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Asia tech news roundup – Nov 28

Asia tech news roundup – Nov 28

Asia tech news roundup – Nov 28
November 29
03:34 2017
Copyright: fazon / 123RF Stock Photo

Singapore skyline. Photo credit: fazon / 123RF

There was plenty of news from the worlds of ecommerce, fintech, and transportation today.


Blibli buys Indonesia Flight (Indonesia). The ecommerce platform has acquired the travel booking site, just months after it bought out online travel agent Tiket. (Tech in Asia)

Central Group and Start Today Ventures join Pomelo’s series B (Thailand). The online fashion marketplace has already secured US$19 million in funding from JD, Provident Capital Partners, and Lombard Private Equity, making it Thailand’s largest knwon series B round. Retail and real estate powerhouse Central Group recently entered into an ecommerce-focused joint venture with JD, while Start Today owns Japanese fashion marketplace site Zozotown. (Pomelo Fashion)

Rocket Internet company sells off car classifieds site (Vietnam). Stockholm-listed IT firm and venture builder will acquire loss-making Carmudi Vietnam for US$50,000. Fram claimed it will be able to run the business at a quarter of the cost as compared to previous owners Carmudi. (Tech in Asia)


Photo credit: maxuser / 123RF

Cryptocurrency exchange gets US$1m seed funding (Singapore). Kryptos-X will use the capital to hire team members, build software, and cover the costs of its launch, which is expected to take place within the next three months. It will become the latest cryptocurrency exchange to be based in the city-state. (Tech in Asia)

Apollo Capital launches US$22.8 million cryptocurrency hedge fund (Australia). The fund, founded by veterans of Melbourne-based VC firm Dominet Venture Partners, claims to be the Lucky Country’s first focused on virtual currencies, ICOs, and other blockchain-based assets. It will be open exclusively to wholesale clients, with a minimum buy-in of US$38,000. (Apollo Capital)

InstaReM launches in Malaysia (Singapore/Malaysia). The Singaporean cross-border payments firm will now be able to help Malaysian residents transfer money to more than 60 countries. It plans to enter the Indian market next month. (InstaReM)


The now-vacated Lattice80 fintech hub at 80 Robinson Road in Singapore. Photo credit: Lattice80.

Lattice80 partners with IOTA Foundation (Singapore). The Marvelstone-backed fintech incubator has agreed to set up an innovation lab with Germany’s IOTA Foundation, which focuses on the development and standardization of blockchain and related technologies. (Marvelstone Group)

TenX tokens begin trading on Huobi Pro (Singapore). The payments startup’s PAY tokens – which it distributed in a crowd sale earlier this year, raising US$80 million – will be available to buy and sell on cryptocurrency exchange Huobi Pro from today. (TenX)

Artificial intelligence

Fenox leads US$2.7 million investment in chat app (Japan). Mitsubishi UFJ Capital, Accord Ventures, and Ibis Capital Partners also invested in AOS Mobile, which develops a range of mobile communications platforms for enterprises including an office chat app, SMS mass messaging, and chatbots. (Tech in Asia)

Xiaomi and Baidu partner on AI and IoT (China). The two companies will collaborate on research development relating to artificial intelligence, big data, and the internet of things, with a focus on smart manufacturing techniques. The alliance was announced at Xiaomi’s first IoT Developer Conference in Beijing. (China Money Network)


SoftBank asks for Uber discount (Japan). The tech giant much-discussed interest in Uber has taken a new term, with reports suggesting that it now wants to buy a stake at a 30 percent discount that would price the controversy-courting ride-hailing firm at US$48 billion – considerably lower than the US$69 billion valuation it attained after its most recent funding round.  (Bloomberg)

Go-Jek office in Jakarta. Photo credit: Go-Jek.

Go-Jek invests in Pathao (Bangladesh/Indonesia). The ride-hailing company is reported to have acquired a minority stake in the Bangladeshi motorbike-hailing app after participating in its US$2 million series A funding round. (DealStreetAsia)

More pain for former LeEco founder (China). Electric vehicle startup Faraday Future is reportedly struggling to close its US$500 million series A round. If it fails to meet its fundraising target, the company – headed up by Jia Yueting, who quit as chairman of troubled LeEco in July – will have to immediately repay debt financing of US$400 million, plus 12 percent interest and around US$100 million in unpaid bills. (Bloomberg)

Real estate and property tech

Matrix Partners and Accel invest in Stanza Living (India). The two VC firms led the funding round, which will give the student co-living startup the capital it needs to expand to new locations, hire new team members, and enhance its technology offering. (Matrix Partners)

See: Previous Asia tech news roundups

source : techinasia

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