Alibaba, China’s largest eCommerce company, and Ant Financial, its financial services arm, are gearing up to invest $1 billion or more in Ele.me, the Chinese food delivery service. (more…)
Coins, Southeast Asia’s leading blockchain-enabled mobile payments platform, announced today the closing of a $5 million fundraise led by Naspers through its Naspers Ventures division, bringing the total amount raised in its Series A to over US$9.4M. (more…)
By Nadine Freischlad for Tech in Asia
It’s part of the telco’s shift in strategy away from launching new business units in-house. Instead, it’s collaborating with experienced partners and focusing on core strengths, he told Tech in Asia. (more…)
By James Sands for Seeking Alpha
- JD.com recently announced a drone delivery network to be implemented in the Shaanxi province in China.
- The company reported very robust first quarter results for the first quarter of 2017; the stock price is up nearly 60 percent for the year.
- If implementation of the drone delivery network is successful, it will be a major accomplishment for the newly established JD Logistics unit.
By Pearl Lee for Tech in Asia
On top of the Taj Mahal, India boasts other gems – Mumbai is the finance capital and Bangalore is said to be India’s Silicon Valley. Their steady growth has been led by fast-paced urbanization and high consumption. But the Indian government has plans to transform India’s economy and develop manufacturing capabilities to meet domestic and international demand. (more…)
Indian digital payments firm Paytm has officially launched a niche payments bank as part of its drive to double its customer base to 500 million over the next three years. (more…)
By Kevin Paul Murphy for American Banker
The move to the digital marketplace is no longer aspirational but inevitable for the modern financial enterprise. It is now more accurate to describe a bank as a technology company. But the change in identity means banks must adjust the way they ensure the security of their enterprise. (more…)
Poor business ethics, lack of innovation are key reasons for failure of startups in India: IBM study
By Sainul Abudheen K for e27
Majority VCs surveyed believe that many Indian startups lack pioneering innovation and are prone to emulate already successful global ideas (more…)
Chinese P2P lender Dianrong announced a new technology agreement with Maggie Ng, a leading consumer banking executive in Asia Pacific, to launch a global fintech marketplace connecting Asian investors with high-quality, low-volatility and largely untapped asset classes, including U.S. consumer lending. (more…)
Indian mobile wallet giant Paytm is to open its new Payments Bank on 23 March, joining telco Bharti Airtel as one of the first non-banks to take advantage of the Government’s relaxing of restrictions on bank licensing in an effort to boost financial exlusion. (more…)
Fintech is strong in Asia.
- The region retains 40% of all global capital invested in the sector.
- Six out of seven of the largest fintech companies worldwide come from Asia.
- The biggest Asian hubs (Singapore, India and China) are becoming the centres of global fintech innovation and adoption.
Chinese search giant Baidu has had it good. For years, the tech firm has enjoyed a near monopoly of the country’s multi-billion dollar search market. Domestic competitors Sogou and Easou trail behind, each with less than 10 percent market share. Google, its most threatening rival overseas, withdrew from China in 2010, citing hacks by the Chinese government. (more…)
The former CTO of UK challenger Tandem has joined forces with experienced execs from the more traditional banking sector to build a digital-only bank in Dubai. (more…)
Starting out as loan platform for personal life events such as weddings and Hajj pilgrimage, Taralite now focusses on providing working capital for small online businesses.
Imagine being in the middle of Times Square, surrounded by flashing lights, fast-talking vendors, street performers, live music, noisy traffic jams, and endless other distractions. Now imagine you’re online and surrounded by the same energetic chaos. Welcome to China’s digital marketplace, where shopping is an adventure—a fire hose of rapidly changing content, offers, products, colors, and choices. For Western shoppers accustomed to simple, transactional online buying, it’s a culture shock. (more…)
By Amit, CEO of LTP
In many parts of the world, tech companies (TechFins and FinTechs) are beginning to dominate the FinTech scene except India. BATs (Baidu, Alibaba and Tencent) and Internet finance in China dominate the market now. PayPal (Braintree and Venmo), Stripe and the likes of Prosper/Lending Club/Sofi have made serious inroads in the US although not to the same extent as China where internet finance cos have more customers than traditional banks in some segments. (more…)
Invoice Bazaar Supply Chain Finance platform connects large buyers with SME suppliers which enables them to avail early payment on their receivables (more…)
Garena, one of Southeast Asia’s biggest tech startups, has picked up $550 million in new funding and changed its name. The Singapore-headquartered consumer Internet company told Bloomberg that it is now called Sea Ltd. to reflect is global expansion plans (and also because SEA is an acronym for Southeast Asia). Its new valuation was undisclosed. (more…)