Dear reader,
The Competition and Consumer Commission of Singapore (CCCS) has initiated a phase two review of Grab’s proposed acquisition of Trans-cab, signalling a deepening scrutiny into potential antitrust issues.
The move comes after the regulator rejected Grab’s initial commitments to address competition concerns raised during the phase one review. The CCCS highlighted that the proposed actions did not sufficiently address the risk of Grab leveraging its ownership of Trans-cab to influence driver behaviour in favour of its ride-hailing platform over competitors. The watchdog expressed dissatisfaction with the proposed two-year commitment duration, deeming it insufficient for addressing long-term market structure changes.
Additionally, CCCS found Grab’s self-policing monitoring mechanism lacking. The in-depth review, which commenced on January 25, allows Grab to submit revised commitments. The acquisition, announced in July 2023, would provide Grab control over 2,200 taxis and 300 private-hire vehicles. CCCS had raised competition concerns in October, citing potential barriers for Grab’s competitors.
This intensified regulatory scrutiny echoes past antitrust challenges surrounding Grab’s acquisition of Uber’s Southeast Asian business in 2018, reinforcing the regulator’s commitment to fair market competition.
Editor,
Sainul.
======
NEWS ARTICLES
SG competition watchdog begins in-depth review on Grab-Trans-cab deal
The initiation of the phase two review followed the regulator’s rejection on November 24 last year over Grab’s proposed commitments to address competition concerns raised after the phase one review.
GoTo completes merger with TikTok Shop Indonesia
Tokopedia and TikTok Shop are now officially combined under Tokopedia; TikTok will invest over US$1.5 billion in the enlarged entity over time to provide future funding the business requires without additional dilution to GoTo.
Bytedance exec takes the helm at Tokopedia as merger closes
Jakarta-based ByteDance executive Vonny Ernita Susamto is now the e-commerce company’s president director; Susamto has been part of ByteDance’s category management team since 2021.
India’s Ugro Capital gets US$30M from ADB to bolster SME business loans
Among Ugro Capital’s initiatives is a scoring model called Gro Score, which uses AI and ML to assess customers and offer financing; The company has also introduced a “lending-as-a-service” model in India.
Hukumonline bags Series B funds to develop legal genAI tool
The investor is the Media Development Investment Fund; Hukumonline provides information on laws and regulations in Indonesia, as well as services such as legal consultations and business licensing assistance.
Tesla sued for allegedly mishandling hazardous waste in California for years
The complaint, filed in San Joaquin County Superior Court, states that Tesla improperly labelled and disposed of materials like “lead acid batteries and other batteries,” paints, brake fluid, diesel fuel and more at its production and service facilities throughout the state.
India’s central bank discusses more penalties on Paytm Payments Bank
The central bank has internally discussed revoking the payments bank license of Paytm; The discussion follows the central bank summoning two Paytm officials to its office in recent weeks over compliance progress.
Antler invests US$5.1M in 37 Southeast Asian startups
Antler’s diverse portfolio of startups spans 19 sectors, such as AI, SaaS, fintech and healthcare, addressing specific regional challenges; They include ReelBlend, EigenAI, RapidaAI, Emereg, CapGo, Buildas, Lunash, ZOLO, SmartViz, and Levit8.
Pintar raises US$3M to help workers break ‘middle-income trap’
Investors are Havez Capital, SIG Venture Capital, and Samator Group; Formerly known as HarukaEdu, Pintar focuses on workforce development with solutions such as training, credentialing, and jobs placement.
BlokID nets US$1.25M to provide privacy protection for the digital ads industry
Lead investors are Ascend Vietnam Ventures and AppWorks; Using BlokID, advertisers can verify ads and guarantee privacy with bonded privacy insurance through one-click campaigns integrated with Google, Facebook, etc.
Silverstrand backs US water tech startup Porifera
With its membrane processing equipment, Porifera enables beverage and ingredient manufacturers to remove water efficiently and retain all the components of their products to create high-value concentrates with a smaller environmental footprint.
Zora Health gets US$740K to launch its one-stop fertility care platform
Investors include Cheryl Goh (Grab), Prajit Nanu (Nium), Alan Jiang (Beam), and Lisa Enckell (Antler); Zora has a waitlist of more than 180 patients and partnerships with more than 50 clinics in eight countries.
CEO states enhancing “sense of crisis” is primary goal for ByteDance
CEO Liang Rubo told the company’s employees they lack a “sense of crisis” in an annual meeting on Tuesday, as the co-founder of Douyin and TikTok owner fears the ten-year-old firm is becoming “mediocre” and thus unable to “break new ground”.
CONTRIBUTORY POSTS
Rethinking wastewater treatment to support Singapore’s ambitious water goals
One area with immense potential for enhancing water self-sufficiency lies in improving industrial wastewater treatment.
Breaking barriers: Hidden hurdles faced by women entrepreneurs
By showcasing their skills, expertise, and successes, women entrepreneurs can challenge biases and change perceptions.
Real-world tokenisation fireside chat with Anndy Lian: Unpacking the landscape
Lian’s foresight into the future impact on the financial industry offers a glimpse into the transformative potential of tokenisation.
Safeguarding digital frontiers in the next phase of the internet
The mainstream use of social media is contributing to a hyper-digital age that intensifies the challenges of digital privacy. This extends beyond social media, encompassing a wide array of digital platforms where various parties constantly access sensitive information.
AI in mobile advertising: Transforming relevance, efficiency, and immersive experiences
In 2024, advertisers are expected to embrace immersive and cohesive ad formats, creating a holistic advertising experience.
Singapore’s Data Protection Act: What should business owners do?
The announced increase in maximum financial penalties for data breaches by countries across ASEAN can have significant implications for businesses in the region, and they must respond proactively to ensure that they are sufficiently protected.
Why businesses need to rethink ‘black swan events’ to succeed in 2024
With increasingly frequent macroeconomic shocks, companies must prepare for disruption to be part and parcel of everyday operations; Considering the high interest rates and the slowdown of two of the world’s largest economies, China and the US, 2024 may turn out to be another year of market turbulence.
FEATURES
How Meals In Minutes tackles food waste with ready-to-cook meal kits
Meals in Minutes aims to simplify cooking for individuals leading busy lives, offering them the opportunity to enjoy high-quality, clean, and nutritious meals without the associated hassle and requisite culinary skills.
‘Malaysia is a fantastic market, but startups need help to scale globally’
Artem Ventures is a VC fund management company currently managing a fund in partnership with insurance giant FWD Group.
How SEA-LION aims to bridge the cultural gap existing in popular AI tools
SEA-LION, an open-sourced LLM by AI Singapore, aims to help enterprises in Southeast Asia incorporate AI into their workflows.
7 reasons every entrepreneur should be proud of themselves
Founders start from the ground up, armed with knowledge and, at times, not even that but only the passion for making something better.
ARCHIVES
Barbie-fy your business with the power of PR
PR agencies, like Barbie, excel at creating and maintaining a positive public image for their clients through their expertise in the field of publicity.
How to embrace optimal efficiency in the future of work
Hybrid work modernisation is an organisation-wide transformation which seeks all hands on deck to establish new processes.
Exploring the game-changing role of AI in online courses
AI has the potential to provide a higher quality online course experience by making it more personalised, interactive, and efficient.
Future-proofing businesses and talent through technology
The right EOR platform can help businesses master that balance by allowing them to continue to expand in a sustainable and flexible way.
A paradigm shift needed: Hiring within the tech startup ecosystem
Embracing transformative change in hiring practices will undoubtedly pave the way for a prosperous future for tech startups.
SG firm empowers freelancers to transform passions into profitable ventures
When freelancers combine their expertise, knowledge, and experience, they can create three, four, or even 10 times the impact.
—
X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.
Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.
The post Ecosystem Roundup: Grab-Trans-cab deal is under further scrutiny; GoTo-TikTok Shop Indonesia merger complete appeared first on e27.