Top Super App Stories This Week:

• Telegram Launches Mini App Store and In-App Browser

• Philippines Fintech Super App GCash Valued at $5 Billion

• Adani's Super App Launches Digital Lending Trials with Fintechs and NBFCs

• Brazil's Super App Ambitions: Combining AI, CBDC, Banking

• Digital Bank GXS, Set Up by Grab Super App and Singtel, Targets Profit by 2027

• Enablo Announces Partnership with Flip the Super App for Frontline Workers

1. Telegram Launches Mini App Store and In-App Browser

Telegram has finally launched a Mini App Store across its mobile, web, and desktop versions, accessible via the search function. This new feature lists popular mini apps and those previously used by the user, aiming to increase interaction with applications and games on the platform. Although the store lacks category breakdowns and recommendations, it allows for easy search and access to mini apps.

Developers can now add short videos and screenshots to app previews, and users can share content from mini apps to Telegram Stories. The in-app browser has also been upgraded, allowing users to collapse and reopen pages and switch seamlessly between messages and websites.

The mini app model is gaining traction in the tech industry, with companies like Tencent integrating mini games into their social networks. Tencent reported that WeChat's mini games reached 500 million monthly active users and over 1 billion unique users, with a 50% year-over-year revenue growth in 2023. Telegram's new features position it to follow this successful trend, enhancing user engagement and experience.

Source: Game World Observer

2. Philippines Fintech Super App GCash Valued at $5 Billion

Mynt, the owner of GCash, has achieved a significant milestone by becoming the Philippines' first $5 billion unicorn. This valuation follows strategic investments from Ayala Corp. and Japan’s Mitsubishi UFJ Financial Group (MUFG). Yasushi Itagaki of MUFG highlighted GCash's crucial role in the daily lives of Filipinos and expressed excitement about supporting the company’s growth and the broader digital economy.

GCash is a leading Fintech Super App in the Philippines that integrates a wide array of financial and lifestyle services into a single platform. It serves as a mobile wallet allowing users to send and receive money, pay bills, and purchase mobile prepaid load. Additionally, GCash provides advanced banking services such as savings accounts through GSave, investment opportunities with GInvest, and a credit line feature via GCredit. The app also supports QR code payments for seamless transactions at numerous merchants.

In May 2024, GCash reported that 94 million people in the Philippines had tried its digital wallet, accounting for about 78% of the country’s population.

Source: PYMNTS

3. Adani's Super App Launches Digital Lending Trials with Fintechs and NBFCs

Adani Group's Super App, Adani One, has started pilot projects with digital lending firms and non-banking financial companies (NBFCs) to offer loans through its platform. Partnering with KrazyBee Services, a subsidiary of KreditBee, Adani Digital Labs Ltd will facilitate personal loans ranging from Rs 1,000 to Rs 5 lakh, acting as a lending service provider. Discussions are ongoing with additional NBFCs and fintech companies to broaden credit offerings on the app.

Adani One's Super App strategy, initially centered on travel and airport services, is expanding to include financial services. The app, launched in December 2022, already offers a variety of services such as cab bookings, flight reservations, airport shopping, and bill payments through the Bharat Bill Payment System (BBPS). Recent developments include a co-branded credit card with ICICI Bank and the acquisition of stakes in travel tech companies Cleartrip and Trainman.

Adani One aims to build a broader digital ecosystem and has achieved significant milestones, including a gross merchandise value (GMV) of Rs 750 crore for the fiscal year ending March 2024 and a user base of 30 million. The company plans to reach 500 million users by 2030, leveraging its diverse portfolio and partnerships to evolve into a premier super app.

Source: Business Standard

4. Brazil's Super App Ambitions: Combining AI, CBDC, Banking

Brazil is poised to transform its financial sector with the launch of an AI-powered Super App in 2025, as announced by Central Bank President Roberto Campos Neto. Unveiled at the Blockchain Rio event, this innovative platform will integrate AI, the forthcoming central bank digital currency (CBDC) Drex, and various financial services into a single, user-friendly app, revolutionizing how Brazilians manage their finances.

The Super App will incorporate Brazil's real-time payment system, Pix, facilitating swift and secure transactions. By leveraging AI technology similar to OpenAI's ChatGPT, the app will provide personalized financial advice, streamline processes, and enhance security. Additionally, the app will aggregate financial data to offer customized insights and recommendations, reducing the need for multiple banking applications.

Despite its promising potential, the Super App faces challenges, particularly concerning regulatory compliance. The Brazilian Senate's recent postponement of AI regulations highlights the complexities involved. The success of this ambitious project will depend on balancing innovation with regulatory adherence, potentially setting a new global standard for digital banking and financial inclusion.

Source: Blockhead

5. Digital Bank GXS, Set Up by Grab Super App and Singtel, Targets Profit by 2027

GXS Bank, backed by Grab Super App and Singtel, aims to achieve profitability by March 2027, driven by a strategy to double its loan book every six months. Targeting underserved sectors such as gig economy workers and small businesses, the digital bank leverages data from the Grab Super App to assess creditworthiness. GXS's approach contrasts with traditional banks, focusing on segments often overlooked by larger financial institutions.

Despite facing stiff competition from established banks like DBS Group Holdings, OCBC Bank, and UOB, GXS has set ambitious goals. It plans to reach $3 billion in deposits and a $2 billion loan book over the next three years, with an average loan size of $6,000 in Singapore. Although the bank reported increased losses of $152.1 million in 2023 due to operational ramp-up, it limits customer deposits to $75,000 as part of its licensing conditions.

The bank's majority owner, Grab, along with Singtel, have committed $1.5 billion of capital until 2027, with no plans for a public listing in the near term. Analysts highlight the need for GXS to expand beyond its existing ecosystem to achieve necessary scale, with potential regional expansion into larger markets like Indonesia. As digital banks across Southeast Asia strive to serve the unbanked and underbanked through mobile apps, GXS's success will depend on scaling its business effectively.

Source: Strait Times

6. Enablo Announces Partnership with Flip the Super App for Frontline Workers

Enablo, a leading Australian tech solutions provider, has partnered with Flip, the Super App for frontline workers, to help Meta Workplace customers transition to Flip's platform. This partnership aims to support companies in Asia Pacific and North America by integrating their workforce, data, and tech stack with Flip, following Meta's decision to close Meta Workplace by Q3 2025. Enablo leverages its expertise in digital employee experiences to ensure a seamless migration process.

The collaboration allows Meta Workplace users to benefit from Flip's intuitive, consumer-like design, enhancing employee engagement and productivity. Dave Nixon, CEO of Enablo, highlighted Flip's suitability as a replacement for Meta Workplace, while Flip's CEO Benedikt Ilg emphasized the ease and speed of transitioning to their platform. The partnership's goal is to offer new customers smooth access to Flip's comprehensive digital employee platform.

Flip combines communication, HR services, and operations into one app, designed to improve employee retention and operational efficiency. With over 84% active users and support for 60+ languages, Flip has become a trusted platform for global customers. The partnership with Enablo will accelerate the adoption of Flip, providing a robust and user-friendly solution for businesses transitioning from Meta Workplace.

Source: ANSA

That's It For This Week!

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