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Ecosystem Roundup: TikTok creators file suit to block US ban law | Grab records all-time adjusted EBITDA high for Q1 | Golden Gate launches US$100M MENA fund

Dear reader,

The recent lawsuit by TikTok creators against President Biden’s law to force TikTok’s divestiture or ban highlights a critical conflict between national security concerns and free speech rights.

These creators, spanning diverse backgrounds and professions, argue that TikTok is an essential platform for their livelihoods and a unique medium for expression and community building.

The law, signed in April, aims to address potential national security risks posed by TikTok’s Chinese ownership.

However, the creators’ suit contends that the law overreaches, threatening to shutter a vital communication platform that serves 170 million Americans. This legal battle underscores the broader tension between the U.S. and China over technology and data security.

While the government maintains that the law addresses legitimate security concerns, critics argue that the measures are speculative and unnecessarily broad. Previous attempts to ban TikTok under the Trump administration were blocked by courts, suggesting a complex legal landscape ahead.

As the US grapples with protecting national security without infringing on constitutional rights, this case could set significant precedents for the future of digital platforms and international tech policy.

The outcome will likely have far-reaching implications for tech regulation, user rights, and US-China relations.

Sainul,
Editor.

——-

NEWS

TikTok creators file suit to block US divestment or ban law
The TikTok users suing include a Texas Marine Corps veteran who sells his ranch products, a Tennessee woman selling cookies and discussing parenting, and a North Dakota college coach who makes sports commentary videos.

Uber Eats to acquire foodpanda delivery business in Taiwan for US$950M
Once completed, the foodpanda deal would be one of the largest international acquisitions in Taiwan outside the semiconductor industry; Separately, Uber will purchase US$300M in newly issued ordinary shares of Delivery Hero.

Grab records all-time adjusted EBITDA high for Q1
The firm hit US$62M in adjusted EBITDA, a US$129M improvement year on year; CFO Peter Oey said the company has repurchased US$97M worth of class A ordinary shares in March.

Golden Gate Ventures launches US$100M MENA fund in Qatar
Golden Gate Ventures sees an opportunity to drive a golden corridor of growth between SEA and MENA to help startups scale from one region to the other; The fund will invest in alternative energy, greentech, B2B AI, and energy-related deep tech.

Bookkeeping startup Osome closes US$17M Series B round
The investors are Illuminate, Ratio, Constructor Capital, and AltaIR. The startup will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base.

Temasek-backed Allozymes secures US$15M for European expansion
The round was led by Seventure Partners and Xora Innovation; Allozymes is known for its enzyme screening platform, which can analyze over 20M variants a day; This tech allows the company to develop enzymes tailored for specific industrial applications.

Digital behaviour aggregator Sqreem acquires ad network for youth TotallyAwesome
Sqreem will integrate TotallyAwesome’s reach of over 900M users and human-curated whitelists with its proprietary AI technology to produce enhanced, precision-targeted web environments for young users and their families.

Solana-based decentralised exchange Zeta Markets scores US$5M funding
The investors are Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures; Zeta Markets aims to achieve the performance of a centralised exchange while maintaining the security and self-custodial nature of a decentralised exchange.

Global port operator PSA leads VFlowTech’s Series A extension round
VFlowTech will use the capital to expand into hybrid energy storage solutions, expand its manufacturing capacity and increase R&D activities; In addition to its current facility in Singapore, VFlowTech is also expanding its manufacturing capabilities in India.

SBI Ven Capital joins Singapore Web3 infra startup Chainstack’s strategic round
The other backers are Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures; Chainstack enables companies to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.

OpenAI founding scientist Ilya Sutskever is leaving the firm
The announcement comes just a day after OpenAI unveiled GPT-4 omni (GPT-4o), the first version of its advanced AI model, which can accept input in any combination of text, audio, and image and respond using a combination of these media.

IPO-bound Indian insurtech firm Go Digit bags US$141M
The investors include Fidelity, Goldman Sachs, Morgan Stanley, and Abu Dhabi Investment Authority; Go Digit sells auto, health, travel, and accidental insurance; It has 43M+ customers and issued a total of 8M policies so far.

FEATURES

‘GovTech Edu wants to become a thinking partner of Indonesian government, not a feature factory’
The company goes beyond mere feature development and brings findings and recommendations for appropriate technology interventions based on an in-depth understanding of the problem space.

From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model
GenAI Fund is a US$10M AI-focused fund based in Vietnam that aims to invest between US$50,000 and US$1M per startup.

How Philippines’s social media savvy population delivers growth for tech startup ecosystem
The startup ecosystem in the Philippines has shown signs of reaching maturity, especially when compared to seven to 10 years ago, with more corporations trusting startups to be their vendors or suppliers.

How Patsnap aims to lead the way in AI innovation with its in-house model development
Unlike many others, Patsnap develops its models rather than relying on external organisations such as OpenAI.

The next big things in AI: Why Enterprise GPT and inclusion are going to take centre stage
‘If you think about any business and divide it based on how much work is done by labour, machines, and systems, then you can find the right interventions to use Generative AI,” says Dr. Addo AI CEO Ayesha Khanna.

The future of fintech innovation will be a constant dance between progress and security: AND Global
AI enables real-time analysis and automated responses to potential fraud and it has the ability to adapt and learn from new fraud patterns continuously.

Navigating the gender divide in Southeast Asia’s fintech landscape
Women hold just 13 per cent of management, board, and investor roles across early-stage to public companies within the fintech ecosystem.

FROM OUR CONTRIBUTORS

What living with the Big C has taught me about Web3 (Part 1)
Discover the journey of resilience as a tech enthusiast navigates life with a rare diagnosis, uncovering insights from the world of Web3 and cancer survival along the way.

The art of AI integration: Growing your business with chatbots and human expertise
By learning how to balance AI integration and human touch, businesses will be able to handle complexities and be more customer-focused.

Why AI needs context and curiosity, not toxic positivity
Savvy data practitioners now realise that governance, while never sexy, has taken on a new and heightened importance in the age of AI.

Stronger together: How partnerships drive innovation, impact, and success
Partnerships can boost engagement, resulting in increased participation, funding, and overall success in achieving shared objectives.

Malaysia’s digital dilemma: Stuck in the past or embracing the future?
Malaysian businesses can emulate successful strategies from global rivals by integrating martech systems into their operations.

Strategies for Singapore businesses to thrive in the face of workforce and inflation
Singapore’s businesses can leverage the region’s youthful population, growing affluence, and rapid tech adoption for significant market opportunities.

Blockchain to the rescue: How tech can combat food waste and secure our food supply
Blockchain holds immense promise in revolutionising food production, consumption, and distribution, addressing critical industry challenges.

Crafting a winning healthtech pitch deck: The insider’s guide to attracting investors in 2024
To avoid missing your shot, take time to clean up your pitch deck of common mistakes and craft a powerful investment story.

With AI comes huge reputational risks: How businesses can navigate the ChatGPT era
Navigating the benefits of AI technology requires balancing its advantages with the need to mitigate reputational risks.

FROM THE ARCHIVES

Understanding the role of fintech, blockchain in transitioning to net zero
This includes the technological know-how that is believed to be “pivotal” in developing and funding innovations to support net-zero transition.

Cross-border payments: Can incumbent banks compete with fintechs in Asia?
Those who embrace next-gen technologies and allow evolution in the way they operate will be able to win the cross-border payments battle against fintechs.

Asia’s fintech frontier: Strategising the race to crown the next financial innovation capital
Competition in Asia’s fintech sector intensifies, highlighted by the dominance of the region’s megacities in global fintech rankings.

Fintech’s hidden power: Women leading the charge for a more equitable future
To unlock the economy’s full potential, financial services must cater to diverse needs, including those of women.

6 common questions about establishing a fintech company in Vietnam
Vietnam’s market is growing for business, here are some of the laws that companies need to follow while establishing their company.

Unlocking Southeast Asia’s financial potential with AI-powered fintech
Besides core financial services, SEA has experienced the rise of novel finance apps and new methods of generating online income.

After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape
DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries.

Singapore Budget 2024: For startups, talents and funding remain key challenges this year
The Singapore Budget 2024 aims to “keep Singapore moving forward”. But what are the biggest concerns for the startup ecosystem today?

Demystify cybersecurity: EPP vs EDR vs MDR vs XDR
This article aims to simplify your cybersecurity understanding of these solutions using clear and relatable analogies.

Securing the future of IoT: Why attack surface management is key
Implementing an effective ASM strategy goes a long way to enabling firms to pursue ambitious IoT strategies without creating unnecessary risk.

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