Fintech

The fresh cash will be used to expand the company’s virtual banking service and financial technologies.

Next year, the firm plans to expand its lending services in an effort to become a “super lending” platform.

In September this year, PhonePe was valued at USD 7 billion by Morgan Stanley.

Ant Financial’s Alipay is valued at over USD 150 billion and is now expanding quickly outside of China.

The limit for an individual to invest has been increased to USD 70,000.

Grab aims to make GrabPay a “truly ASEAN wallet.”

Currently, the service is present in 10 states which will soon be available pan India.

Even with a strong backer, China’s first digital bank needs to stand more firmly on its own feet.