Author: Aiko Akihiro

Bitsmedia, the creator of the widely popular Muslim lifestyle application (app), Muslim Pro, has successfully secured US$20 million in its Series A funding round. This funding round saw participation from Asia-focused venture capital firm, Gobi Partners, alongside continued support from existing investors – CMIA Capital Partners, and Bintang Capital Partners. The newly injected funds will be dedicated to advancing Artificial Intelligence (AI) capabilities, enrich content offerings on Bitsmedia’s streaming platform, Qalbox, continuously develop educational features, and improve the Quran experience within Muslim Pro. Nafees Khundker, Managing Director of Bitsmedia, said, “Nurturing Bitsmedia’s growth and global footprint while serving the needs…

Klook, Asia’s leading platform for experiences and travel services, announces that it has successfully completed a US$210 million financing, supporting business growth and fortifying financial stability. The equity round is led by Bessemer Venture Partners, with participation from BPEA EQT, Asia investment funds Atinum Investment and Golden Vision Capital, and corporate investment arms from Southeast Asia, including Krungsri Finnovate (under Bank of Ayudhya), Kasikornbank Financial Conglomerate and SMIC SG Holdings. The round also includes bank facilities from Citi, J.P. Morgan, and HSBC. For many Asian markets, 2023 marks the first year of travel recovery with a notable rebound in tourism…

Universal Robina Corporation (URC) reported a significant 9% increase in sales, reaching Php 117.6 billion in the first nine months of 2023, despite economic challenges like high inflation. The third quarter alone saw a 6% rise in sales, largely driven by the company’s agro-industrial and commodities business. The operating income for the nine months showed a robust 17% growth, ending at Php 12.6 billion, with a notable 19% increase in the third quarter. URC’s net income also grew by 6% to Php 10.3 billion, influenced by previous forex gains and rising finance costs. The company’s core net income rose by…

Philippine National Bank (PNB) has announced a significant 19% increase in its consolidated net income, reaching P13.5 billion for the first nine months of 2023. This impressive growth is mainly due to the expansion in core lending and fee-based operations. The bank’s net interest income surged by 23% to P33.0 billion, propelled by increased loan volumes and a higher net interest margin of 4.2%. Gross loans escalated to P635 billion, a 4% rise, driven by growth in corporate, commercial, and retail lending. The bank also reported a 5% increase in deposit liabilities, as it continued to enhance its CASA portfolio…

KKR, a prominent global investment firm, and the parent entity of OMS Group, a distinguished telecom infrastructure organization, have confirmed the signing of definitive agreements. This deal involves a $400 million investment from KKR in a customized solution for OMS Group, emphasizing the firm’s commitment to digital infrastructure in Southeast Asia and showcasing their belief in digitalization’s pivotal role in the region’s thriving internet economy. Founded in 1988, OMS Group has carved a niche as a neutral provider, offering comprehensive solutions in subsea telecommunications cable services, spanning installation and maintenance. The company boasts a robust track record of over three…

Berde Renewables, a subsidiary of I Squared Capital, has forged a power purchase agreement with Holcim Philippines, part of the Holcim Group, to initiate solar rooftop installations on two of its industrial facilities. This move aims to bolster clean energy generation and significantly reduce greenhouse gas emissions. The solar facilities, which will be constructed, operated, and maintained by Berde Renewables, will be located on Holcim’s plants in Bulacan and La Union. With a combined capacity of 5.5 MWp, they are projected to generate around 7.8 GWh annually. The facilities are expected to go online in 2024 and are estimated to…

Cyber risk management startup Protos Labs announced that it has successfully raised S$3 million in seed funding. The company intends to utilize the funds to hasten its global expansion and further its product development in the bid to reshape the cyber insurance and risk management sector. Prominent industry players such as Lloyd’s of London and the Cybersecurity Agency of Singapore have already shown interest in Protos Labs’ unique solutions. Built on advanced technologies including artificial intelligence, statistical modelling, and threat intelligence, Protos Labs equips organizations with the tools to make swift and informed risk decisions in an ever-evolving cyber threat…

In a notable move within the cryptocurrency landscape, leading global crypto exchange BingX has announced a significant investment in Moonbox, an avant-garde AI and Web3 startup. This investment comes through BingX’s venture capital arm, Bing Ventures, marking a pivotal moment in both companies’ journey. Moonbox has positioned itself at the cutting edge of the digital domain. It boasts licensing rights to the intellectual property of renowned classic films by Stephen Chow. Capitalizing on this, Moonbox is on track to release a range of generative AI-powered NFTs and applications drawn from the art and film by 2023’s end. The company is…

AI financial firm AIZEN has announced a strategic partnership with leading transportation company BEST Express to launch its AI banking service in Vietnam’s electric vehicle (EV) market, underscoring the country’s commitment to eco-friendly services and ESG management. Through this collaboration, the companies aim to foster the adoption of EV fleets, establish a green delivery system, and provide vital financial services for the shift towards electric vehicles. The partnership combines AIZEN’s cutting-edge AI technology platform, EV-CreditConnect, and BEST Express’s ambition to optimize product delivery, incorporate IoT technologies, and establish battery exchange infrastructure. EV-CreditConnect connects the burgeoning EV market with finance in…

Maybank Asset Management Sdn Bhd (MAM), a subsidiary of Maybank Asset Management Group (MAMG), has announced the launch of the MAMG Global Dividend Fund. Created in collaboration with J.P. Morgan Asset Management, one of the leading investment managers globally with $2.67 trillion in assets under management, the Fund aims to provide both capital and income growth. The Fund, a feeder fund, is set to invest in the JPMorgan Investment Funds – Global Dividend Fund, managed by JPMorgan Asset Management (Europe). The Target Fund is focused on quality global equities spanning the yield spectrum, including high dividend yield stocks, dividend growth…

NetApp® (NASDAQ: NTAP), a prominent global cloud-led, data-centric software company, confirmed today the extension of its strategic alliance and co-engineering partnership with DreamWorks Animation. This renewal positions NetApp as DreamWorks’ go-to cloud data services provider, enabling the renowned animation studio to elevate its hybrid cloud environment for improved productivity and flexibility. This announcement coincides with DreamWorks’ latest release, “Ruby Gillman, Teenage Kraken”, marking over 25 years of collaboration, where NetApp’s innovative solutions have supported the studio’s animation technologies and managed its escalating production demands and data complexities. A unique element of this partnership is the co-engineering model, which involves engineers…

Tokyo-based robotics startup Telexistence (TX) announced the successful closure of a $170 million Series B round, garnering support from both previous and new investors. This latest funding round saw participation from lead investors Monoful Venture Partners, KDDI Open Innovation Fund, and Airbus Ventures, along with newcomers SoftBank Group Corp. (SBG), HH-CTBC Partnership (Foxconn Co-GP Fund), and Globis Capital Partners (GCP). In a strategic move, TX also entered into a business partnership agreement with SoftBank Robotic Group Corp. (SBRG), a SoftBank subsidiary, to facilitate global business collaboration, primarily focusing on the North American market. Alongside, TX is set to collaborate with…

NodeFlair, a career advancement platform for tech professionals in Asia, has announced it raised $2 million in Series A funding, marking a substantial development for the tech recruitment sector. This round was led by venture capital firm Iterative, with participation from 500 Global and PERSOL VENTURE PARTNERS, an investment wing of HR management conglomerate PERSOL. Notable angel investors, including Carousell’s CEO Quek Siu Rui, Rainforest’s CEO JJ Chai, and ex-COO of Airbnb China, Siew Kum Hong, also contributed. Founded in 2018, NodeFlair provides verified salary data and comprehensive career insights for positions across all seniority levels, helping tech talents make…

Abu Dhabi Global Market (ADGM) today announced the immediate implementation of a comprehensive sustainable finance regulatory framework, solidifying its position as a leading sustainable financial hub and supporting the UAE’s transition to net-zero greenhouse gas emissions. This robust framework sets rules for sustainability-oriented investment funds, managed portfolios, bonds, and requirements for environmental, social and governance (ESG) disclosures by ADGM companies. It covers green and climate transition funds and portfolios, green and sustainability-linked bonds and sukuks, aiming to channel capital towards net-zero transition. ADGM will assign a designation to products and services that meet its stringent minimum standards, and allow its…

United Nations General Assembly President Csaba Kőrösi emphasized the crucial role of countering hate speech in atrocity prevention during the 2nd International Day for Countering Hate Speech on 18 June. Kőrösi urged the international community to enhance its response to the increasing menace of hate speech, especially on social media and online platforms. Hate speech is frequently directed at marginalized groups, including women, girls, ethnic and religious minorities, as well as migrants and refugees. “Hate speech is feeding a global rise in violence,” warned Kőrösi, noting that some companies are profiting from ads interspersed within online hate speech content. In…

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Fosun Pharma) announced today its expanded partnership with the International Finance Corporation (IFC) to bolster healthcare delivery in West Africa. The joint initiative entails the construction of a pharmaceutical production facility and distribution center in Côte d’Ivoire. IFC will grant two loans amounting to 50 million euros to Fosun Pharma’s subsidiaries, financing the three-phased development of a manufacturing site near Abidjan. Once completed, the facility will have the capacity to produce 5 billion tablets of anti-malaria and anti-bacterial drugs annually. This project aims to enhance accessibility to affordable, life-saving medications across West Africa, a…

Southeast Asian (SEA) governments need to take more action to meet nationally determined contribution (NDC) targets by 2030, according to the Southeast Asia’s Green Economy 2023 Report: Cracking the Code, by Bain & Company, Temasek, GenZero, and Amazon Web Services (AWS). To unlock the green economy potential and meet their emission reduction commitments, the region needs to cut greenhouse gas emissions by 33% from business-as-usual levels by 2030. Four SEA countries – Indonesia, Singapore, Thailand, and Vietnam – have committed to material emission reduction targets by 2030. Furthermore, eight out of 10 SEA nations have set carbon neutrality goals. However,…

Malaysian insurtech startup PolicyStreet has announced raising a total of $15.3 million in a Series B funding round anchored by Khazanah Nasional Berhard, which invested through its Dana Impak mandate. Dana Impak is a RM6 billion allocation over five years and is a key pillar under Khazanah’s Advancing Malaysia strategy, with the aim to increase Malaysia’s economic competitiveness, build national resilience, as well as deliver socioeconomic impact to Malaysians. PolicyStreet is a full-stack InsurTech company that offers digital and customised insurance solutions to consumers and businesses. In offering simple, affordable and purposeful insurance solutions, PolicyStreet stands to narrow the protection…

Asia Pacific’s central business districts (CBDs) will increasingly need to be reinvented as multi-purpose destinations that cater to shifting demands for office space, greater variables in commuting and travel patterns, and a desire for “experience-based” spaces. This is according to new research on the future of CBDs by global real estate advisor JLL (NYSE: JLL). Return to office rates are over 70% in Asia Pacific – higher than many parts of Europe and the US – with re-entry rates at pre-pandemic levels in Shanghai, Beijing and Seoul, says JLL. However, a longer-than-expected return to pre-pandemic levels of transit usage and…

Singapore’s employment market shows signs of strong recovery following the COVID-19 impact, as indicated in RGF International Recruitment’s latest report, “Advancing Beyond Recovery: Talent in Asia 2023-Singapore”. The report surveys nearly 3,000 employees and employers across seven sectors, offering valuable insights for future talent acquisition and strategy development. The report reveals an optimistic job market, with 64% of companies actively recruiting and an overall increase in the employment rate. Sectors displaying the most positive outlook are Healthcare & life sciences and Consumer goods, retail, and hospitality, both at 62%. Despite this encouraging view, the report identifies a growing gap between…