Author: Deal Street Asia Online News

India: Nazara Technologies acquires Turkish game publisher Publishme …

Gaming and sports media platform, Nazara Technologies Ltd. has made its first acquisition after it listed on exchanges in March this year. The company has signed a binding term sheet to acquire West Asia- and Turkey-based mobile gaming publishing agency, Publishme in a primary and secondary purchase worth $2.7 million. As part of the deal,… Continue reading India: Nazara Technologies acquires Turkish game publisher Publishme …

China takes steps to regulate behaviour of major shareholders of banks, insurers

Chinese regulators on Thursday published draft rules to regulate behaviour of major shareholders of banks and insurers, in a bid to improve corporate governance and protect the interest of other stakeholders. The rules, published by the China Banking and Insurance Regulatory Commission (CBIRC), will restrict major shareholders‘ activities related to investment, transactions and corporate governance. China has already taken a series of measures https://www.reuters.com/article/china–banks-idUKL4N24T0G4 to rein in the power of dominant shareholders in… Continue reading China takes steps to regulate behaviour of major shareholders of banks, insurers

India: Talent engagement platform Sense raises $16m led by Avataar Ventures

Artificial Intelligence-based talent platform, Sense, on Thursday said it has raised $16 million as part of its Series C funding round, led by Avataar Ventures. Existing investors Accel and Google Ventures also participated in the round. Along with the fund raise, Sense has roped in former InMobi executive Sanjay Dharmani as managing director for its… Continue reading India: Talent engagement platform Sense raises $16m led by Avataar Ventures

Hong Kong tycoon Richard Li’s insurance firm FWD files for IPO in US …

Hong Kong tycoon Richard Li’s insurer FWD said it has lodged an application to regulators for an initial public offering in the United States. The company did not reveal the size of the IPO but the deal could raise between $2 to $3 billion, people familiar with the matter said. A raising of that size… Continue reading Hong Kong tycoon Richard Li’s insurance firm FWD files for IPO in US …

Baidu unit aims to offer robotaxi service to 3m users in 2023 …

Chinese tech giant Baidu said on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023. Baidu also announced that it is partnering with BAIC Group’s electric vehicle (EV) brand ARCFOX to develop Apollo Moon, EV robotaxis that are… Continue reading Baidu unit aims to offer robotaxi service to 3m users in 2023 …

Philippine Airlines’s parent posts record loss, prepares restructuring plan

The parent company of Philippine Airlines booked a record 73 billion pesos ($1.51 billion) loss in 2020, up seven fold from a year earlier, after the COVID-19 pandemic lashed the global aviation sector. In a disclosure, PAL Holdings Inc said it is in the final stages of putting together a debt restructuring plan for the… Continue reading Philippine Airlines’s parent posts record loss, prepares restructuring plan

Asia Digest: Pak B2B marketplace Jugnu’s parent, S Korea’s Barogo raise funds

Pakistani software firm Saleflo and South Korean delivery platform operator Barogo have raised funding. Pakistan-based Jugnu parent Saleflo raises $3.2m Pakistani software firm Saleflo, the parent company of B2B marketplace Jugnu, has raised PKR 518 million ($3.2 million) from Systems Limited, a Lahore-based outsourced technology and business process services provider, KrAsia reported. Founded in 2015,… Continue reading Asia Digest: Pak B2B marketplace Jugnu’s parent, S Korea’s Barogo raise funds

Tencent-backed XiaoETong bags $120m in a Series D round led by IDG Capital

XiaoETong, a Chinese business services platform backed by tech giant Tencent, has secured $120 million in a Series D round of financing led by the asset management firm IDG Capital, as per a company statement on Tuesday. The funding round also saw participation from investors including private equity firm Hillhouse Capital’s venture unit GL Ventures,… Continue reading Tencent-backed XiaoETong bags $120m in a Series D round led by IDG Capital

Malaysia’s Sunway to apply for digital banking licence

Malaysian conglomerate Sunway Bhd on Thursday said it plans to apply for an online-only banking licence with undisclosed partners to expand in the financial technology (fintech) sector. The group, in an email to Reuters, said it aims to build a fintech ecosystem for individuals as well as for micro, small and mid-sized enterprises, and that… Continue reading Malaysia’s Sunway to apply for digital banking licence