million in a debt and equity round backed by HSBC, Prudential, and other major investors, strengthening its expansion strategy and AI-driven digital banking vision.

In early 2026, Hong Kong-based WeLab, which operates two digital banks and multiple online financial platforms across Mainland China and Indonesia, secured $220 million in fresh capital through a debt and equity raise. The round was joined by HSBC, Prudential Hong Kong, Fubon Bank, Hong Kong Investment Corporation, TOM Group, and Allianz X, reflecting strong institutional confidence in WeLab’s regional growth trajectory. Serving more than 70 million users, WeLab plans to channel the funds into expanding its footprint in Southeast Asia, while enhancing customer acquisition and strengthening its product ecosystem in Hong Kong. A key focus of the raise is supporting WeLab’s recently announced AI-first strategy, developed in partnership with Google.

This includes building advanced AI agents, enabling hyper-personalisation, and modernising marketing approaches to deliver seamless, tailored banking experiences. Simon Loong, WeLab’s Group CEO, emphasised the company’s mission to redefine digital banking by leveraging Generative AI to empower customers in managing, saving, and growing their wealth. The funding round underscores both the growing importance of AI in financial services and the rising investor appetite for scalable digital banking platforms in Asia. With backing from global financial heavyweights, WeLab is positioned to accelerate innovation and reinforce its role as a leading FinTech player in the region.