Asia news roundup: Peng leaves Ant to focus on Lazada, Iflix quits Singapore, and more

Lazada CEO Lucy Peng / Photo credit: Alibaba

Here’s a wrap of the day’s news.

Ecommerce

New Lazada CEO steps down as Ant Financial chair (Singapore). Lucy Peng is leaving her position as executive chairman at Alibaba affiliate Ant Financial to focus on her new role as CEO at Singapore-based ecommerce firm Lazada. This announcement comes after Alibaba’s additional US$2 billion investment in Lazada last month, at the same time that Peng took over top spot from founder Max Bittner. Ant Financial’s CEO Eric Jing will take on the vacant chairman role at the Chinese company. (The South China Morning Post)

Delivery and logistics

Ola in private talks to buy more food-tech companies (India). The transport company has reportedly held talks to acquire at least two more food-related startups, including Freshmenu, a private-label food maker, following its acquisition of Foodpanda’s India business late last year. The firm may seek to raise funds for Foodpanda later in 2018. (Livemint)

LoadShare raises US$5 million (India). The Bangalore-based logistics startup secured the investment in a series A round led by Stellaris Venture Partners, with participation from Matrix Partners. LoadShare will use the funds to hire new executives, enhance its tech offering, and expand its geographical presence in India. (Inc42)

Blockchain and cryptocurrencies

Blockchain management startup Elemential secures seed funding in first AngelList Syndicate outing (India). The startup, which provides blockchain orchestration and management middleware for enterprises, raised the undisclosed amount of funding in a Matrix Partners-led round. Amrish Rau, Investopad, Digital Currency Group, Hinduja Group, Lightspeed India, Eight Innovate, Amit Ranjan, Prashant Malik, and other prominent angel investors also participated, in the first round invested by an AngelList Syndicate in the country. Investor platform AngelList launched its Syndicates program earlier this year to allow non-specialist investors to back promising tech startups alongside VCs and angels (Inc42)

Coinbase to halt Xfers trading on its platform (Singapore). The digital currency trading platform announced over the weekend that from 15 May it will put a pin in the buying or selling of digital assets via Xfers, a Singapore-based payment processing gateway that allows users to trade assets via their credit cards and bank accounts. Coinbase said Xfers cannot handle anticipated growth in its current form. The company did not specify a time period for the pause. (Coinbase)

Media and entertainment

Image credit: Iflix

Iflix shutters doors in Singapore (Malaysia/Singapore). The video-streaming firm will close down its five-man digital team in the city-state and move it to Malaysia, its home market. The firm claimed it is speaking with members of the Singapore team about relocation possibilities. Iflix’s streaming services are not available in Singapore. (Mumbrella)

Health and well-being

AI-driven medtech startup gets fresh funding (Singapore). SGInnovate, a government-owned company that invests in “deep tech” startups, said today that it has invested in NDR Medical Technology, a firm that uses AI and robotics to augment surgical procedures. The firm did not disclose the amount invested, but said the startup will be piloting its product soon, with a commercial application slated for launch in 2020. (SGInnovate)

Transportation

Hanoi joins chorus of antitrust regulators with questions for Grab and Uber (Vietnam). The country’s Competition & Consumer Protection Department has asked Singapore-based ride-hailing form Grab to prove it hasn’t created a monopoly for itself by agreeing to acquire erstwhile US rival Uber’s Southeast Asian business. Watchdogs in Malaysia, Singapore, and the Philippines have also indicated they may investigate the merger deal to varying extents. (DealStreetAsia)

Didi Chuxing includes public transport options in latest app update (China). The ride-hailing firm has integrated public transport data into its app, allowing users to more easily plan journeys that involve multiple legs using various modes of transportation. The app will now show various travel options including public transport and the firm’s own services when users enter start and end points. (TechNode)

Travel and hospitality

Third-party travel sites eyed by competition watchdog (Singapore). The Competition and Consumer Commission of Singapore announced that it will begin market studies into the workings of online travel booking sites and how they handle users’ personal data. The agency will focus on flight and hotel bookings via sites like Expedia and Trivago, due to the burgeoning popularity of these services, and partner with the Personal Data Protection Commission to review data protection issues. (Today)

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