Crypto exchange FTX’s rapid fall from grace has shaken up investors’ confidence in the industry. The FTX Group announced late on Friday that it is filing for Chapter 11 bankruptcy in the United States. In its statement shared on Twitter, the company also said that its CEO Sam Bankman-Fried will be replaced by John J… Continue reading Questions raised on lack of transparency in crypto sector as FTX files for bankruptcyThe exchange said its CEO Sam Bankman-Fried has resigned.
Author: Deal Street Asia Online News
Layoffs maybe GoTo’s best bet to reduce costs and achieve profitability, say analysts
Downsizing seems to be the best way to rein in spiralling expenses at Indonesian tech giant GoTo, according to analysts that DealStreetAsia spoke with. According to GoTo’s financial statement, expenses on salaries and employee benefits more than doubled to 7.41 trillion rupiah in H1 2022 from 3.64 trillion rupiah in H1 2021. Moreover, expenses on… Continue reading Layoffs maybe GoTo’s best bet to reduce costs and achieve profitability, say analysts
SE Asia Deal Review: At $1.3b, startup fundraising in Oct stays put at Sept levels
After plunging to its lowest value this year in September, fundraising by Southeast Asian startups inched up in October but only by a tad. Venture capital (VC) and private equity (PE) investors pumped a total of about $1.29 billion into startups last month, compared with $1.27 billion in September, proprietary data compiled by DealStreetAsia show.… Continue reading SE Asia Deal Review: At $1.3b, startup fundraising in Oct stays put at Sept levels
Philippine online group buying platform Grouping bags $30m in Series B
The Philippines-based online group buying platform Grouping has secured $30 million in a Series B financing round, according to a statement released on Friday. The round was led by online group-buying firm Groupon and saw the participation of venture capital company a16z. Grouping plans to use the fresh capital to develop new functional modules within the… Continue reading Philippine online group buying platform Grouping bags $30m in Series B
ADB, VPB ink $500m financial package for women-owned SMEs, social projects in Vietnam
The Asian Development Bank (ADB) and Vietnam Prosperity Joint Stock Commercial Bank (VPB) have signed a loan package of up to $500 million to expand financial access to women-owned small and medium-sized enterprises (WSMEs) and social loan projects in Vietnam. The financing comprises a $100-million loan from ADB’s ordinary capital resources that will be dedicated… Continue reading ADB, VPB ink $500m financial package for women-owned SMEs, social projects in Vietnam
Japan’s SoftBank books hefty losses on Vision Fund but returns to quarterly profit
Japan’s SoftBank Group Corp on Friday unveiled a loss at its sprawling Vision Fund investment arm for the third straight quarter, even as the tech company posted a net profit from selling some of its stake in China’s Alibaba. Vision Fund upended the world of venture capital with splashy bets on startups, but it has been hammered in recent quarters by a global tech rSofout, prompting SoftBank Chief… Continue reading Japan’s SoftBank books hefty losses on Vision Fund but returns to quarterly profit
Kae Capital backs Bold Finance and other India deals worth $183mExisting investor Antler India also joined Bold Finance’s funding round.
Fintech startup Bold Finance has raised $1.5 million in its seed funding round led by venture capital firm Kae Capital, per an announcement. The round also saw participation from existing investor Antler India and several angel investors, including Nitin Gupta (Uni Cards), Ishpreet Gandhi (Stride Ventures), Shashikant Dola (McKinsey & Company), Tushar Mehndiratta (Avail Finance),… Continue reading Kae Capital backs Bold Finance and other India deals worth $183mExisting investor Antler India also joined Bold Finance’s funding round.
Indonesian tech giant GoTo looking to lay off 10% of its workforce
Indonesian tech giant GoTo’s expenses on salaries and employee benefits are significantly higher than other costs, which seem to have driven the company to lay off 10% of its employees, multiple sources told DealStreetAsia. Bloomberg reported it first that GoTo plans to cut over 1,000 jobs. Go to Source
IFC mulls investing in StanChart Pakistan’s unfunded risk facility
Mars W. Mosqueda Jr. 11 November, 2022 World Bank Group member International Finance Corporation (IFC) has proposed to invest in an unfunded risk participation facility of up to $200 million with Standard Chartered (Pakistan) Limited (SCBPL). Risk participation is an agreement where a bank sells its exposure to a contingent obligation to another financial institution.… Continue reading IFC mulls investing in StanChart Pakistan’s unfunded risk facility
Vietnamese financial services firm F88 raises $60m loan from Lending Ark, Lendable
Mekong Capital-backed Vietnamese financial services firm F88 has secured a loan of $60 million from Lending Ark Asia Secured Private Debt Funds and Lendable, according to a statement. Lending Ark, the private debt business of Hong Kong-based alternative investment firm CLSA Capital Partners, has contributed a sum of $50 million towards the loan financing. Prior… Continue reading Vietnamese financial services firm F88 raises $60m loan from Lending Ark, Lendable