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
Author: Deal Street Asia Online News
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
Asia-focused SPAC Nova Vision Acquisition files for $50m Nasdaq listing …
Login We will never share your information with third parties. If you don’t already have an account click the button below to create your account. Sign up here OR Sign in with Facebook Sign in with Twitter Sign in with Google Sign in with LinkedIn Go to Source
As Grab delays listing, will SPACs lose their sizzle in SE Asia? …
Login We will never share your information with third parties. If you don’t already have an account click the button below to create your account. Sign up here OR Sign in with Facebook Sign in with Twitter Sign in with Google Sign in with LinkedIn Go to Source
Alibaba investor Lead Edge Capital raises $150m to invest in listed technology firms …
Lead Edge Capital, which has backed Uber Technologies Inc and Alibaba Group, has raised $150 million through a new fund to invest in publicly-listed software and internet companies, the venture said on Wednesday. In a statement seen by Reuters ahead of its official release, New York City-based Lead Edge said the new fund is expected… Continue reading Alibaba investor Lead Edge Capital raises $150m to invest in listed technology firms …
Indian software testing firm BrowserStack raises $200m, joins unicorn club …
Cloud-based software testing platform BrowserStack said on Wednesday it raised $200 million in a funding round that valued the company at $4 billion, joining the unicorn club for startups. The funding round was led by San Francisco-based technology investment firm BOND, which has backed companies like Airbnb Inc, DoorDash, and Facebook Inc, and included venture capital firms… Continue reading Indian software testing firm BrowserStack raises $200m, joins unicorn club …
China to unveil tough rules to regulate $120b private tutoring industry
China is poised to unveil a much tougher than anticipated crackdown on the country’s $120 billion private tutoring industry, four sources told Reuters, including trial bans on vacation tutoring and restrictions on advertising. The new rules, which aim to both to ease pressure on school children and boost the country’s birth rate by lowering family living… Continue reading China to unveil tough rules to regulate $120b private tutoring industry
Chinese regulator approves first wholly foreign-owned money market broker
China‘s banking and insurance regulator‘s Beijing office approved to launch the country’s first wholly foreign-owned money market broker. The company, Ueda Yagi Money Broking (China) Co Ltd, will be China‘s sixth money broking firm, which is entitled to operate brokerage business in forex, money, and bond markets. Reuters Go to Source