Asia news roundup: Xiaomi finally files for IPO, Amazon makes Flipkart offer, and more

Xiaomi store in Shenzhen / Photo credit: Xiaomi

Some of the latest big tech stories: Xiaomi files for US$10 billion IPO, Amazon bids for Flipkart stake, and Razer partners with Singtel on digital payments.

Fintech

MC Payment merges with iFashion Group for US$18.7 million, confirms reverse takeover with Artivision (Singapore). The acquisition will allow the digital payments firm to offer its services to iFashion’s range of Southeast Asian ecommerce brands, which includes Dressabelle, Megafash, and Nose. MC Payment is also going forward with a reverse takeover of Singapore-listed tech firm Artivision Technologies. Announced last November, the merger could rise to as much as US$74 million in value. (Tech in Asia)

CredoLab closes US$1 million funding from Walden International (Singapore). The provider of alternative credit-scoring solutions will use the funds to focus on underserved regions in Asia and Africa. CredoLab’s app extracts a unique digital footprint from a consumer’s mobile device, which can be used to create predictive digital credit scorecards. At present, CredoLab is focused on China and Southeast Asia now, but ultimately, it aims to target the estimated global market of 2 billion unbanked consumers. (CredoLab)

Transportation

Transport agency reaches out to potential entrants Go-Jek, Jugnoo (Singapore). The city-state’s Land Transport Authority (LTA) made the move in light of several ride-hailing companies aiming to fill the void left by Uber’s merger with Grab. The LTA said that new operators need to comply with regulatory requirements before doing business in Singapore. Jugnoo is planning to launch in the city this month, while there are reports that Go-Jek is considering a partnership with taxi company ComfortDelGro, which had previously tied up with Uber. (TodayOnline)

Baidu’s autonomous cars need human intervention every 66 km (China). A 2017 report from California’s Department of Motor Vehicles found reasons for “disengagements,” or instances wherein a human has to take control of an autonomous car from its self-driving system. Baidu’s cars racked up 3,173 km in test drives between August 2016 and November 2017. During this time, there was a total of 48 disengagements, averaging one every 66 km. Data revealed that the software is to blame rather than irregular road conditions or events. The nonprofit Consumer Watchdog has used the reports to support its claim that “self-driving cars cannot actually drive themselves.” (TechNode)

Ecommerce

Amazon offers to buy 60 percent of Flipkart (India). The US ecommerce company has made a formal bid to purchase a 60 percent stake in the Indian online retailer, according to people familiar with the matter. At the same time, Walmart is said to be finalizing a deal with Flipkart for a majority stake, with Google parent Alphabet rumored to be joining the US retail giant’s bid in an effort to keep Amazon from dominating India’s ecommerce market. (CNBC)

Media and entertainment

Razer partners with Singtel on e-payment services (Singapore). The gaming hardware company has moved closer to becoming a major payments provider in Southeast Asia after it announced a partnership with mobile network operator Singtel. The firms said they aim to create ““the largest e-payments network” in the region. Razer CEO Tan Min-Liang said the deal would also bring his company’s games-related digital currencies, zGold and zSilver, to Singtel subscribers. (Tech in Asia)

Enterprise software and services

The Swingvy team / Photo credit: Swingvy

Swingvy closes bridge financing round from Aviva Ventures (Singapore). The SaaS provider will use the undisclosed amount of funding for its Asia expansion. Swingvy offers a payroll and employee benefits automation platform. It serves over 2,500 businesses and 60,000 users across Malaysia, Singapore, and South Korea. (Swingvy)

Bizongo raises US$22 million from Facebook co-founder’s firm (India). The Mumbai-based B2B portal for packaging solutions secured the series B injection from B Capital, the VC firm of Facebook co-founder Eduardo Saverin. Accel India, IDG Ventures, and International Finance Corporation also joined the round. Bizongo will use the capital to further develop its platform and design functions. (The Economic Times)

Consumer tech

Xiaomi files for IPO in Hong Kong (China). The Beijing-based tech company is expected to raise US$10 billion in its Hong Kong listing, which could take place as soon as next month. That would make Xiaomi’s trade debut the biggest worldwide since Alibaba’s US$25 billion float on the New York Stock Exchange in 2014. (Bloomberg)

Travel and hospitality

Touristly is now Vidi (Malaysia). The online travel startup said its rebranding reflects its change in model from a travel planner to a visual discovery platform. Vidi also said it will soon release new mobile apps for iOS and Android. (Vidi)

Investors, incubators, and accelerators

Helicap raises US$1.5 million seed funding from ex-politician’s firm (Singapore). The fintech platform raised the capital in a round led by Nufin Data, which is chaired by Teo Ser Luck , the former minister of Singapore’s Ministry of Manpower. Helicap will use the funds to further develop its app, database, and servers. (Tech in Asia)

See: Previous Asia tech news roundups

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from Tech in Asia https://www.techinasia.com/apac-news-03-05-2018
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