Asia tech news roundup – Dec 4

Xiaomi co-founder, chairman, and CEO Lei Jun. Photo credit: Xiaomi

Hellobike raises US$350 million, PonyCar gets US$37 million, and Xiaomi is (still) planning its IPO. Here are some of the top Asia-Pacific stories from today and the weekend.

Transportation

Hellobike raises US$350 million from Alibaba unit (China). Alibaba’s Ant Financial joined carmaker WM Motor and VC firm Chengwei Capital in the funding round, which is Hellobike’s fourth to date. The bike-sharing firm merged with Youon Ditan in October in the sector’s first major consolidation event in October. (Reuters)

PonyCar gets US$37 million in series C round (China). Electric vehicle (EV) developer Zhihe Chuxing led the investment in PonyCar, which is an online sharing platform for EVs. The startup’s previous backers include smartphone maker Oppo and investment bank China Peakedness. (China Money Network)

Mobike partners with Singtel (China/Singapore). The Chinese bike-sharing firm and the Singaporean telco will collaborate on mobile payments, data analytics, marketing, and internet-of-things technology on a pan-Asia basis. (Singtel)

Fintech

Regulators issue stricter rules on micro-lending (China). Unlicensed online lenders have been banned outright by the new regulations, while the approval of new licenses remains suspended following an edict last week. Microloan startups that already have a license will be forbidden from charging annualized interest rates above the legal limit of 36 percent. Some had reportedly been charging rates in excess of 100 percent. (Caixin)

Central bank and securities watchdog consider ICO rules (Philippines). Bangko Sentral ng Pilipinas Governor Nestor Espenilla said his agency is in talks with the Philippine Securities and Exchange Commission to develop regulation for token crowd sales or “initial coin offerings” (ICOs). (Bloomberg)

Investors file police reports against SixCapital (Singapore). They claim that the fintech startup, which developed a range of automated trading products and promised returns of up to 18 percent per year, stopped making payouts in June. In the same month it indicated to investors its bank accounts with OCBC had been shut down, while it has also discontinued several products and had a number of staff quit. (The Straits Times)

Mobecom partners with Nets (Singapore). Customers will be able to spend airBux points – part of a loyalty rewards platform that Australia’s Mobecom provides to brands – at merchants with Nets payment terminals. (Mobecom)

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Marina Bay, Singapore. Photo credit: sepavo / 123RF

Media and entertainment

City-state singled out as copyright infringement haven (Singapore). The Asia-focused Coalition Against Piracy (CAP) – which counts Disney, Fox, Sony, and the BBC among its members – have rebuked Singapore for its apparent lack of protection for copyrighted works like movies and TV shows. “Singapore is the worst [Asian country] in terms of availability of illicit streaming devices,” said CAP general manager Neil Gane, referring to set-top boxes that can be used to stream copyright-infringing content. (Bloomberg)

Consumer tech

Xiaomi eyeing IPO in Q2 2018 (China). Speculation about the mobile maker’s long-expected IPO is nothing new, but insiders now say the company is aiming for a listing as early as the second half of next year. Xiaomi was valued at around US$46 billion after its last funding round in 2014, but its growth has slowed considerably since then. (The Information)

Ecommerce

India opposes new rules framework for global ecommerce (India). The Indian government has submitted a formal opposition to any World Trade Organization (WTO) negotiations over new rules governing cross-border ecommerce. Several WTO member states have pushed for an update to the current framework, which was adopted in 1998. India says many countries don’t yet fully understand the implications of negotiating new, binding rules. (The Economic Times)

Legaltech

Investors, incubators, and accelerators