Dear reader,
The US House of Representatives’ passing of a bill targeting TikTok’s owner, ByteDance, represents a significant development in the ongoing saga between the social media platform and US lawmakers.
The bill, which received overwhelming support in the House, mandates ByteDance to divest from TikTok within 165 days or face a total ban in the United States. This move underscores growing concerns over national security and potential data privacy issues associated with Chinese ownership of popular social media platforms.
TikTok’s CEO, Shou Zi Chew, expressed disappointment at the decision, emphasising the company’s commitment to data security and the platform’s independence from external influences. Chew warned of the bill’s potential repercussions, including job losses and limitations on free expression.
The bill’s fate in the Senate remains uncertain, with some Democrats raising concerns about freedom of speech implications and advocating for broader measures to address foreign influence in social media. Nevertheless, the White House has signalled its support for the legislation, underscoring the administration’s stance on national security issues related to Chinese-owned tech companies.
While the bill primarily targets TikTok, its implications extend to other China-owned platforms operating in the US, potentially impacting companies like Tencent’s WeChat. As the debate unfolds, stakeholders on both sides continue to advocate for their positions, setting the stage for further deliberation and potential legislative action.
Sainul,
Editor.
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NEWS
Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks
The Shiok Meats brand will be retained, and its employees will join Umami Bioworks; The new entity’s initial market launch will likely involve hybrid products, combining cultivated fish cells with plant-based ingredients.
House votes to force TikTok owner ByteDance to divest or face US ban
The vote was a landslide, with 352 Congress members voting in favour and only 65 against; The bill gives China-based ByteDance 165 days to divest from TikTok; The CEO says vote is ‘disappointing’ and that it will do all it can to protect the platform.
AwanTunai bags US$27.5M, hits positive EBITDA
The investors include Norfund, MUFG Innovation, and OP Finnfund; It will use the money to expand its lending capital facilities to cover over US$2B worth of annualised inventory purchase financing by year-end.
Cash returns still ‘elusive’ for VC, PE investors in SEA startups: report
While VC deals in Southeast Asia tripled between 2015 and 2021, exits have been hard to come by, challenging both investors and mature startups in the region, according to a new report by US-based research firm PitchBook.
Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn
In Southeast Asia, Singapore dominates the female-led startup landscape, with US$3 billion raised across 380 rounds to date.
Choco Up, Atlas Growth Fund to provide US$15M capital to F&B firms in Singapore
The first 100 F&B businesses that qualify will get SGD10,000 (US$7,500) pre-approved funding and a 6-month subscription to core Atlas products, including online storefronts with delivery capabilities and payment gateway.
Animoca Brands expands MENA footprint with investment in UAE gaming firm
Param Labs is a game development company specializing in multiplayer blockchain games and AAA design, which refers to high-budget games distributed by high-profile publishers.
SG gaming studio Lives Interactive secures US$3M
The investors include Mechanism Capital, Sfermion, 3Commas Capital, and Momentum 6; An independent gaming studio, 9 Lives will use the funds to develop its debut game, a cat-themed hero shooter called Nyan Heroes.
OKX Ventures invests in Bitcoin DeFi protocol DLC.Link
DLC.Link aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralisation or user experience; It partners with institutions (called dlcBTC Merchants) to mint dlcBTC, a decentralised wrapped Bitcoin.
Indonesia may block several foreign-owned OTAs this week
Booking.com, Expedia, Klook, and Trivago are not yet on not registered with the registry; They were given five working days to register – otherwise, they may be subject to punitive measures including a block.
OKX gets in-principle approval for digital token services in Singapore
The licence allows OKX to provide digital payment tokens and cross-border money transfer services in the city-state; The company looks to build a locally tailored suite of products and services.
Paytm secures the license it needs to survive
Paytm can participate in the payments ecosystem as a third-party application provider; The license won’t restore several of the perks Paytm enjoyed before but will allow the Noida-headquartered firm to operate similarly to Google Pay.
Singapore’s digital behaviour aggregator Sqreem acquires Trade Indy
Trade Indy is an outcome-focused data analyst and programmatic trader; Sqreeem develops AI solutions that match online behaviours with brands and publishers, identifying clients’ most valuable groups of customers and their behaviours.
Carsome appoints ex-Jardine exec to COO post as it eyes IPO
Eric Chan brings with him three decades of experience in the automotive industry across Singapore and Malaysia; He was earlier MD at Jardine Cycle & Carriage’s Singapore subsidiary and chairman for a Malaysian unit that operates Mercedes-Benz dealerships.
Xendit expands to Thailand, names co-founder as country CEO
In Thailand, the payment gateway firm will compete with incumbents such as TrueMoney and Rabbit Line Pay; Xendit already operates in Malaysia, the Philippines, and its home country of Indonesia.
FEATURES & INTERVIEWS
10 highest-funded female-led startups in Southeast Asia
Of the 1,700 female-led startups, 657 have raised investments so far, of which 14.3% have progressed to Series A and 1.8% to Series C or beyond; Singapore, with US$3B raised across 380 rounds to date, dominates the region.
How Fave founder’s new VC firm helps Malaysian entrepreneurs make their First Move
First Move has backed ten ventures in the inaugural year, prioritising diversity and innovation in Malaysia’s startup ecosystem; 35% of the founders it has supported so far are women.
The solopreneur boom: How Finna is empowering the future of work
Finna is an all-in-one solution that streamlines workflows by facilitating customer management, proposal creation, and payment processing, offering a comprehensive solution to the complexities of solo business management.
Why Soul Ventures Founder seeks founders with a vision “so big it seems impossible”
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Trust Bank aims to become Singapore’s fourth-largest bank with new product innovations
Trust Bank, a JV between Standard Chartered and FairPrice Group, is a digital bank whose customer base has grown to over 700K (14% of Singapore’s bankable population), with deposits grown to US$1.4B.
CONTRIBUTORY ARTICLES
Want to keep your best employees from quitting? Facebook execs and Adam Grant tells you how
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Building resilience against cyber attacks in ASEAN through data
The average annual cost of cybercrime is rising, expected to increase from US$8.4T in 2022 to more than US$23T in 20271; APAC is particularly vulnerable when compared to its global counterparts, accounting for 31% of all incidents remediated worldwide.
Buy from her: Elevating women’s entrepreneurship
Supporting women-led businesses offers access to quality products and services and fosters diversity and inclusivity in the business ecosystem.
Beyond the draft: Why AI won’t save fiction authors (yet)
We need to find ways to leverage the massive potential of AI for solutions that take fiction works from inception to market fruition.
Beyond apps and telehealth: The power of the Village approach for mental well-being
The village offers a platform for genuine conversations, creating a safe space to share challenges and find support in overcoming them.
SPOTLIGHT
Daniel Tan: Finding opportunity in crisis and market inefficiency
Explore how Tan identifies and addresses a loan industry problem, creating efficient connections between borrowers and lenders.
FROM THE ARCHIVES
Why a customer-centric digital marketing strategy is the way to go?
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Is voice the next revolution in fintech?
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10 unarguable things that great leaders do
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Globalise your strategy, localise your conversations: the key to nailing native in new markets
Knowing what can make an impact now, and what to prepare for moving forward, for each local region, a balance can be established for marketers and advertisers.
11 easy strategies that are important for every startup to succeed
All start-ups need financial support; Securing the first round of funding is not going to be easy as you are starting from ground zero; You need good ideas with a reasonable go-to-market strategy.
Why trust is the biggest barrier to entrepreneurship and innovation
It is a basic principle in economics that in order for a trade to happen, the involved parties need to trust in their mutual gain from it; Trust enables value creation, and this makes it everyone’s most valuable asset.
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The post Ecosystem Roundup: TikTok faces US ban | Umami, ShiokMeats merge | Funding into SEA’s female-led startups falls 42% in 2023 appeared first on e27.