Asia news roundup: Malaysia central bank foils hack, iQiyi makes rocky IPO, and more

Photo credit: Cuneopost.

Here’s a wrap of the day’s news.

Blockchain and cryptocurrencies

Chinese central bank to tighten regulation on cryptocurrencies (China). The People’s Bank of China (PBOC) will launch a clampdown on all types of digital currencies, said one of its vice governors in a statement released yesterday. The PBOC started researching and developing its own virtual currency in November last year, and will up the ante this year, the statement added. Earlier this year, government banned crypto-trading and initial coin offerings nationwide. (Reuters)

Telecommunication

China Telecom eyes Philippine telco market (Philippines). The state-owned carrier is confident that the Philippines welcomes interest in its telecommunications sector from China and other foreign investors, said company CEO and chairman Yang Jie, even as the two countries are embroiled in a decades-long maritime dispute. HIs statement comes as President Rodrigo Duterte plans to grant another license and introduce competition in a market dominated by the duopoly of Globe Telecom, a unit of Singapore’s Telecommunications , and PLDT, which is backed by Indonesia’s Salim Group and Japan’s NTT. Yang added that while the official application process hasn’t started, the firm is working on “further understanding and communicating” about the deal. (Nikkei Asian Review)

Ecommerce

Online fashion platform closes series C round led by Google (India). Mumbai-headquartered Fynd said it has raised an undisclosed amount of funding in its series C round, which was led by Google, and plans use the money to improve its engagements with retailers and consumers alike. The startup lets physical retail stores list their entire selections on its platform and provides them access to its online ecommerce marketplace. (DealStreetAsia)

Policy and regulation

Central bank thwarts attempted cyberattack (Malaysia). An attempt by hackers using fraudulent wire transfers to siphon money was discovered and prevented on Tuesday, Bank Negara Malaysia said in a statement. Bank Negara clarified that no funds were lost in the incident – the second known cyberattack on a central bank. The first such hack happened in 2016, when US$81 million was stolen from Bangladesh Bank. (Reuters)

Media and entertainment

Baidu spinoff iQiyi makes shaky debut on NASDAQ (China). The video-on-demand service debuted on US stock exchange on Thursday at an opening price of US$18.20, but gains skidded down to US$15.55 at closing – well below its IPO price. CEO Gong Yu dismissed any concerns, describing the fluctuations as “short-term volatility.”  (Reuters)

Startup and ecosystems

AI platform targets gender bias in male-dominated tech industry (Singapore). Three high school students in the city-state have built Hequals, an app that auto-assigns tasks based on skills and work history, making it immune to gender or other discriminatory biases. It was inspired in part by a co-founder’s sister, who interned at Amazon. The team was also motivated by a 2016 report in The Guardian report about bias against female software developers and their work. (E27)

Transportation

Grab-Uber mega deal faces scrutiny from competition regulators (Singapore, Philippines). The Competition Commission of Singapore (CCS) is investigating whether ride-hailing app Grab’s purchase of rival Uber’s Southeast Asian business has breached the country’s Competition Act. This is the first time that CCS has issued such a notice following a merger. Elsewhere in the region, the Philippine Competition Commission (PCC) is also probing whether the deal is anti-competitive. Grab said it plans to meet with the PCC to address their concerns. (Tech in Asia)

See: Previous Asia tech news roundups