Chinese regulators have asked financial institutions to extend more support to property developers to shore up the country’s struggling real estate sector, two sources with direct knowledge of the matter said on Sunday. A notice to the institutions from the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to… Continue reading Chinese regulators urge more financing support for embattled property firms
Author: Deal Street Asia Online News
Binance halts FTX’s FTT deposits, urges rivals to follow
Cryptocurrency exchange Binance has stopped accepting deposits of FTX’s FTT token on its platform, its chief executive Changpeng Zhao said on Sunday, urging other rival exchanges to do the same. FTX, which filed for bankruptcy on Friday, was engulfed in more chaos on Saturday when the crypto exchange said it had detected unauthorized access and analysts said hundreds of millions of… Continue reading Binance halts FTX’s FTT deposits, urges rivals to follow
Indonesia’s INA, China’s SRF pick 40% in Kimia Farma Apotek for $120m
Indonesia’s sovereign wealth fund (SWF) INA and China’s Silk Road Fund (SRF) are picking up a 40% stake in Indonesian state-owned pharmaceutical company PT Kimia Farma’s subsidiary, Kimia Farma Apotek, for 1.86 trillion rupiah ($120 million), according to a statement on Sunday. Kimia Farma Apotek will use the money for business expansion and working capital,… Continue reading Indonesia’s INA, China’s SRF pick 40% in Kimia Farma Apotek for $120m
Vietnam’s Rino shutters quick commerce operations, pivots to used car marketplaceIn February, Rino had raised $3m from Global Founders Capital, Sequoi…
Sequoia Capital India-backed Rino has shut down its quick commerce app in Vietnam and has pivoted to a used car marketplace model with otocity.vn, DealStreetAsia has learnt. Rino’s founder Nguyen Trung Thanh confirmed the development to DealStreetAsia. Go to Source
Questions raised on lack of transparency in crypto sector as FTX files for bankruptcyThe exchange said its CEO Sam Bankman-Fried has resigned.
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.
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