Asia news roundup: Grab switches on accelerator, MyRepublic bags $60m, and more

Photo credit: Grab

Grab sets up a new venture to back startups, MyRepublic nabs fresh funding ahead of IPO, and crypto trading gets green light in Indonesia.

Transportation

Grab’s new venture to power Southeast Asian startups (Singapore). The ride-hailing firm announced today that it has launched an innovation arm called Grab Ventures to nurture startups in Southeast Asia’s tech space. The effort will include the development of its in-house businesses like GrabCycle, an accelerator program for growth-stage startups, and strategic investments into startups across transport, food, logistics, and financial services. (Tech in Asia)

Tokyo to go driverless by 2020 (Japan). Japan is looking to leverage autonomous cars to cope with an aging and declining workforce. The government said on Monday that it would begin testing a self-driving car service on public roads within this fiscal year. It also plans to commercialize the system as early as 2022. (Reuters)

Enterprise software and services

MyRepublic amasses US$60 million ahead of IPO (Singapore). The new injection, which comes from CLSA Capital Partners and Kamet Capital Partners, brings the telecommunications startup’s total funding to US$150 million. The company will use the capital to further regional expansion and speed up the development of its proprietary cloud system. The funding comes ahead of its listing in Hong Kong, which is slated to happen in the next 18 to 24 months. (Tech in Asia)

SGInnovate makes undisclosed investment in AI startup (Singapore). The state-owned deep-tech firm announced today at InnovFest Unbound 2018 that it has backed Aida Technologies, which specializes in predictive analytics and intelligent systems. Aside from financial support, SGInnovate will also collaborate with Aida to help it source sales leads. (SGInnovate)

Fintech

Image credit: OCBC

OCBC introduces instant account-opening service (Singapore). OCBC claims that it’s the first bank in Singapore that allows citizens and permanent residents to apply for an account from their mobile or desktop devices. Accounts can be set up within five minutes, doing away with the hassle of visiting a branch and waiting for application approval, says the bank. (OCBC)

Delivery and logistics

All-woman delivery startup secures funding (India). Hey Deedee, which aims to mobilize low-income women by training them to undertake last-mile delivery, has raised US$500,000 in pre-seed funding from Metaform Venture. The startup has employed more than 100 women drivers across Mumbai, Nagpur, Pune and Bangalore, and plans to hit 10 cities this year. (e27)

Blockchain and cryptocurrencies

Coinbase plans Japan office (Japan). The San Francisco-headquartered digital currency exchange is opening an office in Japan, a crypto-trading hotbed. The company says it’s working closely with local regulators to get the required license for crypto-exchanges. Mitsubishi UFJ Financial Group, one of Coinbase’s investors, is reportedly a potential partner for the firm’s Japan expansion. (Bloomberg)

Chinese ethereum wallet giant relocates (Singapore/China). ImToken, which claims to be the world’s biggest ethereum wallet, is moving its headquarters to Singapore. Seventy percent of its current users are based in China, but the startup is prioritizing global expansion this year. (South China Morning Post)

Crypto trading gets green light (Indonesia). Regulators have declared cryptocurrency a commodity, and as such, it can be traded in the country. Rules related to exchanges, wallets, mining and other aspects to facilitate the trade will be established. (e27)

Ecommerce

Carousell CEO turned down a US$100 million offer (Singapore). The secondhand market platform was offered a chance to sell a few years ago, but CEO Quek Siu Rui decided to keep building the business. He recently shared with Bloomberg how and why he went with that choice. (Bloomberg)

Energy and greentech

Media and entertainment

Proptech