The week that was — July 18-23

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While the week started off on a high note with some exclusive funding news, regulators of the region’s financial sector dominated the headlines on most other days.

First of all, the Monetary Authority of Singapore (MAS) indicated when releasing its annual report that it is set to harden cryptocurrency companies in the coming months, and expects to begin discussions with industry players by September or October to develop stricter regulations for the emerging sector.

Meanwhile, Indonesia’s financial sector regulator, the Financial Services Authority (OJK)introduced a new set of rules that require new P2P lenders to have a paid-up capital of at least 25 billion rupees ($1.7 million) in cash – 10 times the previously required 2.5 billion rupees – and it must be stored in term deposits.

Last but not least, China’s transport ministry on Friday tightened existing rules governing how online ride-sharing companies process and share their data with regulators, a day after the fine. Global DiDi $1.2 billion for the illegal collection and processing of data.

A look back at the other big developments of the week, starting with…

Our exclusives and tips

Early-stage Australian investor Investable plans to launch a $200 million growth fund later this year to support its portfolio winners and seize opportunities in the Series A-C stages, a senior executive told DealStreetAsia.

Venture capital firm based in Singapore and the United States Capital B Group closed its $250 million Ascent Fund II. The vehicle is B Capital’s “first dedicated seed fund” and will invest in pre-seed Series A rounds globally, with a focus on US and Asian startups.

Chinese venture capital company 01VC reached the first close of its third US dollar fund at over $60 million as it seeks to double its investments in its focus areas such as enterprise SaaS.

Circulate capitala Singapore-based venture capital firm, has so far raised $53 million for its latest private equity fund, according to its filing with the U.S. Securities and Exchange Commission (SEC).

Life in Taiwan committed 600 million New Taiwan Dollars ($20 million) to the latest venture capital vehicle from a local venture capital firm Capital of Taiwanthe insurer said in a regulatory filing.

Capital of the Atlasa climate tech fund founded by Southeast Asia-based French entrepreneur Djoann Fal, aims to raise an initial fund of $10 million with the hope of growing it to $50 million over time.

Indonesian social commerce start-up Kitabéli pocketed $20 million in a funding round led by Glade Brook Capital Partners with participation from existing backers AC Ventures and GoVentures, as well as new investor InnoVen Capital.

Trade Quick Start Raywhich operates in areas outside of Jakarta on the Indonesian island of Java, is finalizing a funding round of up to $10 million.

GoTo-backed digital lender Jago Bank recorded a net profit of 29 billion rupees ($1.93 million) in the first half of 2022, compared to a net loss of 47 billion rupees ($3.14 million) in the same period last year, according to an announcement.

More funding news

Singapore-based venture capitalist Integra Partners got $8 million from the Norwegian sovereign wealth fund Norfund for its second venture capital fund, Integra Partners Fund II.

Vietnamese real estate developer Land of Hung Thinhwhich recently raised $103 million in a funding round, filed an initial public offering (IPO) on the Ho Chi Minh City Stock Exchange (HOSE).

Hong Kong-based digital solutions provider Digital AMTD has raised $124.8 million since its public debut on the NYSE, with a market cap of $1.44 billion.

News of mergers and acquisitions

Thai technology company true digital invested $3 million in a digital media company Medialoadthe operator of the information portal Khmerload in Cambodia, to become its majority shareholder.

Indonesian Digital Infrastructure Platform Bersama digital infrastructure partnered with a Philippine investment firm to acquire an independent tower company Alliance Tours Corporation for an undisclosed amount.

unicorn edtech upGrad, founded by Indian media mogul and serial entrepreneur Ronnie Screwvala, has acquired Harappa Education for Rs 300 crore (about $38 million). The deal marks upGrad’s ninth acquisition to date.

Indian logistics technology platform shiprefusewhich is backed by Zomato and Temasek, said it acquired textile maker Arvind’s SaaS business Omuni in a cash and stock deal of Rs 200 crore ($25 million).

Long reads

Since the start of 2022, the rhetoric of growth at all costs among venture capitalists in Southeast Asia has dramatically reversed, with investors now taking a hawk-like approach to the economy. unit, cash management and the path to profitability.

Same as the startup ecosystem in india is currently in the grip of a funding winter, no less than 14 investors have launched their first funds in the country, signaling their faith in the long-term growth story. These include names such as EverSource Capital, Venturi Partners and Sorin Investment.

The COVID-induced fintech boom has impacted Indonesia’s nascent insurtech sector. Experts say these young startups – digital platforms, including aggregators and marketplaces, that provide easy access to insurance products – have the potential to solve the problem of low insurance penetration in Indonesia. .

Recent financials from e-commerce marketplaces in Vietnam show that these players have been working to cut losses despite being part of an industry that has become infamous for its high cash outlays. DealStreetAsia analyzed the financial statements of four e-commerce companies in the country — Tiki, SendSea Limited Shopand supported by Alibaba Lazada.

Proptech startups in Vietnam are struggling to find the right mix of online and offline for their brokerage models as they realize that traditional factors such as pricing, location and design still play a more crucial role than technological factors.

Indonesia’s financial landscape, which has evolved significantly over the past decade with the government’s push towards digitalization, is expected to change further as new initiatives such as cross-border QR payment link and BI Fast payment infrastructure give new impetus to its booming fintech sector.

Up close and personal

While cryptocurrency has almost reached a saturation point in other parts of the world, it remains a blue ocean in the Philippines, which perhaps explains the growing investor interest in the local industry, Jack Ponce- Enrile, co-founder and president of local tech investor First Shoshin Holdings Companysaid DealStreetAsia in an interview.

Vertex Ventures Southeast Asia and India Partner Pui Yan Leung believes that the current number of female senior executives in venture capital firms in the region will inspire more to follow suit. “Representation matters – it’s great to see more women taking on leadership roles in regional venture capital funds. I’m optimistic that this momentum will in turn encourage more aspiring female venture capitalists to cross over. the step to develop their career in this industry,” she said in an interview.

The pandemic forced the start of hotel booking in Singapore RedDoorz to rethink its business model and quickly shift from growth mode to survival mode, said founder and CEO Amit Saberwal. And now the company expects to break even by October.

through the wall

China JAKA Robotics has secured over $150 million in a Series D round of funding to accelerate its global expansion and R&D of next-generation collaborative robots.

Frontera Therapeuticsa clinical-stage biotech startup operating in both China and the United States, pocketed $160 million in a Series B funding round to bring the company’s total fundraising size three years to $195 million.

Sequoia Capital China led a nearly 1 billion yuan ($148.2 million) Series A funding round for an automotive tech startup SiEngine Technology.

From Nikkei Asia

food delivery service Foodpanda remains focused on its core business to achieve group-level profitability, says the company’s CEO, adopting a different strategy than regional competitors such as Grab and GoTo, which have branched out into different businesses to become ” superapps”.

Singapore State Investor Temasek plans to open more factories in Southeast Asia to produce plant-based foods after launching its first in the city-state through its joint venture Cremer Sustainable Foods.

Eight years after China first embarked on the path to digital yuan, the central bank’s pilot program for the digital yuan has been extended to 23 cities covering nearly a fifth of the population. But a full launch of the currency remains elusive as a population already accustomed to mobile payments such as Alipay and WeChatPay sees no reason to abandon their familiar apps.

And finally…

The award for best drama of the week goes to Zipmex, which announced Wednesday that it has suspended withdrawals on its platform until further notice due to what it described as “combined circumstances” beyond its control. The very next day, the digital asset exchange announced that it would resume withdrawals and was working to address its $53 million exposure to crypto lenders. Babel Finance and Celsiusonly to extend the freeze on withdrawals until Friday.

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