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Ecosystem Roundup: Amazon, Flipkart breach antitrust laws in India | Genesis raises US$125M for 2nd venture debt fund | Nansen acquires Stakewithus


Dear reader,

The recent findings from India’s Competition Commission (CCI) against Amazon and Flipkart underscore the ongoing challenges faced by global e-commerce giants in the Indian market.

Both companies have been accused of anti-competitive practices, including giving preferential treatment to certain sellers and using deep discounting tactics to dominate key product categories like mobile phones.

If proven, such practices hurt smaller sellers and skew the competitive landscape, as highlighted by complaints from trade bodies like the Confederation of All India Traders (CAIT).

This isn’t the first time these platforms have faced scrutiny. Amazon’s alleged preferential treatment of sellers, corroborated by previous reports, points to a systemic issue in how the company operates in India.

The CCI’s findings further strain the companies’ relationship with Indian regulators, while echoing similar complaints in other markets, including the US.

With the Indian e-retail market projected to grow significantly in the coming years, Amazon and Flipkart face high stakes. Their ability to navigate these legal challenges while balancing the interests of regulators, consumers, and smaller businesses will be key to their continued success in the region.

The outcome of this investigation could set a precedent for e-commerce operations in India.

Sainul,
Editor.

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NEWS & VIEWS

Genesis Alternative raises US$125M for second SEA venture debt fund
New and notable investors in Fund II include Japanese mega bank, Mizuho Bank, and OurCrowd; Philip Yeo, former Chairman of Singapore’s Economic Development Board, has joined Genesis’s Advisory Board.

India probe finds Amazon, Flipkart breached antitrust laws
The Competition Commission of India (CCI) in 2020 ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements and giving priority to certain listings.

On-chain analytics firm Nansen acquires staking provider stakeWithUs
This strategic acquisition will enable Nansen to broaden its service offerings for both retail and institutional participants; Nansen also launched a loyalty programme to reward its community of stakers and subscribers.

Xendit arm XenCapital receives US$50M credit facility from Helicap
XenCapital is an alternative lender offering flexible financing to highly viable under-banked businesses; Xendit CEO Moses Lo said the collaboration enables the firm to expand its reach and provide much-needed capital to its merchants in the Philippines.

Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX
SDAX will use the funds raised from Muscat Precious Metals Refining Company for client acquisition, adding new business lines, and launching a digital asset exchange in Oman.

Blockchain for good: BGA Web3 Key Fund raises US$5M to empower social impact ventures
The fund focuses on firms leveraging blockchain to reduce inequality through education, improve health and security, and promote financial inclusion.

TRIVE Ventures launches Digital Frontier Fund to back AI and blockchain startups
Digital Frontier Fund targets investments in early-stage companies within infrastructure, entertainment, and financial services.

Bitcoin, NFTs may get greater legal protections under proposed UK law
The proposed law comes in response to a 2023 report from the Law Commission that laid out the need to update current legal provisions around personal property rights.

Wealthtech firm Arta Finance gets EDBI backing for global expansion
Arta Finance provides investment opportunities and financial strategies typically only available to the ultra-wealthy via family offices and private banks.

Maybank announces strategic investment in Modalku to tap into SME communities
This investment marks the first in Maybank’s recent foray into the regional digital space, focusing on SMEs in SEA.

VPCA to boost Vietnam’s investment landscape with US$35B private capital target
The agency aims to empower the country’s investment landscape by promoting best practices in the VC and PE sectors; It offers a platform that unites investors, industry partners, and entrepreneurs under a shared vision of growth and innovation.

Humble Sustainability raises funding round led by Gobi Partners to drive SEA expansion
The investors include Gobi Partners, ADB Ventures, and the Philippines government; Humble Sustainability is tackling the problem of electronic waste, with an estimated US$62.5 billion worth of discarded technology.

Kredit Hero launches to revolutionise SME lending in Southeast Asia
By connecting borrowers with multiple lenders through a single application form, Kredit Hero leverages advanced profiling techniques to deliver rapid and accurate loan approvals.

46% of Indonesian businesses unprepared for AI-generated fraud despite risk knowledge
According to VIDA’s findings, identity fraud, particularly driven by AI and deepfakes, has affected 56% of businesses in Indonesia.

Number of crypto owners in Singapore drops slightly: study finds
Crypto platform Gemini said in its 2024 Global State of Crypto report that crypto adoption remained steady across the US (21%) and the UK (18%) from 2022 to 2024; The number of crypto owners in Singapore dropped slightly from 30% to 26%.

Malaysia’s Sidec launches accelerator program to boost SMEs and startups ecosystem
The programme comprises the 7th cohort of the Selangor Accelerator Program (SAP24) and the 2nd cohort of the Selangor E-Commerce Accelerator (ECX24); 50 startups focusing on AI, smart mobility, bio-based solutions, and net zero have been shortlisted for SAP24.

FEATURES & INTERVIEWS

From fintech to blockchain: Meet Vietnam’s leading startups powering the next wave of growth
Vietnam’s rapidly growing startup ecosystem is driven by innovation across fintech, e-commerce, AI, and blockchain, with rising regional players.

From real estate to automotives: How iMyanmarHouse is expanding through strategic acquisitions
iMyanmarHouse is developing tools that will offer more tailored recommendations to users based on their browsing and purchasing history.

Overcoming obstacles: A new entrepreneurial playbook for Filipino startups
The Philippine startup scene presents opportunities but faces regulatory and funding challenges, requiring a fresh entrepreneurial approach.

How Fishlog aims to revolutionise Indonesian fisheries with cutting-edge tech solutions
Fishlog aims to improve operations for fishermen indirectly by enhancing the efficiency and transparency of the seafood supply chain.

Bridging healthcare gaps in the Philippines: Innovation and opportunities beyond telehealth
Philippine healthcare is evolving with technology, but innovation is needed to enhance access and affordability, particularly in rural areas.

Skilledin Green empowers sustainability careers through innovative digital solutions
Currently collaborating with organisations in Indonesia and Europe, Skilledin Green attracts diverse range of users.

How Ailytics is shaping the future of workplace safety with AI
Ailytics serves users primarily from project and management teams, including safety officers and project managers.

THOUGHT LEADERSHIP

Bridging the financial inclusion gap in Asia: The role of fintech
The future of fintech in Asia is bright, driven by innovation and financial inclusion, as tech companies play a crucial role in the shift away from cash.

A guide for insurance card capture and benefit verification automation
Strong insurance capture systems are extremely necessary, as the industry deals with US$262 billion in insurance denials every year.

Navigating the future of Web3: Top trends shaping blockchain careers in 2024/25
Job seekers should build specialized skills, while companies must adapt hiring strategies to meet Web3’s evolving demands.

Managing stress and workplace pressure: A path to mental well-being
While workplace pressure and stress are common, taking steps to manage them is vital to maintaining mental well-being.

How not to elevate a colleague to a leadership role
Inspiring a colleague to step up and take on more responsibilities in a leadership role, requires a thoughtful approach matched to authentic support.

inDrive: Discovering community-driven transportation options for global commuters
Learn more about how inDrive is creating an equitable platform for commuters and drivers looking for fairer and more flexible pricing.

5 lessons from ‘Black Myth: Wukong’ for compelling brand storytelling
Black Myth: Wukong showcases the power of storytelling, using cultural mythology to create a captivating experience that resonates with global audiences.

FROM THE ARCHIVES

Embracing AI in Southeast Asia: The strategy for avoiding cost overruns
As companies embrace AI, they must clarify their strategies to maximise investments and generate revenue while managing costs.

One-third of Singaporeans never used AI tools in their workplaces: Survey finds
As many as 34% of respondents anticipate that AI will considerably affect their jobs, while 14 per cent expect no effect at all.

Global Web3 companies on why Asia Pacific is the future of the industry
These Web3 companies are sharing how they view the Asia Pacific market –and why they believe in its potential for the future.

Base Technology wants to revolutionise consumer engagement in SEA with its GenAI tool
Base Technology sets itself apart by using training dataset from Southeast Asia, enabling stronger diversity and locally relevant results.

On intrapreneurship: Why SC Ventures believes in building innovation from within
The SC Ventures FinTech Bridge was initially developed to facilitate the sourcing of tech solutions within Standard Chartered.

Book Excerpt: What Google, Facebook did to grow from zero to 1,000
In her book From Zero to 1,000, Anne Caron explains the importance of human capital to the success of giants such as Google and Facebook.

For startups, embracing ESG focus is a sure-fire way to secure corporate success
There has been a decisive shift in the startup investment landscape with 80 per cent of investors now cautious of “greenwashing”.

The fine art of building presentations in the AI era
Artificial intelligence tools can help you disseminate the right message across without breaking a sweat.

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