Vietnamese e-wallet MoMo has picked up a 49% interest in a local securities brokerage firm while Singapore-based future culture platform Mighty Jaxx has acquired two startups. MoMo picks up 49% stake in CV Securities Vietnamese fintech unicorn MoMo has acquired a 49% stake in local securities brokerage house CV Securities, according to the latter’s filing… Continue reading SEA Digest: Vietnam’s MoMo, SG-based Mighty Jaxx snap up assets …
Author: Deal Street Asia Online News
Sea Group’s Shopee said to lay off staff across several SE Asian markets
Sea Group’s e-commerce arm Shopee is said to be executing layoffs across multiple markets in the region as it seeks to rationalise its e-commerce business, DealStreetAsia has learnt. The layoffs have affected employees across several of the company’s Southeast Asian markets including Indonesia, Thailand and Vietnam, several sources told DealStreetAsia. The company is said to… Continue reading Sea Group’s Shopee said to lay off staff across several SE Asian markets
India tribunal rejects Amazon appeal against suspension of deal with Future
An Indian appeals tribunal on Monday rejected Amazon.com Inc’s appeal against an antitrust suspension of its $200 million investment deal with Future Group, saying the US company concealed information when it sought approval in 2019. India’s antitrust agency issued the suspension in December, stating that Amazon suppressed the actual scope of the 2019 investment and made false and… Continue reading India tribunal rejects Amazon appeal against suspension of deal with Future
Thailand approves $1b Foxconn-PTT electric vehicle battery JV
Thailand‘s investment agency on Monday approved a joint venture worth 36.1 billion baht ($1.04 billion) between Taiwan’s Foxconn and Thailand‘s PTT to produce batteries for electric vehicles. The Horizon Plus Co project is one of several investment applications worth a total of 209.5 billion baht in manufacturing and infrastructure that were approved on Monday, the Board… Continue reading Thailand approves $1b Foxconn-PTT electric vehicle battery JV
Krungsri Finnovate looks to step into Metaverse, Web3 with new $52m fund …
Krungsri Finnovate, the venture capital arm of Bank of Ayudhya, is looking to tap into Web3, Metaverse, decentralised finance (DeFi) and blockchain through its newly established 1-billion-baht ($52 million) ‘Finnoverse’ fund, its Managing Director Sam Tanskul said in an exclusive interview to DealStreetAsia. The fund will invest in fintech startups and blockchain, and enhance Krungsri’s… Continue reading Krungsri Finnovate looks to step into Metaverse, Web3 with new $52m fund …
Alibaba looks to restructure as competition, regulation squeezes growth …
Chinese tech giant Alibaba Group is struggling to find its feet after its growth strategy collapsed due to tougher competition and tighter government controls on internet companies. Nearly four years after founder Jack Ma announced his retirement, Trudy Dai, one of the original members of the company, who took the helm of the main subsidiary,… Continue reading Alibaba looks to restructure as competition, regulation squeezes growth …
Binny Bansal sells Flipkart stake worth $250m to Chinese tech giant Tencent
Chinese tech giant Tencent Holdings Ltd has bought a stake worth nearly $250 million in Flipkart from the Walmart-controlled Indian e-commerce giant’s co-founder Binny Bansal, show filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) accessed by DealStreetAsia – DATA VANTAGE. Tencent continues to invest in Indian companies even as the country’s government has placed… Continue reading Binny Bansal sells Flipkart stake worth $250m to Chinese tech giant Tencent
Tencent-backed virtual playground Soulgate withdraws $185m US IPO plans
Soulgate Inc, the Chinese social networking app backed by Tencent Holdings Ltd, has filed to withdraw its plans to raise $185 million in an initial public offering (IPO) in the US. The company, which had originally sought to offer 13.2 million American Depository Shares (ADS) at a price range of $13 to $15 apiece, did… Continue reading Tencent-backed virtual playground Soulgate withdraws $185m US IPO plans
Game over for Tencent’s Penguin Esports as Beijing tightens noose …
Tencent has officially shut down its game-streaming service Penguin Esports, in the latest retreat by the Chinese social media and gaming giant in the face of mounting pressure to tidy up its offerings in Beijing’s heavily regulated gaming industry. Tencent, an investor in some of the country’s biggest video game streaming sites Huya, DouYu and… Continue reading Game over for Tencent’s Penguin Esports as Beijing tightens noose …
CPPIB, GIC pull out of Eletrobras privatisation race
Singapore state investor GIC Pte and the Canada Pension Plan Investment Board (CPPIB) have not bought shares in Eletrobras‘ privatisation offering because they demanded prices below what the Brazilian government was willing to accept, two sources with knowledge of the matter said on Friday. CPPIB and GIC each had orders of 4 billion reais ($802 million), but those were conditioned on the offering… Continue reading CPPIB, GIC pull out of Eletrobras privatisation race