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Central Asia's startup ecosystem is thriving, with Kazakhstan leading in venture investments, attracting $71m in 2024, primarily from foreign investors. Uzbekistan saw a remarkable 2.7-fold increase in investments to $17.5m, while Kyrgyzstan and Tajikistan also reported growth in their respective markets. Key sectors driving this momentum include artificial intelligence, fintech, and educational technologies, indicating a robust potential for future development and global integration.
Citigroup has recently deposited significant amounts of lead in London Metal Exchange (LME) approved warehouses as part of profitable rent-sharing deals. Stocks of lead in Singapore surged by 15% to 206,350 tons, with 90% of this under rent agreements, allowing companies to earn rental income without retaining ownership. The daily rent for lead in Singapore is 51 U.S. cents per ton, potentially generating nearly $14,000 daily for the recent influx of 27,250 tons.
Citigroup has upgraded UP Fintech Holding to a Neutral rating from Sell, raising its price target to $9.50 from $5.80. The company operates an integrated financial technology platform that offers comprehensive brokerage services and value-added features, primarily in New Zealand, Singapore, and the United States.
RedDoorz achieved its first profitable year in 2024 by focusing on operations in Indonesia and the Philippines, withdrawing from Singapore and Vietnam, and diversifying its offerings to include upscale accommodations. Meanwhile, Indian startup Nivara secured $28 million in funding to enhance its tech platform and expand its market reach. In other news, Microsoft CEO Satya Nadella plans a visit to South Korea, and Zomato faces an insolvency petition over unpaid dues.
Crypto.com reported $1.5 billion in revenue for 2024, with a net profit of $300 million, and boasts over 140 million users. The platform is navigating controversy over a proposal to mint 70 billion CRO tokens, which has upset many holders. Looking ahead, it plans to expand into stock trading, banking, and credit cards while remaining optimistic about US market growth.
Taiwan has imposed a fine on a fintech firm from Singapore due to its connections with China. This action highlights ongoing tensions in the region regarding financial operations and regulatory compliance. The move reflects Taiwan's vigilance in monitoring foreign business ties that may pose risks.
The Competition and Consumer Commission of Singapore (CCCS) has not received any merger notification from Grab or GoTo, despite reports of discussions. The CCCS advised both companies to seek legal counsel to ensure compliance with competition laws, as a merger could dominate the ride-hailing market in Singapore and Indonesia. Grab has not commented, while GoTo has limited its statements to stock exchange disclosures.
Venturi Partners has launched its second fund, targeting $225 million, with a hard cap of $250 million. The firm aims for a first close by Q2 2025, seeking to raise $130 million, and will focus on sectors such as retail, education, healthcare, and fast-moving consumer goods. This follows their first fund, which raised $180 million in April 2022 and invested in seven consumer-focused businesses.
Philippine fintech firm Higala has successfully raised $2.8 million in an extension of its seed funding round, led by Talino Venture Studios and Singapore's 1982 Ventures. The company aims to enhance financial access by connecting various banks and electronic money issuers to its instant payment network, while also reducing transaction costs and improving real-time payment accessibility.
Pine Labs, an Indian fintech firm, is set to launch its IPO in the second half of 2025, aiming for a valuation between US$6 billion and US$8 billion. The company, which provides payment solutions to over 500,000 merchants, reported an operating revenue of 1,317 crore rupee (US$152.06 million) for FY24, despite a widening net loss. This IPO could become the largest for an Indian fintech since Paytm's US$2.5 billion listing in 2021.
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central asia startups thrive in uae with 96 million in venture investments
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