Xiaomi co-founder, chairman, and CEO Lei Jun . Photo credit: Xiaomi.
Hellobike raises US$350 million, PonyCar gets US$37 million, and Xiaomi is (still) planning its IPO. Here are some of the top Asia-Pacific stories from today and the weekend.
Transportation
Hellobike raises US$350 million from Alibaba unit (China). Alibaba’s Ant Financial joined carmaker WM Motor and VC firm Chengwei Capital in the funding round, which is Hellobike’s fourth to date. The bike-sharing firm merged with Youon Ditan in October in the sector’s first major consolidation event in October. (Reuters)
PonyCar gets US$37 million in series C round (China). Electric vehicle (EV) developer Zhihe Chuxing led the investment in PonyCar, which is an online sharing platform for EVs. The startup’s previous backers include smartphone maker Oppo and investment bank China Peakedness. (China Money Network)
Mobike partners with Singtel (China/Singapore). The Chinese bike-sharing firm and the Singaporean telco will collaborate on mobile payments, data analytics, marketing, and internet-of-things technology on a pan-Asia basis. (Singtel)
Fintech
Investors file police reports against SixCapital (Singapore). They claim that the fintech startup, which developed a range of automated trading products and promised returns of up to 18 percent per year, stopped making payouts in June. In the same month it indicated to investors its bank accounts with OCBC had been shut down, while it has also discontinued several products and had a number of staff quit. (The Straits Times)
Regulators issue stricter rules on micro-lending (China). Unlicensed online lenders have been banned outright by the new regulations, while the approval of new licenses remains suspended following an edict last week. Microloan startups that already have a license will be forbidden from charging annualized interest rates above the legal limit of 36 percent. Some had reportedly been charging rates in excess of 100 percent. (Caixin)
Mobecom partners with Nets (Singapore). Customers will be able to spend airBux points – part of a loyalty rewards platform that Australia’s Mobecom provides to brands – at merchants with Nets payment terminals. (Mobecom)
Marina Bay, Singapore. Photo credit: sepavo / 123RF
Media and entertainment
City-state singled out as copyright infringement haven (Singapore). The Asia-focused Coalition Against Piracy (CAP) – which counts Disney, Fox, Sony, and the BBC among its members – have rebuked Singapore for its apparent lack of protection for copyrighted works like movies and TV shows. “Singapore is the worst [Asian country] in terms of availability of illicit streaming devices,” said CAP general manager Neil Gane, referring to set-top boxes that can be used to stream copyright-infringing content. (Bloomberg)
Consumer tech
Xiaomi eyeing IPO in Q2 2018 (China). Speculation about the mobile maker’s long-expected IPO is nothing new, but insiders now say the company is aiming for a listing as early as the second half of next year. Xiaomi was valued at around US$46 billion after its last funding round in 2014, but its growth has slowed considerably since then. (The Information)
Ecommerce
India opposes new rules framework for global ecommerce (India). The Indian government has submitted a formal opposition to any World Trade Organization (WTO) negotiations over new rules governing cross-border ecommerce. Several WTO member states have pushed for an update to the current framework, which was adopted in 1998. India says many countries don’t yet fully understand the implications of negotiating new, binding rules. (The Economic Times)
World Trade Organization headquarters in Geneva, Switzerland. Photo credit: sumpao / 123RF
Legaltech
Dragon Law rebrands to Zegal (Hong Kong). The startup – which offers a cloud-based platform for creating and signing business documentation, and operates as a virtual law firm – has changed its name and opened an office in Manchester, UK, marking its first foray into Europe. (Zegal)
Investors, incubators, and accelerators
Comb+ launches US$77 million artificial intelligence fund (China). The Beijing-based accelerator is aiming to use the vehicle to help foreign artificial intelligence startups enter the Chinese market. (TechCrunch)
DCM Ventures raising third US$100 million Android fund (Asia-Pacific). The firm, which is focused on US, Chinese, and Japanese investments, is putting together a new fund to back startups working with Google’s open source Android operating system. (DealStreetAsia)
Singtel, NTU, and A-STAR partner on emerging technologies (Singapore). Nanyang Technological University (NTU) and the Agency for Science, Technology, and Research (A-STAR) are joining forces with telco Singtel to establish the Singtel Cognitive and Artificial Intelligence Lab for Enterprises (SCALE@NTU) to develop applications for use in healthcare, manufacturing, public safety, smart urban solutions, and transportation. (Singtel)
This post Asia tech news roundup – Dec 4 appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/apac-news-04-12-2017
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