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WeLab Bank, based in Hong Kong, is set to expand into the Philippines, Malaysia, and Vietnam after achieving monthly breakeven in December 2024. The bank aims for profitability in Indonesia and Thailand within three to five years, targeting the larger Southeast Asian market despite its lower affluence.Meanwhile, Bank Jago, Indonesia's first fully digital bank, reported a 78% increase in net profits to US$7.8 million and a customer base of 15.3 million by the end of 2024. The bank is leveraging partnerships and AI to enhance customer experience and grow its loan portfolio, despite facing stock price challenges.
India plans to abolish a 6% equalisation levy on online services, including advertising, as part of amendments to the Finance Bill 2025. This decision, influenced by US concerns and potential trade sanctions, aims to alleviate trade tensions with the US tech giants like Google, Meta, and Amazon. The amendment is expected to pass in parliament this week.
Israeli entrepreneur Roi Tiger has raised $55 million for his stealth-mode cybersecurity startup, now valued at $400 million. The funding round, led by Greenoaks, follows a $20 million seed round with notable investors including Sequoia and Index Ventures. Tiger, a former Meta executive, co-founded the startup with Pini Pinhasov, Ophir Arie, and Omer Singer, all of whom have significant experience in the cybersecurity sector.
CME Group has partnered with Google Cloud to launch a pilot program focused on asset tokenization. This initiative aims to explore the potential of digital assets in enhancing market efficiency and accessibility. The collaboration signifies a step forward in the integration of cloud technology within financial markets.
Goldman Sachs has downgraded Super Micro Computer (SMCI) to "sell," citing risks in the AI server market, increased competition, and low profit margins, with a new price target of $32. Meanwhile, AI startup Fyxer raised $10 million, and major tech firms like Tesla and AMD saw significant stock gains. Apple faces a 21% drop in iPhone shipments in China, while Microsoft and Salesforce are noted for their resilience amid potential software spending slowdowns.
The Andhra Pradesh government has launched the AP Innovation & Startup Policy (4.0) 2024-2029, aiming to create 20,000 startups and 10 unicorns in five years. The initiative includes establishing 10 centres of excellence in emerging technologies and creating 100,000 jobs, while also enhancing infrastructure to attract semiconductor investments. The policy seeks to strengthen the startup ecosystem by connecting entrepreneurs to global markets and fostering innovation through initiatives like the "Ratan Tata Innovation Hub."
Singapore's ride-hailing industry faces a significant driver shortage, exacerbated by rising costs and diminishing incentives, leaving fewer drivers available during peak demand times. As tourism is set to increase, platforms like Grab and GoJek struggle to meet the growing need for rides, while drivers explore better employment options.
Dubai-based startup Xpanceo is set to commercialize smart contact lenses, unveiling five prototypes at the Mobile World Congress Barcelona. With plans to deliver an upgraded prototype by 2026, the company aims to integrate features like hormone and glucose tracking, leveraging advancements in academic research and securing $40 million in funding. In contrast to Mojo Vision, which pivoted to micro-LED technology after raising over $150 million, Xpanceo has made significant progress with less capital.
Aspire has launched Aspire Ignite, a three-month program aimed at helping early-stage startups in Singapore secure funding beyond the seed stage. Targeting startups in the Asia Pacific that have raised pre-seed funding, the program includes expert-led masterclasses, reverse pitch sessions with venture capitalists, and offers over US$200,000 in partner perks. Finalists can receive US$25,000 from Aspire and up to US$500,000 in credits from major companies like Google, Microsoft, and Amazon. Applications are currently open, with the program starting on April 14.
The MarketingPulse and eTailingPulse conferences, held by the Hong Kong Trade Development Council, attracted over 1,600 industry professionals from 22 countries, focusing on evolving marketing and e-commerce trends. Key discussions included the role of data and AI, the ASEAN market potential, and strategies targeting Gen Z consumers in Mainland China. The event featured insights from 80 international leaders and facilitated over 160 business matching meetings, enhancing networking opportunities within the industry.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
weLab bank targets southeast asia expansion after breakeven success in hong kong
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