Asia news roundup: Lattice80 shuts fintech hub, Japan may legalize ICOs, and more

Photo credit: fazon / 123RF

Troubled Lattice80 is shuttering its Singapore fintech hub, while Facebook just can’t seem to catch a break.

Fintech

Lattice80 closes fintech hub (Singapore). The Marvelstone Group-owned incubator announced it is closing its fintech hub in the city-state, opening a “crypto hub” in its place to work with blockchain and cryptocurrency startups. Lattice80’s fintech hub operated for almost two years but ran into problems after landlords accused it of defaulting on rental fees and other bills. Marvelstone had earlier indicated it would relocate the global headquarters for its fintech operation to London. (Lattice80)

The former Lattice80 fintech hub at 80 Robinson Road in Singapore / Photo credit: Lattice80.

CapitaLand to launch e-payment services across all malls (Singapore). The real estate and shopping mall operator launched StarPay, an electronic payment platform that allows customers to pay via cards, QR codes and mobile payment apps. The system will also provide retailers with analysis on shoppers’ buying habits. The company plans roll out the platform across all 17 malls it owns in the country by the year’s end. (CapitaLand)

Photo credit: CapitaLand

Blockchain and cryptocurrencies

Canaan Creative considers IPO (China). The Hangzhou-based manufacturer of cryptocurrency mining equipment is reportedly planning to go public, but outside of China. The firm provided no details about a timeframe or how much money it expects to raise if it decides to go forward with the IPO. (DealStreetAsia)

Media and entertainment

Razer launches game store to rival Steam and Amazon (Singapore/US). Gaming console manufacturer Razer announced the launch of its own game distribution platform called Razer Game Store. Users can buy titles from developers like Ubisoft, Bethesda, and Bandai Namco, or use the platform as a proxy to buy games on other sites like Amazon through product keys. (TechCrunch)

Transportation

Uber will operate in Singapore for one more week as Grab wrestles competition watchdog (Singapore). Grab has issued a statement about the scrutiny of its deal with Uber by the Competition and Consumer Commission of Singapore (CCCS). The ride-hailing company says it has had “productive discussions on our alternative proposals” to address the concerns raised by the CCCS, but in the meantime it has agreed that the Uber app will keep running until April 15. The app was supposed to stop working after April 8. (Grab)

South Korea’s Mirae might invest US$264 million in China’s Didi (China). Korean media is reporting that Mirae Asset Financial Group has plans to invest US$264 million into Chinese ride-share platform Didi Chuxing. The group was speaking to reporters on Wednesday, and said the funds will be managed by Mirae Asset Capital and another participating investor. This possible investment comes at a time when Didi is expanding beyond its core business into clean-energy vehicles and bike-sharing services. (China Money Network)

Policy and regulation

Government-backed study lays foundation for ICO legalisation (Japan). While China has banned initial coin offerings (ICO), Japan is inching toward legalization. On Thursday, a study group backed by the Japanese government published guidelines for further adoption of ICOs which the country’s Financial Services Agency will deliberate on later this month. (DealStreetAsia)

Social media

Civil rights groups accuse Facebook of contributing to violent riots (Myanmar). In an open letter published early Friday, six NGOs slammed Facebook for mishandling supposed “hate” messages. Last September, the Muslim community in the country received messages on the social media about possible attacks on them by Buddhist extremists, and vice versa. Facebook CEO Mark Zuckerberg told Vox that those messages were detected and stopped, but the NGOs claimed otherwise, saying they spread countrywide in an “unprecedented way.” Facebook did not respond to The Financial Times’ request for comment. (The Financial Times)