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Airwallex has acquired Vietnam-based payment services provider CTIN Pay to enhance its licensing presence in key Asia-Pacific markets and support international firms entering Vietnam. The company has appointed Ershad Ahamed as head of Southeast Asia to drive regional growth, following its acquisition of MexPago in Mexico. Founded in 2015, Airwallex reports annual revenues exceeding US$600 million and a global transaction volume of US$130 billion.
The recent eFishery scandal raises concerns about the ability of VCs, including Temasek, to prevent future frauds. To mitigate risks, investors should involve local experts in due diligence, verify revenue through investigative audits, and establish whistleblower frameworks within portfolio firms.In other news, Israeli AI firm Alta has secured $7 million in seed funding to enhance its virtual agents, while Tencent's AI chatbot Yuanbao tops the charts in China's iOS App Store. Sea Group reports a 36.9% revenue increase for Q4 2024, reaching $4.95 billion.
Singapore authorities have filed additional charges against three men in a server fraud case involving false claims about Nvidia chips. The investigation, which has international implications due to potential export control violations, includes 22 individuals and firms. Two suspects, Aaron Woon and Alan Wei, are accused of defrauding Super Micro and making false statements regarding Dell servers, while a third suspect, Li Ming, also appeared in court. Law enforcement has seized 42 devices for forensic analysis as they track financial transactions with global cooperation.
Bolt has experienced significant growth in Malaysia, with a 540% increase in driver-partners and a 280% rise in registered passengers since its launch three months ago. The company offers a competitive 15% commission rate, allowing drivers to earn more, and has introduced a premium ride category, Bolt Executive, to cater to high-end travelers. Drivers have collectively earned over 22.8 million ringgit (US$5.15 million) and benefit from incentives like a 200 ringgit activation bonus after completing 30 rides.
Thailand's fintech sector struggles to produce unicorns due to a lack of venture capital and the dominance of major banks that have heavily invested in digitalization, limiting opportunities for startups. Foreign investment remains challenging due to market size and competition from corporate venture capitalists. Meanwhile, Grab has acquired Eastern Grocer, expanding its footprint in Malaysia's premium grocery retail market.
Malaysia has committed to a $250 million deal over ten years with Arm Holdings for access to seven high-end chip design blueprints, aiming to bolster its semiconductor sector. Economy Minister Rafizi Ramli stated that this initiative will help the country capitalize on the growing global demand for AI and data centers, with plans to establish ten domestic firms generating annual revenues of $1.5 billion to $2 billion each.
The Trump administration is considering stricter AI chip export restrictions to China, building on previous measures. Despite these efforts, demand for Nvidia's AI chips remains high, leading to a burgeoning gray market facilitated by intermediaries in Vietnam, Malaysia, and Taiwan. Chinese firms continue to rely on these channels or alternative products to fulfill their AI training needs, as high-end chips are essential for their operations.
NationGate Holdings has denied any connection to a fraud case in Singapore involving Nvidia chips, clarifying that the issue pertains to an unrelated cloud partner. The company emphasized its commitment to transparency and regulatory compliance while monitoring the situation closely. Following the news, NationGate's shares plummeted 29.73% to 1.30 ringgit (US$0.29), reaching the limit down with 48.85 million shares traded.
Grab Holdings Inc is acquiring Eastern Grocer Sdn Bhd, the operator of Everrise supermarkets, from Navis Capital Partners. This acquisition, details of which remain undisclosed, follows Grab's previous investment in Jaya Grocer and aims to enhance digital grocery shopping in East Malaysia. Navis Capital, which manages around US$5 billion, had shifted Eastern Grocer's focus to premium retail since its investment in 2019.
Catcha Digital Bhd is intensifying its mergers and acquisitions strategy, aiming to exceed the 80 million ringgit target set for September 2024. The company is focusing on platform and add-on acquisitions to enhance its digital media and advertising operations.Recently, it completed acquisitions worth 35.18 million ringgit, including a 60% stake in Drive 2 Digital Sdn Bhd and a 51% stake in Nexible Solutions Sdn Bhd, as part of its commitment to strengthen online-to-offline digital media solutions.
MYS
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Airwallex expands in Asia Pacific with acquisition of CTIN Pay in Vietnam
15:14 06.03.2025
investors seek strategies to prevent future fraud scandals in startups
10:30 06.03.2025
Singapore files new charges in international server fraud investigation
09:10 06.03.2025
bolt experiences rapid growth in malaysia with 540 percent increase in drivers
08:00 06.03.2025
thai fintech sector struggles to produce unicorns amid banking dominance
10:30 05.03.2025
Malaysia invests 250 million dollars in Arm chip designs to boost semiconductor sector
06:00 05.03.2025
us considers stricter ai chip export controls amid china's gray market growth
04:00 05.03.2025
nationgate denies involvement in nvidia fraud case amid stock decline
07:06 04.03.2025
grab acquires eastern grocer to enhance grocery retail in east malaysia
02:48 04.03.2025
catcha digital plans aggressive expansion in mergers and acquisitions strategy
14:21 03.03.2025
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