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Indonesia's economic challenges are highlighted by a 6% plunge in the IDX composite index, raising concerns about market stability and investor confidence. Despite this, tech firms like GoTo and Bukalapak showed resilience, while the weakening rupiah may affect valuations for startups. Meanwhile, SkyeChip in Malaysia secured funding for semiconductor development, and notable developments include Meesho's profitability and Chagee's IPO plans in the US.
Huawei is poised to announce a revenue of 860 billion yuan ($118 billion) for 2024, nearing its 2020 peak, as it rebounds from U.S. sanctions through a focus on software, chip development, and smart-driving technology. The company has shifted into new business areas, including 5G infrastructure and autonomous driving, while its consumer business is reportedly growing again. Despite challenges in regaining its former Western market position, Huawei aims to expand its international presence and integrate AI into its services.
NXP Semiconductors is collaborating with Vanguard International Semiconductor Corporation to establish a wafer manufacturing facility in Singapore. Southeast Asia faces significant climate challenges but also has immense potential for renewable energy, requiring an estimated US$1.5 trillion by 2030 for green investments, which have only reached US$45 billion since 2021. The region's dynamic economy, driven by e-commerce, fintech, and AI, is projected to grow by 4.6% in 2025, outpacing major economies like China.
Huawei is projected to achieve 860 billion yuan ($118 billion) in revenue for 2024, nearing its 2020 peak despite US sanctions. The company has thrived by innovating with HarmonyOS, expanding into chipmaking, and partnering with automakers on autonomous driving technology. Its smartphone shipments rose 25% this year, and it is enhancing its presence in 5G infrastructure and AI, particularly in the Middle East, showcasing resilience and strategic pivots in the face of external pressures.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
Grab Malaysia has partnered with BYD Sime Motors, Yinson Green Technologies, and Power-Up Tech to enhance electric vehicle (EV) adoption among its driver-partners. This collaboration aims to provide accessible EV solutions, develop charging infrastructure, and support Malaysia’s sustainability goals. BYD will offer exclusive pricing and training, while Yinson will provide favorable leasing and charging rates, and Power-Up Tech will ensure reliable mobile charging facilities.
Australian VC firm Microequities has acquired a 19% stake in Melbourne-based Global IT Factory, a curriculum management software provider, through its pre-IPO fund. This investment marks the company's first external funding since its inception a decade ago. Global IT Factory, which holds a 22% market share in Australia and New Zealand, plans to utilize the funds for product development and market expansion.
Huawei Cloud hosted its Asia-Pacific Forum, unveiling six collaborative initiatives to support Chinese enterprises expanding in the region, which is now their largest market outside China. The forum highlighted the importance of understanding local markets and leveraging technology for successful globalization. With a commitment of USD10 million for the "Asia-Pacific Acceleration Program," Huawei aims to empower businesses through strategic consulting, solution development, and co-marketing initiatives.
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.
Gobi Partners has invested in Malaysian semiconductor design firm SkyeChip, utilizing funds from the Khazanah Nasional-backed Gobi Dana Impak Fund and regional resources. This investment will support SkyeChip's talent acquisition, business expansion, and working capital needs. Led by Fong Swee Kiang and Teh Chee Hak, SkyeChip specializes in silicon intellectual property and custom ASICs for AI and high-performance computing applications.
MYS
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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