Tech in Asia weekly briefing︱July 14th

East Asia

🇨🇳 Mainland China

  • Sequoia China leads nearly $100 million series C round of financing for storytelling app Kuaidian
  • Huawei reports a 13.1% YoY revenue growth in the first half of 2020 despite political setbacks
  • WeChat joins TikTok in facing a potential US ban
  • Warren Buffet-backed BYD becomes China’s highest-valued electric car company
  • Microsoft to drop its voice assistant Cortana for 5-year-old Chinese chatbot Xiaoice

Hong Kong

  • Animoca Brands, an entertainment company specialising in blockchain and gaming, raises $4.1 million ahead of its proposed IPO

🇯🇵 Japan

  • Advertising and public relations company Hakuhodo releases a non-contact touch panel to help people avoid touching surfaces during the pandemic
  • The Fukuoka SoftBank Hawks and the Tohoku Rakuten Eagles play to a crowd of robots

Southeast Asia

🇮🇩 Indonesia

  • Payment processor Payfazz raises $53 million in series B funding
  • Used cars online marketplace raises $2.5 million in seed funding
  • Alibaba Cloud plans to open its third data centre in Indonesia early next year

🇲🇾 Malaysia

  • Malaysian tech stocks hit a 16-year high

🇸🇬 Singapore

  • Fashion tech platform Zilingo cuts 12% of staff as online fashion shopping plummets

🇵🇭 Philippines

  • Cisco launches 0% interest loans to cutting-edge tech in the Philippines and Google launches a tech startup accelerator program in the country

South Asia

🇮🇳 India

  • Google to invest $10 billion in India over the next five to seven years to accelerate the adoption of digital services
  • Qualcomm to invest $97 million in Jio Platforms for a 0.15% equity stake, bringing Jio Platform’s investments to $15.7 million over the past 12 weeks from as many investors
  • Flipkart, which competes with Amazon in India, invests $35 million in Arvind Fashions to consolidate its lead in fashion e-commerce in the country
  • Food delivery startup Zomato projects monthly cash burn of less than $1 million – a glint of hope for food delivery services which find it hard to turn a profit

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