Asian tech news roundup – Oct 24

Photo credit: Open Grid Scheduler/Grid Engine.

There were quite a few comings-and-goings in the personnel departments at the region’s tech companies today, with sudden departures at Airbnb and PolicyPal and one Indian unicorn poaching talent from another. Elsewhere, Singapore’s Carousell quietly revealed its latest plan for monetizing its marketplace platform, while three Indonesian VC firms united to make a joint play in the shared workspaces segment.

China

Airbnb China head departs after four months in the role. Ge Hong had been promoted to head up the company’s Chinese operations in June this year, but told colleagues he was leaving to pursue another opportunity. The loss comes amid a difficult times for Airbnb in the country, where it faces an uncertain regulatory environment and fierce local competition. (Bloomberg)

Singapore

Carousell quietly unveils new product. Carousell Pro – which is due to officially launch next month – is a subscription-based app for professional sellers, property agents, and job recruiters on the Singaporean startup’s online marketplace. Offering enhanced analytics and marketing tools, the service represents Carousell’s latest effort to derive new revenue streams from its business. (Tech in Asia)

Carousell’s co-founders. Photo credit: Carousell.

PolicyPal co-founder leaves. Yi Ming Ng – who served as product manager at the online insurance platform – quit, though no further details were currently available. The startup secured seed funding in March and recently obtained regulatory approval from the Monetary Authority of Singapore to operate as a registered insurance broker. (e27)

Estellion drops lawsuit against Cocoon Capital. Consulting firm Estellion Incorporations sued Cocoon in January this year, alleging that the VC had caused it to lose business by inducing Indian fintech startup Connaizen to drop its services in exchange for investment. In addition to discontinuing the litigation, Estellion will have to pay at least some of Cocoon’s legal costs.  (DealStreetAsia)

IE Singapore teams up with IFC to help local firms tap emerging markets. The trade agency has signed a partnership agreement with International Finance Corporation (IFC), the investment arm of the World Bank. The two will co-host workshops for Singaporean companies and help them with entry into developing Asian and African markets. (The Business Times)

India

From one unicorn to another: InMobi poaches engineering exec from Flipkart. The Indian mobile advertising company has appointed Ravi Krishnaswamy – formerly senior vice president of engineering at Flipkart, where he took the lead on infrastructure, platforms, and logistics – as its new CTO. He will replace InMobi co-founder Mohit Saxena, who is moving to a different role. (The Economic Times)

Indian edtech startup Toppr raises US$6.9 million. The startup helps students personalize their education. The round is led by SAIF Partners, Helion Ventures and FIL Capital Management. (Yourstory)

Indonesia

Photo credit: Cre8/UnionSpace.

Trio of Indonesian VC firms unite to offer shared workspaces. Kejora Ventures and Gan Konsulindo have invested in Cre8 – a local co-working space chain – with Fenox offering non-financial backing. Cre8 is planning to rebrand as UnionSpace later this year and expand throughout Southeast Asia, marking another entrant into a regional segment that looks close to saturation point. (Tech in Asia)

Australia

Australia releases plans for enhanced fintech sandbox. The Australian government has published draft laws that will allow fintech companies to operate without a full financial services license. This could up the stakes in the competition to become the region’s main hub for fintech innovation and investment, with Hong Kong, Malaysia, and Singapore among the other jurisdictions to be experimenting with regulatory “sandboxes”. (Reuters)

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from Tech in Asia https://www.techinasia.com/apac-news-roundup-24-10-2017
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