Asia news roundup: Go-Jek in $500m international expansion, Revolution taps Pacquiao

Go-Jek drivers at a football match in Palembang, Indonesia / Photo credit: Go-Jek

In today’s news, Go-Jek expands to other regions, Tickled Media gets series B funding, and Revolution Precrafted partners with Manny Pacquiao to design homes.

Transportation

Go-Jek to spend US$500 million on regional expansion (Indonesia). The ride-hailing firm has officially announced plans to enter Singapore, Thailand, Vietnam, and the Philippines – the same countries dominated by its rival Grab – over the next few months. Go-Jek will roll out its ride-hailing service in these markets before adding other on-demand features in the future. Much like Grab, the company has a diverse range of services, including food delivery, micro-lending, insurance, and even entertainment. (Tech in Asia)

Ecommerce

EZBuy gets US$17.6 million to expand beyond Southeast Asia (Singapore). The ecommerce site allows users to buy from online stores based in overseas markets like China, the US, Taiwan, and South Korea. New and existing investors including Ventech, Sky9, IDG, Vision Knight Capital, and China Growth Capital participated in the “pre-series C” round. EZBuy said it will use the money  to “offer quick and more reliable modes of localized services” and to expand to more countries, including outside Southeast Asia. (Tech in Asia)

Fintech

China Chengxin Credit raises US$70.5 million in series A (China). The Beijing-based company got the funding from Citic Capital, Hillhouse Capital, and others. Joining the investment round were Boyu Capital, Three Gorges Capital Holdings, Cherubic Ventures, Danhua Capital, Wanshi Capital, and Harmony Riverside Investment Management. China Chengxin’s database of credit information covers individuals and companies and is connected to local administrations for use in business, law enforcement, and telecom services. (China Money Network)

WeInvest banks US$12 million series A funding (Singapore). London-based asset manager Schroders led the series A round, with several angel investors from the financial industry joining in. WeInvest has developed tech tools that help banks, brokers, asset managers, and financial advisors with things like client engagement, investment planning, and portfolio analysis. (Tech in Asia)

Property and real estate

Revolution Precrafted partners with Manny Pacquiao (The Philippines). The builder of prefabricated houses is tapping the boxer to design homes and sports-inspired structures for its local and international markets. Pacquiao has made investments in tech companies before, such as local car-rental platform Graventure and Singaporean blockchain startup Global Crypto Offering Exchange. Revolution Precrafted has tapped prominent designers, architects, and artists for its residential and other related projects. The country’s first unicorn is riding a wave of success this year, with deals totaling more than $6.5 billion from Dubai, Myanmar, Japan, and the Caribbean. (DealStreetAsia)

Boxer and senator Manny Pacquiao (left) with Revolution Precrafted founder and CEO Robbie Antonio / Photo credit: Revolution Precrafted

Blockchain and cryptocurrencies

SmartUp receives US$5 million investment (Hong Kong). The blockchain incubating platform received the funds from Blockchain Japan. SmartUp gives projects an opportunity to grow by providing technical assistance and services such as startup support, business consulting, lead investing and fundraising, and business networking. ValueCoin, an international blockchain trading platform, will be the first startup incubated by the company. The money will go to SmartUp’s platform operating expenses. (SmartUp)

Supreme Court to hold July hearing on crypto lawsuit (India). The court will decide on several petitions filed against the Reserve Bank of India (RBI), which released a circular in April that prohibits banks from dealing with cryptocurrency companies. One of the petitions was filed by Kali Digital Ecosystems, a startup that plans to launch its own crypto exchange called CoinRecoil. Lawyer Anirudh Rastogi, whose firm filed the petitions in response to the RBI policy, said, “One of the key arguments made out in the petition was that the circular was not preceded by any stakeholder consultation, which is what the latest order gets to.” (Coindesk)

Tencent launches eSIM card with blockchain-based authentication (China). The tech company announced the new product in a joint conference with its strategic partner, state-owned telecom operator China Unicom. The Tencent User Security Infrastructure (TUSI) eSIM card applies new blockchain-based identity authentication standards for the internet of things sector. Tencent and China Unicom will implement the TUSI card in consumer electronics, car systems, and other related devices. (TechNode)

MAS headquarters in central Singapore / Photo credit: Tech in Asia

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