South Korea’s ATU Partners launches e-sports-focussed growth fund – Dealstreet Asia
South Korean private equity firm ATU Partners has announced the launch of a US$17-million growth fund that will invest in e-sports space, Dealstreet Asia reported.
Said to be the first in the region to focus on the industry, the fund is backed by Kakao Games, The E&M, Woori Technology Investments, and SB Partners.
It has already acquired South Korean e-sports organisation DRX (formerly known as Kingzone Dragon X) and invested in leading US-based talent agency AZYT.
Tencent says it fired more than 60 employees this year for corruption and bribery – SCMP
Chinese internet giant Tencent said that it has fired more than 60 employees in the first three quarters of 2019 for alleged corruption and bribery, with 10 of those handed over to Chinese public security and judicial authorities, South China Morning Post reported.
Tencent said that it investigated over 40 cases in the past nine months, mainly involving misappropriation of company assets, corruption and bribery.
It has also blacklisted 16 companies involved in such misbehaviour.
Grab, Singtel form consortium for Singapore digital banking license – e27
Southeast Asian ride-hailing giant Grab announced that it has formed a consortium to apply for a digital full bank licence in Singapore with Singtel, the communications technology group.
Grab will have a 60 per cent stake in the consortium entity while Singtel will hold a 40 per cent stake.
In a statement, it is stated that Grab and Singtel seek to contribute to the financial services sector with a differentiated offering that addresses the unmet and underserved needs of consumer and enterprise segments in Singapore.
Temasek invests in Indonesia-focussed EV Growth’s US$250M fund – e27
Singapore-headquartered venture capital firm EV Growth has announced the close of its first fund at US$250 million, exceeding the firm’s initial target of US$150 million.
The VC firm’s new Limited Partners (LPs) include several Asia-based family offices and two of Asia’s largest sovereign wealth funds, including Temasek.
EV Growth was launched in March 2018. A joint venture among East Ventures, SMDV and Yahoo! Japan Capital, the fund focusses on providing growth capital to startups in Indonesia and the rest of Southeast Asia with an industry agnostic focus.
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