SEA
Singapore has swiftly overtaken the rest of the region that Wanted, South Korean social referral recruitment platform, operates out of as the biggest overseas market in terms of the number of applications received. Its clients in Singapore include e-commerce marketplace Carousell, insurance provider Aviva, budget airline Scooter amongst others. (KrASIA)
FundedX stalls launch of Singapore private exchange over licensing issue. This startup incepted in 2016 – the first crowdfunding platform to offer both debt and equity deals for promising companies in Singapore. (Deal Street Asia)
Obike transferred $7m of users’ money to Hong Kong company, liquidator says. The transfer was purportedly made as pre-payment for the supply of bicycles and was followed by a loan from oBike Hong Kong Limited to the Singapore operation. (Tech In Asia)
Hedera Hashgraph claims its tech is superior to blockchain, set to open Singapore office soon. This blockchain competitor has raised US$100m to develop key services such as cryptocurrency, file storage service, and a smart contract platform. (e27)
Japan’s SBI Holdings eyes four more Indonesia investments by end of the year. The company plans to almost double its tally by the end of the year for venture investments in Indonesia. (Deal Street Asia)
China
Google developing a news – aggregation app for China. Eight years after Google’s high-profile retreat, the company is now seeking its way back into China, now the world’s largest internet market. (KrASIA)
Rumour: Ant Financial and Didi to acquire Ofo? Can Ofo still withstand pressures to remain independent? The company is targeting to become profitable by end-2018, after retreating from countries such as Australia, Germany, Israel, & North America (KrASIA)
Is blockchain the answer to China’s vaccine woes? As a distributed digital ledger that is maintained real-time, the blockchain’s tamper-proof nature can ensure the veracity of the data once it’s been recorded. (Technode)
Huawei says shipped over 95 million smartphone globally in first half. The company claimed that its wearables posted growth of 147 per cent during the period from a year ago. It also plans to open another 10,000 retail stores around the world by end-2018. (Reuters)
While pragmatist Pichai ploughs into China, Google fumes over concession to censorship. The secret project kept from all but select teams and leaders have now sparked a furious internal debate. This was the boldest move by Pichai to bring search back to China. (SCMP)
Seven US law firms are investigating Pinduoduo for fake products. The company came under attention for selling fake goods on the platform which cater to the need of low-income users in rural China. (Technode)
World
Apple CEO says $1 trillion value a ‘milestone’ but not a focus. Cook said in a memo that the financial returns are simply the result of Apple’s innovations. Apple effectively became the first publicly listed US company to reach $1 trillion in market capitalization. (Reuters)
For Sheryl Sandberg, a career was in tech was never the plan. One of her favourite lines is: ‘’What would you do if you weren’t afraid?’’. The most important jump in her career was the from government to Silicon Valley. (Tech In Asia)
Good News Bad News
Selling consumers on cool tech gear is proving to be easier than convincing investors. Sonos Inc is the one learning the lesson this time, with its shares barely breaking through the range it marketed for on its IPO debut, as investors show skepticism for consumer tech. (Bloomberg)
