Samsung chief Jay Y. Lee / Photo credit: Reuters/Kim Hong-Ji
Here’s what happened in Asian tech over the past few days…
Big tech
Samsung heir walks free (South Korea). A South Korean appeals court today suspended the jail sentence handed down to Samsung heir Jay Y. Lee, setting him free after a year’s detention. A lower court in August convicted Lee of bribing former president Park Geun-hye in exchange for help to strengthen his control of the tech giant. He was also convicted of embezzlement and other charges. But the appeals court said Lee did not solicit any such help. It said Lee’s involvement could be characterized as “passive compliance to political power.” (Reuters)
Cryptocurrencies
China wants to stamp out cryptocurrency trading completely (China). A publication affiliated with the People’s Bank of China announced government plans to block all websites related to initial coin offerings and trading in the country – including foreign platforms. It said recent attempts to eradicate trading by shutting down domestic exchanges had failed, with businessmen just relocating to Hong Kong or Japan while still raising funds from mainland investors. (SCMP)
Photo credit: adriantoday / 123RF
Ecommerce
Flipkart’s losses widen (India). India’s largest online retailer reported a 68 percent increase in losses for the year ended March 2017, as it continued to spend heavily to battle archrival Amazon. On the other hand, revenue climbed 29 percent, much slower than the previous year’s 50 percent growth. While its losses widened, Flipkart is said to be awash in cash after raising as much as US$3 billion from SoftBank, Tencent, and others in 2017, and reducing its burn rate from 2015 levels. (Livemint)
Aviation
Singapore Airlines to use blockchain tech (Singapore). CEO Goh Choon Phong said they will use blockchain to give their frequent flyers a new way to spend their accumulated miles, making the company “the first” airline to do so. He said a digital wallet app for Singapore Airlines’ KrisFlyer loyalty program would be rolled out in six months. (Reuters)
Singapore Airlines craft at Changi Airport / Photo credit: petervick167 / 123RF Stock Photo
Venture capital
Sequoia eyes new $1b fund (India/Southeast Asia). The VC firm is preparing to raise the amount for its sixth India fund, which would make it the its largest fund focused on the country to date. Sequoia’s local team also makes investments in Southeast Asia, which means some of the money might be channeled to the region. (Inc42)
See: Previous Asia news roundups
This post Asia news roundup: Samsung scion Lee is out of jail, China plans new crypto crackdown appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/apac-news-05-02-2018
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