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Hello there,
Of the many things I write, layoff stories are one of the hardest to work on. I deeply sympathize with the employees who were let go as well as the companies that had to make the difficult decision.
But we’re seeing layoffs almost every week by this point, so the question perhaps is no longer which tech firms have been affected. Maybe we should be asking instead which ones aren’t feeling the impact of the economic slowdown.
One of the latest to make cuts is Hyphen Group, which is backed by Hong Kong billionaire Richard Li. In a perfect illustration of how uncertain times have become for the tech industry, the fintech firm also lost its CEO. Sam Allen, Hyphen Group’s chief executive since April 2016, has also left the company.
In this week’s Big Story, my colleague Budi digs into what happened at Hyphen Group, which said in a statement that it must re-organize and “streamline where the market demands.” But internal documents that we reviewed show that the decision was necessary after investment deals – including an IPO attempt via a special purpose acquisition company – fell through.
Meanwhile, I look at the expansion of Google Wallet in Southeast Asia, which aims to enter the region’s payments market. With so many potential competitors, what is Google’s goal?
– Jofie
THE BIG STORY
Layoffs at Richard Li-backed Hyphen Group after SPAC deal falls through
Image credit: Timmy Loen
Sam Allen, who served as CEO since April 2016, has also left the Hong Kong-based fintech firm.
THE HOT TAKE
What’s the deal behind Google Wallet’s expansion in Southeast Asia?
Google Wallet launch in Malaysia / Photo credit: Visa
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