Asia news roundup: Alibaba commits $320m to Thailand; True Balance, Triip, and Intrepid funded

Thailand, where Alibaba is trying to stay a step ahead of the competition / Photo credit: Dan Freeman / Unsplash

In today’s news, Alibaba contest rivals JD and Tencent with a big investment in Thailand, while Indonesia has been highlighted as making the most progress on financial inclusion among east Asian and Pacific countries.

Fintech

True Balance nets US$23 million investment (India/South Korea). The payment startup, with bases in India and South Korea, has raised US$23 million in a bridge funding round led by a consortium of investors including Line, Naver, Shinhan Bank, and TS Investment, among others. True Balance, which provides an easier way for people to check, track, and recharge their phone’s data balance, said it will use the funds to hire more staff and to expand its financial services to users. (Inc42)

Indonesia ranks first in East Asia and the Pacific in banking the unbanked (Indonesia). The World Bank has released the latest Global Financial Inclusion Index, reporting that Indonesia is ahead of the pack across East Asia and the Pacific in bringing unbanked citizens – especially women – into the formal financial system over the past three years. (United Nations Capital Development Fund)

Media and entertainment

Photo credit: piotrkt / 123RF

Tencent invests US4.8 million in Xiaoxiang Huyu (China). The Chinese internet giant has invested US$4.8 million in the gaming influencer agency’s pre-series A round. Xiaoxiang Huyu focuses on game-streaming and hosting content from internet celebrities. The money will be used to recruit influencers and obtain content. (KrAsia)

Hooq offers free-to-air channels (Indonesia/Singapore). The video-streaming service, launched by Singtel, Sony Pictures, and Warner Bros, has announced that it will remove the cost of Indonesia’s free-to-air channels and reduce the price of its premium channels to as low as US$0.25 per day. The firm said the move will strengthen its leadership position in the country. (Hooq)

Ecommerce

Lazada alumni-built Intrepid secures US$2 million funding (Vietnam). The Ho Chi Minh City-based startup, which helps offline retailers in the country sell their goods online, secured the investment from several Swedish family offices. Intrepid was founded by Khang Chim, the former head of sales for Lazada Vietnam, and ex-Lazada Vietnam CEO Chris Beselin. The capital will be used to continue Intrepid’s expansion into the Philippines. (Tech in Asia)

Enterprise services and software

Expenses management platform Fyle raises US$1.1 million (India). The Bangalore-based startup, which extracts data from receipts to help enterprises manage expenses, has bagged fresh funds from existing investors Pravega Ventures and Beenext. The firm did not say how it would use the investment. (Fyle)

Travel

Ha Lam (center) with the Triip.me team

Travel startup Triip secures venture funding, prepares for ICO (Vietnam). The travel-tech firm, based in Ho Chi Minh City, has raised an undisclosed amount from Japanese investor Gaiax and Vietnamese angel investor Nguyen Duy. The startup, which lets individuals sign up as tour guides and offers custom tour packages to tourists, raised US$500,000 in seed capital funding from Gobi Partners two years ago. Claiming that the latest funding will increase its valuation to US$10 million, Triip said the money will be used to support growth, make new hires, and launch an ICO.
(e27)

Edtech

Edu2Review raises fresh funds from Singapore VC (Vietnam). The education startup, which allows students to book courses online and assess performance, has landed an undisclosed amount of funding from Singapore-based VC firm Nest Tech. The firm did not say how it would use the capital, but it aims to grow its customer base and expand its business across Southeast Asia this year. (DealStreetAsia)

Big tech