Tech in Asia weekly briefing︱June 23rd

East Asia

🇨🇳 Mainland China

  • Social commerce startup Pinduoduo hits a $100 billion market cap in just five years
  • ByteDance records Q1 revenue of $5.6 billion, a 130% year-on-year growth and forms new e-commerce business unit
  • Warehouse fulfilment robot startup Geek+ raises over $200 million in series C funding
  • Gay dating app Blued files for an initial public listing on Nasdaq
  • Alipay to give out $1.4 billion in coupons to boost consumption and increase app adoption
  • EU chamber president warns the US-China tech war is a bigger risk than COVID-19
  • Tencent CEO and founder Pony Ma sells $550 million worth of shares in four days


  • Taiwan’s largest innovation company, Innovation to Industry (i2i), to invest $70 million in Israeli startups to pilot their products in East Asian markets
  • AI healthtech startup Deep01, which helps doctors interpret CT brain scans more quickly, raises $2.7 million

🇯🇵 Japan

  • Japan releases contact tracing app using the Apple-Google system
  • The Cabinet Office, Ministry of Justice, and Ministry of Economy, Trade, and Industry express support for not using hanko in cases where it obstructs telecommuting and release a Q&A
  • Tokyo government to pilot 5G for some SMEs this autumn
  • Japan Post announces the trial of an AI-powered tool for calculating delivery routes to resolve shortages in workforce
  • Yamaha uses remote piano performances for Chinese and Japanese students to be assessed by examiners in Germany

🇰🇷 South Korea

  • Samsung in Seoul denies reports on the website of Samsung Vietnam that the company is moving much of its display production from China to Vietnam

Southeast Asia

🇮🇩 Indonesia

  • Online furniture retailer Fabelio raises $9 million in series C round 
  • Jendela360 raises $1 million to make virtual tours the new normal in property buying

🇲🇾 Malaysia

  • The Malaysian Ministry of Education announces a revamp of its digital learning platform through collaboration with Google, Microsoft, and Apple

🇸🇬 Singapore

  • 14 of the 21 first digital bank applications make it to the next stage
  • Sequoia invests $3.2 million in quantum computing startup Horizon
  • Disney+ begins hiring in Singapore ahead of a suspected regional launch

🇰🇭 Cambodia

  • The National Bank of Cambodia reveals technical details of its upcoming blockchain-based payments system

South Asia

🇮🇳 India

  • Jio Platforms to sell a $1.5 billion stake to Saudi Arabia’s Public Investment Fund and announces the end of this round of investments
  • India’s antitrust watchdog reviews Facebook’s $5.7 billion deal with Jio Platforms
  • Amazon expands its participant delivery scheme Flex to more than 35 cities in India

🇵🇰 Pakistan

  • Online grocery startup MandiExpress raises $725,000 in pre-series A funding 

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