Asia tech news roundup – Nov 22

Downtown Kuala Lumpur by night.

Funding for MyRepublic, financial results for Sea, and Singapore thinks about ecommerce tax while Malaysia considers cryptocurrency regulation. Here are the day’s top tech headlines.

Telecom

MyRepublic gets US$51.8 million funding from intellectual property-focused fund (Singapore). The investment is the first to come from the billion-dollar Makara Innovation Fund, which was launched earlier this year by the Intellectual Property Office of Singapore and private equity firm Makara Capital to target companies with strong intangible assets. (Tech in Asia)

Internet

Sea reports first quarterly results since IPO (Singapore). The company, which listed on the New York Stock Exchange last month, reported 73 percent year-on-year growth in revenue across its ecommerce, gaming, and payments businesses. Adjusted net losses also more than doubled over the past 12 months, likely contributing to a drop in Sea’s share price through the trading day. (Tech in Asia)

Sea executive team on the podium at the New York Stock Exchange. Photo credit: NYSE.

Ecommerce

Singapore mulls ecommerce tax (Singapore). The city-state’s senior minister for law and finance Indranee Rajah suggested that online purchases could be taxed in the near future, echoing similar plans being made by the governments of Thailand and other countries. (Bloomberg)

Fintech

Microloans crackdown hits fintech stocks (China). The Chinese government is now requiring online lending platforms to obtain a license to operate legally. The clampdown has had a negative impact on several recently listed microloans-focused fintech companies, with PPDai, Jianpu Technology, and Qudian all experiencing share price drops. (China Money Network)

Photo credit: traviswolfe / 123RF.

Malaysia’s central bank to regulate cryptocurrency exchange (Malaysia). From 2018, Bank Negara Malaysia will require people and organizations converting cryptocurrencies into fiat money to report under the country’s Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. (Channel NewsAsia)

Automotive

Suburbs to get driverless buses by 2022 (Singapore). The autonomous vehicles will be introduced in the outlying districts of Punggol and Tengah, as well as the Jurong innovation Park, initially to ferry commuters on the “first-and-last miles” of their journeys. (The Straits Times)

Investors, incubators, and accelerators

Smart Axiata reveals first startups to get investment from its new VC fund (Cambodia). Delivery and logistics company Joonak Delivery, cloud software provider Morakot Technology, and 3D printer comparison site Aniwaa will each receive between US$25,000 and US$500,000 from the Cambodian telco’s US$5 million venture fund. (Southeast Asia Globe)

See: Previous Asia tech news roundups