SEA
LivSpace, a Singapore-based interior design platform targeting Indian homeowners, has raised US$70 million in a Goldman Sachs-led Series C financing round. (KrASIA)
US e-commerce giant Amazon is reportedly in talks with the Indonesian government to enter the Southeast Asian country’s massive online retail space. According to Finance Minister Sri Mulyani Indrawati, this entry, when it happens, will be accompanied by regulatory compliance on the part of Amazon. (KrASIA)
Singapore-based real estate online marketplace Ohmyhome has raised around US$2.9 million in a Series A financing round led by local fund management firm Golden Equator Capital to expand into Malaysia and Thailand. (KrASIA)
China
Meituan-Dianping, China’s on-demand services giant, has officially become the fourth largest Chinese internet giant after BAT, at a market cap of around US$50 billion. This solid debut comes just in time to dismiss earlier concerns over whether Meituan had a viable business model to fend off competition. (KrASIA)
Chinese tech companies have now begun announcing a slew of homegrown chips. Alibaba has now set up a subsidiary to focus on chips. The company also revealed its interest quantum computing lab even as it looks to compete with the likes of Baidu, IBM, Google, Microsoft, and Intel. (Technode)
China’s largest social media trend seems to be ending. The boom driven by China’s live-streaming sensation has now shifted to short videos instead. These short videos that typically lasts anywhere from 15 seconds to a few minutes has become one of the fastest-growing trends in China. (CNBC)
Xiaomi CEO unveiled a dramatic restructuring plan. The goal is to rework Xiaomi’s headquarters and bring in talented young staffers into the management pipeline. Here is an excerpt of an interview with Lei Jun about the changes he is looking to make. (Tech In Asia)
Elsewhere
Hey investor, what’s the animal in you? A great idea is not enough when it comes to building a successful startup. It is also important to get the right investors. In the next few days, KrASIA will be revealing insightful investment stories representing the different types of investors.
(KrASIA)
A recent breakthrough in physics research might just start a computing revolution. Scientists in the quantum computing field may have found their eureka moment in a recently published physics research conducted by an international team of scientists.
(TNW)
Facebook Inc expands its efforts to slow down the the global spread of misinformation that could influence elections. The social media giant will be working with the International Republican Institute, and the National Democratic Institute to tackle the problem at hand. Currently, fake news site are still being read by millions.
(Reuters)
Alibaba’s Jack Ma says the Chinese e-commerce giant does not intend to create 1 million jobs in the US anymore, citing tariffs as the reason Alibaba is taking back its promise to Donald Trump.
(The Verge)
Nearly 20% of transactions on Coinbase’s platform belong to the firm. The cryptocurrency firm denies engaging in proprietary trading of cryptocurrencies. Regulators around the globe are increasingly looking at the cryptocurrency industry. (CNBC)
