Dear reader,
The lawsuit filed by TikTok and ByteDance against the US government’s law to force divestiture or ban the app reflects the escalating tensions between the US and China in the realm of technology and national security.
TikTok argues that the law violates constitutional rights, including free speech protections. This legal battle underscores the complex geopolitical landscape and the challenges of balancing security concerns with the global digital economy.
With TikTok’s vast user base and economic impact at stake, the outcome of this lawsuit could have far-reaching implications for the tech industry and international relations.
Moreover, it sheds light on broader issues surrounding data privacy, regulatory oversight, and corporate governance in the digital age.
As the legal proceedings unfold, it remains to be seen how policymakers, regulators, and stakeholders navigate these intricate dynamics in the evolving landscape of Internet governance and technology diplomacy.
Sainul,
Editor.
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NEWS
TikTok, ByteDance sue to block US law seeking sale or ban of app
The companies argued that the law violates the US Constitution on a number of grounds, including running afoul of First Amendment free speech protections; The law, signed by Biden on April 24, gives ByteDance until Jan. 19 to sell TikTok or face a ban.
Ex-Google chief once considered buying TikTok
Eric Schmidt is “not currently looking” at a deal; After leaving Google, he focused on US-China tensions through a think tank that aims to boost the Western country’s competitiveness in AI and other emerging tech sectors.
Singapore has to be realistic on global trends plaguing its stock market: DPM Wong
Deputy Prime Minister Lawrence Wong, who is also the country’s finance minister, said that the conditions for Singapore’s stock market to attract companies to list remain challenging.
Singapore surpasses US in AI investment: Study
Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.
Amazon to train 15K individuals in AI skills in Singapore
The multifaceted collaboration will help accelerate the adoption of AI and generative AI; Furthermore, Amazon Web Services plans to invest an additional US$9B into its existing cloud infra in Singapore from 2024 to 2028.
Carsome hits first EBITDA positive quarter in Q1 2024
It did not disclose hard numbers, but it partly attributed the development to a “significant” improvement in gross profit per unit, which rose 48% year on year.
India’s Oyo, once valued at US$10B, seeks new funding at 70% discount
The budget-hotel chain startup is engaging with investors, including Malaysia’s Khazanah, for the new funding; The round is likely to see some secondary transactions as well that will value the startup at as low as US$2.5B.
SG crypto firm Galaxis nets US$10M to expand Web3-based community builder
The investors are Chainlink and ENS and its co-founder Nick Johnson; Galaxis offers a community management platform that uses digital membership cards in the form of non-fungible tokens to build and reward communities.
aCommerce mulls share sale at up to US$300M valuation
aCommerce claims to have reached net income profitability in Q4 2023, following three consecutive quarters of EBITDA breakeven; The Thai firm helps businesses manage, market, and develop their online stores.
Biotech co-working provider NSG BioLabs concludes US$14.5M financing round
The investors are Celadon Partners, ClavystBio, and Temasek; NSG BioLabs partnered with Enterprise Singapore and Merck to bolster the biotech landscape by providing funding, expertise and networks to startups.
Rize seeks to decarbonise rice cultivation in Asia with US$14M Series A raise
The lead investors are Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact; Rize’s technology captures vital agri data essential for implementing sustainable farming practices, making rice farmers more climate-resilient.
ByteDance founder calls Singapore home, TikTok lawsuit against US shows
Legal documents of the lawsuit show Zhang owns 21% of the company – worth around US$40B when taking into account ByteDance’s US$268B valuation as of December 2023; The remaining 79% is held by global investors and employees.
Indonesia’s farmtech platform Elevarm raises US$2.6M
The investors are Insignia Ventures, 500 Global and eFishery’s Gibran Huzaifa; Elevarm will use the money to develop 15 new organic products and set up a new fertiliser production factory equipped with advanced technology.
Indonesia’s restaurant management startup Runchise bags US$1M
The investors are East Ventures and Genesia Ventures; Runchise’s solutions encompass front-store operations, back-office functionalities, integration with online food delivery platforms, and customer engagement.
VinFast to enter Philippine EV race this month
VinFast also aims to build a dealer network across the Philippines as EV adoption has been picking up the pace; Sales in the country are expected to reach 6.6 million by 2030.
PepsiCo names 10 finalists for APAC Greenhouse Accelerator Program 2024
A committee of PepsiCo leaders selected the finalists based on the potential to deliver groundbreaking approaches to sustainability challenges.
Gapai nets US$1M to empower Indonesian workers to pursue global careers
The investors are Wavemaker Partners and Antler; Gapai connects prospective employees with suitable employers for cross-border job placements; It aims to onboard 70K Indonesian workers this year, matching 2,200 with global job opportunities.
Earth VC, Tesla co-founder invest in French aerial inspection startup HyLight
Y Combinator, Ring Capital, Kima Ventures, and Collaborative Fund are the other investors; HyLight’s hydrogen-powered airship drone HyLighter is capable of collecting vital data over extensive distances without emitting GHG.
Wavemaker Impact backs Australian climate-tech startup MetroElectro
MetroElectro is a renewable energy company focused on unlocking the potential of commercial and industrial (C&I) rooftops; It aims to transform overlooked swathes of rooftops in industrial parks.
FEATURES & INTERVIEWS
How xcube’s CVPE initiative seeks to transform venture capital in tech startups
xcube founder Sebastien P delves into CVPE initiative, highlighting its benefits, risk management strategies and startup selection criteria.
Wizly seeks to revolutionise startups’ growth journey by streamlining access to knowledge
Wizly aims to transform how companies scale and how domain leaders earn, providing a revolutionary knowledge monetisation platform.
These 5 marketing analytics platforms are taking the field into the future
Marketing analytics play an important role in the ever-evolving landscape of business as data becomes increasingly complex.
Top 7 startup funding deals in Southeast Asia in April 2024
In April 2024, Southeast Asian tech startups raised a total of US$263M in funding across 36 rounds, according to Tracxn.
One doctor for every family: Good Doctor wants to make healthcare accessible for all Indonesians
Good Doctor allows customers to consult doctors online, buy medicines from Health Mall, and book offline doctor appointments at hospital partners.
Gig workers crave traditional benefits enjoyed by their fulltime worker peers. Jod aims to bridge the gap
Jod, a mobile-first digital platform, aims to streamline the process for employers to find and manage their workforce efficiently.
FROM OUR CONTRIBUTORS
Embracing the NFT revolution: Insights from Anndy Lian’s NFT.NYC speech
Lian highlights the transformative potential of NFTs, signalling a future where digital ownership and creativity thrive in a secure, inclusive ecosystem.
Young, tech-savvy, unbanked: Southeast Asia ripe for digital finance
The combination of rising digital adoption and low penetration of financial services left a gap easily bridged by digital finance.
Breaking silos and building sustainable synergy: The importance of an integrated sustainability strategy
Integrated sustainability strategies streamline business efforts, ensure cohesiveness across various units and seize green economy opportunities.
The future of numbers: Automation’s transformative impact on accounting jobs
Automation profoundly impacts accounting jobs, presenting challenges in skill requirements and role changes, yet also offers significant opportunities for adaptability.
Beyond connectivity: DePIN & DeWi decentralise power in telecoms industry
DePIN and DeWi could bring about a more accessible, equitable, and sustainable era of connectivity by decentralising digital infrastructure.
From gold rush jeans to digital skills: Edutech’s Levi Strauss moment
For edutech companies, it’s crucial to align with sectors showing robust growth potential and nearing widespread adoption.
FROM THE ARCHIVE
Navigating success in the digital era: The crucial role of Diversity, Equity, and Inclusion (DEI) in leadership
We have seen increased employee engagement, improved morale, and greater innovation as a result of our commitment to DEI.
Crafting compelling problem statements: Captivating VCs with your vision
Your problem statement is your reason for being, says Ine Jacobsen from Cocoon Capital. Here’s how to get better at it.
Unveiling the eco gender gap: Essential insights for a sustainable future
Eco gender gap is when solutions to tackle climate change seem to be geared only toward women. How should businesses deal with this?
Embracing AI’s promise: Navigating the future of marketing
In an era where AI is reshaping the marketing industry, we explore how marketers, particularly in Singapore, can unlock AI’s potential.
Cultivating loyalty in live commerce: A lesson in progressive ownership
The best way to target niches within a crowded e-commerce landscape: theme-based live streaming. Uncover the potential of Mela’s progressive ownership model to cultivate user loyalty.
The hidden cost of bad hiring decisions and how to avoid them
The Harvard Business Review points out that as much as 80 per cent of employee turnover is due to bad hiring decisions.
The unseen link: How cybersecurity and sustainability converge on Earth Day
Strong cybersecurity practices not only protect data but also contribute to a sustainable digital future, safeguarding our planet.
The climate change and gender equality connection: How to support underfunded women-owned business
While there is a distinct relationship between gender inequality and climate change, investment mandates rarely combine both of these lenses.
ECHELON X
8 AI startups to showcase cutting-edge solutions at Echelon X
Get to know Pixcap, Finbots, azgo, Staple, DevRev, Automa8e, Inspius, and Locofy as they champion AI at the upcoming Echelon X.
These 14 fintech innovators are shaping the global financial landscape
Despite the funding downturn, the resilience of early-stage investments indicates sustained interest within the fintech sector.
These 5 companies showcase the power of martech in driving efficient, personalised marketing strategies
One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences.
Echelon X: 10 Pavilion exhibitors shaping the future of innovation
Check out the organisations bringing cutting-edge and innovative brands from across Southeast Asia to Echelon X.
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