Standard Chartered opens second eXellerator in Hong Kong- Press release
Standard Chartered opened its second eXellerator innovation lab in Hong Kong to inculcate an innovative culture across the Bank and to engage the fintech ecosystem to develop innovative solutions that meet the evolving banking needs of clients.
eXellerator will focus on leveraging emerging technologies and co-creating solutions for corporate, commercial and institutional banking clients. It aims to become a focal point for engagement with the stakeholders of the Hong Kong fintech ecosystem like regulators, government-backed organisations, business partners, clients, and technology companies.
Alex Manson, Global Head of SC Ventures, said: “The new eXellerator lab location in Central gets us to the heart of it [Hong Kong’s fintech ecosystem] and we look forward to many more engagements and partnerships.”
OBOR Capital invests in Cambodia’s Delishop.Asia- Press release
OBOR Capital closed an early-stage equity fundraising deal with Delishop.Asia, an online supermarket that is set to transform online shopping experience in Cambodia.
Funds raised will be utilised for developing a more user-centric and scalable web portal, as well as Android and iOS Apps, which are scheduled to be launched by the end of the year. They will also develop backend technologies for supply-chain management.
Additionally, funds will be used to purchase new motorcycles and to cover driver-training programmes as Delishop.Asia scales its business within Phnom Penh and towards newer frontiers in Cambodia.OBOR Capital’s investment includes fresh capital injection and acquisition of secondary shares.
OBOR Capital’s portfolio company CamboTicket has also acquired a minority stake in the business. As part of the deal, OBOR Capital and CamboTicket will provide strategic support to Delishop.Asia in some key functional areas.
Julien Nguyen, CEO, and Founder of Delishop.Asia exclaimed: “I am very excited to partner with OBOR Capital for our next phase of growth. The funds will be used to strengthen our team, offer more top quality products and improve user experience. OBOR Capital’s hands-on approach towards its investments is what we are looking for in an investor at this stage of our company’s lifecycle.”
Also read: Asia is giving the West a run for its money says Alex Manson of Standard Chartered’s investment arm
TikTok owner ByteDance to ramp up global operations before IPO- DealStreetAsia
ByteDance, owner of the popular video app TikTok is focused on hiring staff to beef up its international operations before considering an initial public offering in the US or Hong Kong in the near future according to a DealStreetAsia report.
It is considering Hong Kong as a listing destination but any float remains a long-term objective given ByteDance remains well-funded and still needs to hire a chief financial officer, the people said, stating its a private matter. On Tuesday, the company denied a Financial Times report that it planned a Hong Kong IPO in the first quarter.
One of the perennial issues for investors is its lack of a Chinese news-publishing license, which the company is trying to overcome by strictly adhering to news aggregating and diversifying into short video entertainment apps. ByteDance is unlikely to rush into an IPO in the middle of a bitter trade war and rising scrutiny from Washington.
Two US senators have urged investigations into TikTok, calling it a national security threat. “TikTok is a potential counterintelligence threat we cannot ignore,” Republican Senator Tom Cotton and Senate Minority Leader Chuck Schumer said in a letter Thursday to Acting Director of National Intelligence Joseph Maguire.
Alphabet in bid to buy Fitbit
Google owner Alphabet Inc has made an offer to acquire US wearable device maker Fitbit said Reuters. Google has joined Apple and Samsung Electronics in developing smartphones, but it has yet to develop any wearable offerings. Fitbit’s fitness trackers monitor users’ daily steps, calories burned and distance traveled. They also measure floors climbed, sleep duration and quality, and heart rate.
There is no certainty that the negotiations between Google and Fitbit will lead to any deal, the sources said, asking not to be identified because the matter is confidential. The exact price that Google has offered for Fitbit could not be learned.
Google and Fitbit declined to comment. Nevertheless, Fitbit shares rose 27% on the news, giving the company a market capitalization of $1.4 billion. Alphabet shares rose 2% to $1,293.49.
A deal for Fitbit would come as its dominant share of the fitness tracking sector continues to be chipped away by cheaper offerings from companies such as China’s Huawei Technologies Co Ltd and Xiaomi Corp (1810.HK).
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