Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and food delivery firm, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the Singapore-based company’s chief executive told staff in a memo. The measures include a freeze on most hirings, salary freezes for senior managers and cuts in travel and expense budgets, according to… Continue reading Grab to cut costs amid macroeconomic uncertainties, CEO writes in memo
Author: Deal Street Asia Online News
Australian regulator sues comparison site over crypto product
Australia’s corporate regulator sued the country’s biggest comparison website on Thursday in relation to a cryptocurrency product, accusing it of conducting unlicensed financial services and breaching consumer protection laws. The lawsuit is the third by the Australian Securities and Investments Commission (ASIC) against a supplier of crypto-related products in the past two months as it… Continue reading Australian regulator sues comparison site over crypto product
Ford, China’s CATL planning to build battery plant in US
Ford Motor Co and China’s Contemporary Amperex Technology Co Ltd (CATL) are considering building a battery plant in Michigan or Virginia to reap tax benefits without treading on Sino-US political sensitivities, Bloomberg reported on Wednesday. The multibillion-dollar facility will make lithium iron phosphate batteries for Ford’s electric models, Bloomberg reported, citing people familiar with the… Continue reading Ford, China’s CATL planning to build battery plant in US
500 Global raises $11.2m so far for new accelerator fundThe fund has so far received commitments from 27 investors.
San Francisco-based early-stage venture investor 500 Global (formerly 500 Startups), has raised $11.2 million so far for its new accelerator fund, its filing with the US SEC showed. The filing showed that 500 Global Accelerator Fund I has already received commitments from 27 investors since its launch in December 2021. The fund will likely continue… Continue reading 500 Global raises $11.2m so far for new accelerator fundThe fund has so far received commitments from 27 investors.
HEAL Partners closes $143m Fund I, seeks up to $500m for Fund IIThe second fund is expected to secure a first close in H1 2023.
HEAL Partners, an Australia-based growth and follow-on investment firm specialising in the healthcare, education and lifestyle sectors, has closed its first fund at A$200 million ($143 million) and already launched a $350–500 million second fund. HEAL Fund I’s close doubled its initial target, the investment firm said in a statement. Launched in August 2020, the… Continue reading HEAL Partners closes $143m Fund I, seeks up to $500m for Fund IIThe second fund is expected to secure a first close in H1 2023.
Indonesian parliament passes omnibus bill to strengthen central bank’s control over financial sector
Indonesia’s parliament on Thursday approved an omnibus bill aimed at strengthening and preparing the financial industry for future technology despite market concerns over potential changes in the central bank’s independence, among others. The newly passed law — known locally as P2SK, an abbreviation for development and strengthening of the financial sector — covers all segments… Continue reading Indonesian parliament passes omnibus bill to strengthen central bank’s control over financial sector
Korea Investment Corporation acquires minority stake in Golub Capital
Korea Investment Corporation (KIC), the sovereign wealth fund of South Korea, has acquired a minority stake in US-headquartered Golub Capital’s management companies, according to a statement. The minority stake, which is passive and non-voting, expands the strategic partnerships between the two firms. Financial details of the transaction were not disclosed but the announcement said it… Continue reading Korea Investment Corporation acquires minority stake in Golub Capital
Data Vantage: UnaBiz, Cooky grab funding; Sumitomo ups stake in Singlife with Aviva
Internet of Things (IoT) solutions provider UnaBiz received $22.5 million this week from investors, including SPARX Group and GK Goh Holdings. The investment is part of a recently announced $25 million extension to its Series B round. Japan-based SPARX Group now owns an over 20% stake in the firm. UnaBiz plans to use the fresh… Continue reading Data Vantage: UnaBiz, Cooky grab funding; Sumitomo ups stake in Singlife with Aviva
Indonesia sees tepid appetite for mega tech listingsSmaller tech companies with positive cash flows will be likely IPO candidates next year.
Smaller tech companies with positive cash flows are likely candidates to tap the Indonesian Stock Exchange (IDX) to raise capital next year as the overall market conditions continue to be tepid for blockbuster listings. The two mega IDX listings – GoTo and Bukalapak – have also not been able to build confidence for bigger IPOs… Continue reading Indonesia sees tepid appetite for mega tech listingsSmaller tech companies with positive cash flows will be likely IPO candidates next year.
Crypto boom helped SG’s Coinhako post over 10x revenue growth in 2021
Singapore-based cryptocurrency exchange Coinhako’s revenue surged over ten times last year as it rode a marketwide boom, show its recent regulatory filings. Founded in 2014, Coinhako is one of the oldest crypto platforms in the Asia Pacific. Users can buy or sell cryptocurrencies such as Bitcoin and Ethereum on its platform via bank transfers and… Continue reading Crypto boom helped SG’s Coinhako post over 10x revenue growth in 2021