Photo credit: Dan Freeman / Unsplash
In today’s news, Alibaba contest rivals JD and Tencent with a big investment in Thailand, while Indonesia has been highlighted as making the most progress on financial inclusion among east Asian and Pacific countries.
Fintech
True Balance nets US$23 million investment (India/South Korea). The payment startup, with bases in India and South Korea, has raised US$23 million in a bridge funding round led by a consortium of investors including Line, Naver, Shinhan Bank, and TS Investment, among others. True Balance, which allows users to more easily check, track, and recharge their phone’s data balance, said it will use the funds to hire more people, and expand its financial services to users. (Inc42)
Indonesia ranks first in east Asia and the Pacific in banking the unbanked (Indonesia). The World Bank has released the latest Global Financial Inclusion Index, finding Indonesia ahead of the pack across east Asia and the Pacific in bringing unbanked citizens – especially women – into the formal financial system over the past three years. (United Nations Capital Development Fund)
Media and entertainment
Photo credit: piotrkt / 123RF
Tencent invests US4.8 million in Xiaoxiang Huyu (China). The Chinese internet giant has invested US$4.8 million in the gaming influencer agency’s pre-series A round. Xiaoxiang Huyu focuses on game-streaming and hosting content from internet celebrities. The money will be used to recruit influencers and obtain content. (KrAsia)
Hooq offers free-to-air channels (Indonesia/Singapore). The video-streaming service, launched by Singtel, Sony Pictures, and Warner Bros, has announced that it will remove the cost of Indonesia’s free-to-air channels, and reduce the price of its premium channels to as low as US$0.25 per day. The firm said the move will strengthen its leadership position in the country. (Hooq)
Ecommerce
Lazada alumni-built Intrepid secures US$2 million funding (Vietnam). The Ho Chi Minh City-based startup, which helps offline retailers in the country sell their goods online, secured the investment from several Swedish family offices. Intrepid was founded by Khang Chim, the former head of sales for Lazada Vietnam,and ex-Lazada Vietnam CEO Chris Beselin. The capital will be used to continue Intrepid’s expansion into the Philippines. (Tech in Asia)
Enterprise services and software
Expenses management platform Fyle raises US$1.1 million (India). The Bangalore-based startup, which extracts data from receipts to help enterprises manage expenses, has bagged fresh funds from existing investors Pravega Ventures and Beenext. The firm did not say how it would use the investment. (Fyle)
Travel
Ha Lam (center) with the Triip.me team.
Travel startup Triip secures venture funding, prepares for ICO (Vietnam). The traveltech firm, based in Ho Chi Minh City, has raised an undisclosed amount from Japanese investor Gaiax and Vietnamese angel investor Nguyen Duy. The startup, which lets individuals sign up as tour guides and offers custom tour packages to tourists, raised US$500,000 in seed capital funding from Gobi Partners two years ago. Triip claimed the latest funding will increase its valuation to US$10 million, and will be used to support growth, make new hires, and to launch an ICO. (e27)
Edtech
Edu2Review raises fresh funds from Singapore VC (Vietnam). The education startup, which allows students to book courses online and assess performance, has landed an undisclosed amount of funding from Singapore-based VC firm Nest Tech. The firm did not say how it would use the capital, but aims to grow its customer base and expand its business across Southeast Asia this year. (DealStreetAsia)
Big tech
Alibaba to pump US$320 million into Thailand (China/Thailand). The Chinese ecommerce giant is spending big on a “digital hub” in eastern Thailand to help market the country’s agricultural products and tourism offerings to Chinese consumers. Alibaba’s investment comes at a time when its rivals JD and Tencent are also boosting their presence in the region. (Reuters)
Meanwhile, the tech giant has bought chipmaker Hangzhou C-SKY Microsystem (China). Alibaba has wholly acquired the circuit manufacturer, which develops embedded CPU and chip architecture, in an apparent bid to advance its own chip development capabilities. The takeover comes amid heightened trade tensions between China and the US, which Chinese companies rely on to source many critical technologies. Alibaba is reportedly already developing an AI chip designed for image and video recognition. (China Money Network)
See: Previous Asia tech news roundups
This post Asia news roundup: Alibaba commits $320m to Thailand; True Balance, Triip, and Intrepid funded appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/apac-news-20-04-2018
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