Asia tech news roundup – Nov 20

Photo credit: Bluegogo.

The Bluegogo saga takes a new turn, aCommerce and Tech in Asia win new rounds of funding, and Alibaba makes a big bet on offline retail.

Ecommerce

aCommerce gets financial boost (Thailand). The Southeast Asian ecommerce services provider scored US$65 million in its series B round, led by Emerald Media and several existing backers. The company will use the fresh funds to further develop a software allowing merchants to sell goods through a number of ecommerce platforms, establish more partnerships in its current markets, and seek out clients in new markets like Malaysia and Vietnam. (Tech in Asia)

Transportation

CEO of cash-strapped Bluegogo writes an apologetic letter (China). Boss Li Gang announced he’s handing over the company’s operations to Sichuan-based counterpart Biker. He blamed stiff competition from “well-funded” players for his startup’s collapse. “From the very start of Bluegogo, we have always been on thin ice […] As for the wages I owe everyone, I will try to think of a way to resolve this as soon as possible,” he said. (Tech in Asia)

Retail

Alibaba doubles down on offline retail (China). The tech giant bought a US$2.9 billion stake in Sun Art Retail Group, China’s largest operator of Walmart-style hypermarkets. The company, owned by billionaire Jack Ma, has staked much of its future on transforming old-school retail by infusing stores with technology to better manage inventory and boost margins. (Bloomberg)

Media and events

Tech in Asia secures US$6.6 million in new financing (Singapore). The round was led by Hanwha Investment & Securities, an affiliate of Hanwha, one of Korea’s largest conglomerates. Existing investors Eduardo and Elaine Saverin, Walden International, and East Ventures also participated. The company will use the money mainly for research and product development for its media, events, and jobs products. (Tech in Asia)

Fintech

Nets ties up with major banks for its epayments system (Singapore). Customers of seven major banks accounting for 90 percent of retail transactions in the city-state will soon be able to make payments from their accounts by scanning a QR code using their smartphones. The feature is currently available to customers of DBS, UOB, and OCBC. Nets rolled out the QR code system to more than 600 stalls in 20 hawker centers in Singapore. (The Straits Times)

Creatives

Inmagine Group – one of the world’s top stock image players – continues its acquisition spree (Malaysia). The company, through unit 123RF, acquired Taiwanese online vector-based design startup Vectr for an undisclosed sum. Earlier the group bought US-based video licensing platform Story & Hearts and UK-based design marketplace TheHungryJPEG as it transforms into an ecosystem spanning different creative content. (e27).

See: Previous Asia tech news roundups

This post Asia tech news roundup – Nov 20 appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/apac-news-20-11-2017
via IFTTT