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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.
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.
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.
The UK has lifted import restrictions on animals and animal products from Germany, allowing fresh meat and meat products to be exported again following the foot-and-mouth disease outbreak. Federal Agriculture Minister Cem Özdemir praised the swift actions taken to combat the disease, marking a significant reopening of a key export market for Germany's agricultural sector. This decision follows similar moves by Morocco and the reopening of markets in China and Malaysia for heat-treated dairy products.
Goldman Sachs COO John Waldron is a leading candidate to succeed David Solomon as CEO, emphasizing the bank's commitment to bitcoin and digital assets. He is developing BTC-related services and has restarted the digital asset trading desk, while also exploring blockchain projects and CBDCs. Despite past challenges, including significant losses in retail banking and a corruption scandal, Waldron aims to ensure compliance as the firm ventures into new financial territories.
BNP Paribas Exane has raised its price target on Hershey Company to $167 from $157 while maintaining a neutral rating. Hershey specializes in chocolate-based products and candies, with 81.7% of net sales from confectionery, 9.8% from snacks, and 8.5% from international activities. The company operates 13 production sites across the U.S., Mexico, and Malaysia.
Fore Coffee has filed for an IPO amid a temporary trading halt on the local exchange due to a market dip. The company plans to use the funds for expansion, targeting 60 new stores this year, including a second location in Singapore.In other news, Grab is expanding its grocery segment in Malaysia, which has outpaced its food delivery growth for two consecutive quarters. The company is acquiring Everrise to enhance its presence in the grocery market, despite challenges in profit margins.
Two major data centre operators in Asia have secured record loans, with part of the funding aimed at expanding operations in Malaysia, which is becoming a key data centre hub due to rising AI-related demand. Investor interest in the sector is increasing, with projections indicating a 32% annual growth in data centre demand in Asia through 2028, significantly outpacing the US forecast of 18%. The shift of tech multinationals diversifying beyond China further enhances Southeast Asia's position as a data centre hotspot.
In the latest episode of the 60/40 Podcast, co-hosts explore the turmoil surrounding Chocolate Finance, a Singaporean robo-advisory platform, highlighting its product offerings and the fallout from marketing missteps that eroded customer trust. The discussion also delves into the fintech industry's dynamics, the influence of social media on consumer behavior, and the regulatory environment. Additionally, the podcast examines China's tech landscape, featuring the emergence of the Seven Titans and Manus AI, alongside Malaysia's aspirations in AI and semiconductor sectors.
Grab's acquisition of Cambodian firm Nham24 highlights the potential of Cambodia's tech market, which has been largely overlooked in Southeast Asia's digital economy. This move signals Grab's intent to dominate a nascent market with low saturation, suggesting significant growth opportunities ahead. As the region evolves, Cambodia may emerge as a key player rather than an afterthought.
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weLab bank targets southeast asia expansion after breakeven success in hong kong
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08:00 26.03.2025
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