Sharakah, an Oman-based firm focused on small and medium-sized enterprise (SME) development, has announced its investment in Beehive, a fintech company and peer-to-peer lending platform. This partnership seeks to bolster SME growth in Oman by providing swift and accessible financing solutions, aligning with Oman’s vision for economic diversification. Since its founding in 2014, Beehive, headquartered in Dubai, has funded over AED1.5 billion to GCC-based SMEs. The platform connects businesses in need of funding with investors, streamlining the financing process and offering a more cost-effective alternative to traditional finance. With Sharakah’s investment, Beehive’s liquidity will be augmented, expanding its capability to…
Author: Aiko Akihiro
Aiko Akihiro
Akihiro Aiko currently works as a professional journalist in Japan and regularly contributes news to our website. She specializes in economic and insurance news.
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Singapore’s TRIREC and Thailand’s INNOPOWER announced their partnership today to launch a growth-stage venture fund, Energy Ignition Ventures, aimed at advancing decarbonisation solutions. This move supports global efforts to achieve a net-zero economy by 2050. The fund will target companies demonstrating significant decarbonisation impact, proven product-market fit, and early commercial traction, particularly within the key GHG-emitting sectors: Food and Agriculture, Mobility, Buildings, Industries, and Energy. TRIREC and INNOPOWER are jointly committing initial capital to Energy Ignition Ventures, aiming to raise at least US$100M in the fund’s first round. Melvyn Yeo, founder and managing partner at TRIREC, said, “We remain steadfast…
Indonesian fintech company, SkorLife, has secured a $4 million seed funding round led by Hummingbird Ventures with contributions from QED Investors, AC Ventures, and Saison Capital. The credit tech startup aims to revolutionize the credit industry in Indonesia by offering a unique credit builder tool. This allows users to instantly access their credit scores and reports from local credit bureaus, along with personalized advice to enhance their scores and credit access. According to SkorLife’s Co-founder and CEO, Ongki Kurniawan, this capital will support product development, team expansion, brand awareness enhancement, and overall company growth. AC Ventures’ Founder and Managing Partner,…
ABS-CBN today announced important developments regarding TeleRadyo, one of its news channels. “TeleRadyo has been incurring financial losses since 2020. Since ABS-CBN can no longer sustain TeleRadyo’s operations, ABS-CBN is left with no choice but to cease the operations of TeleRadyo effective 30 June 2023 to prevent further business losses,” ABS-CBN said. “The company is deeply saddened by this closure and having to part ways with the many passionate and committed people who have made Teleradyo an important source of news and information for many Filipinos.” However, intending to find ways to continue providing news to the public, ABS-CBN is…
The Singapore Exchange (SGX Group) is set to launch a new product, Singapore Depository Receipts (SDR), on 30 May 2023 under the Thailand-Singapore DR Linkage, marking the first exchange-level DR cooperation in ASEAN. The innovative move, which is expected to strengthen regional connectivity, will also be marked by the signing of a Memorandum of Understanding between the SGX Group and the Stock Exchange of Thailand (SET). The SDR initiative is aimed at offering Singapore investors more efficient access to regional markets. Investors will be able to trade SDR through local brokers, thus gaining enhanced exposure to overseas listed securities while…
China CITIC Bank International Limited (CNCBI) and FWD Hong Kong (FWD) have announced a novel bancassurance partnership in Macao, offering an all-inclusive suite of insurance products and services. The partnership primarily aims to cater to the Bank’s customers, including high-net-worth (HNW) individuals, in Macao. This partnership symbolizes the first bancassurance collaboration of its kind between CNCBI and FWD in Macao. Leveraging digital technology, FWD aims to provide CNCBI customers, as well as city visitors, a seamless, faster, and smoother insurance experience. The initiative is centered around the delivery of innovative, easily-understandable propositions that address the diverse wealth management and legacy…
MediView XR, Inc., a clinical augmented reality med-tech firm, has secured $15M in strategic funding from top institutions including Mayo Clinic, Cleveland Clinic, GE HealthCare, JobsOhio Capital Growth Fund, Inside View Investments, LLC, and KKVS Syndicate. Additional commitments have been made for the next funding round. The company utilizes augmented reality in surgical navigation, providing medical professionals with a 3D “X-Ray vision” for minimally invasive procedures. The funding will facilitate the expansion of MediView’s multi-tier platform, further product development, clinical evidence generation, and facilitate product launches. “We are energized by the backing of influential and strategic investment collaborators spanning healthcare,…
Upkara, a pioneering biomedical technology firm, today announced a successful $9 million Series A funding round. Notable investors included businessman and philanthropist Bill Parfet and industry veteran Paul Meister, former Chairman of Thermo Fisher Scientific. Upkara’s patented technology aims to revolutionize the biomedical industry by addressing and eliminating cold-chain challenges. By facilitating ambient temperature storage and transportation of therapeutic and research tools, the company’s cutting-edge biopreservation technology has significant implications for reagents, biobanking, human health, and can greatly enhance accessibility to essential therapeutics and research tools. The company is currently working with reagent companies to incorporate its technology into manufacturing…
EQT has unveiled EQT Nexus, a unique semi-liquid strategy designed to extend its investor base. For the first time in its history, EQT will allow individual investors to explore its wide array of strategies through a single investment. EQT Nexus is a diversified global portfolio investing across the spectrum of EQT’s strategies, from mature buyouts to early-stage ventures across various sectors and regions. The focus will primarily be on EQT’s flagship Private Equity and Infrastructure strategies. Moreover, the strategy will co-invest alongside EQT’s funds in companies. The EQT Nexus Advisory team will be spearheaded by William Vettorato, the newly appointed…
A new partnership between the International Finance Corporation (IFC) and the Ministry of Health (MoH) in Indonesia is set to drive the growth and resilience of the country’s health care sector. The collaborative initiative, known as the Indonesian Health Sector Growth Program, aims to attract foreign investment and expertise while enhancing the capacity of health care organizations and companies. Under a memorandum of understanding (MoU), the IFC and the MoH will explore opportunities to strengthen private health sector project development in Indonesia. The IFC will provide advisory services and financing to early-stage organizations in the pharmaceutical, vaccine, and medical technology…
A prominent eye care network in Virginia has tapped The Taylor Reach Group (TRG), a global contact center, call center, and customer experience consulting firm, to enhance its contact center operations. This move aims to refine customer interactions and appointment booking procedures across its statewide service network. The eye care network, which provides a range of surgical and non-surgical services to the general public and specialized domains like pediatrics, is keen on maximizing efficiency and patient care through this strategic partnership. Colin Taylor, CEO and Chief Chaos Officer of Taylor Reach, stated, “Patients need an effective solution with minimal time…
Indonesian-based startup Mimin, which offers chat commerce solutions and virtual assistant services for businesses, has announced its seed funding from Otto Digital, part of the Salim Group. Mimin aims to serve micro, small, and medium enterprises (MSMEs) and online sellers in Indonesia, leveraging Otto Digital’s extensive community and networks. The funding will be used to develop new products and features for MSMEs, as well as to enhance Mimin’s technology infrastructure and order management software. This comes at a time when Indonesia’s social commerce sector is projected to grow by 17.9% annually from 2022-2028. A 2022 Populix survey revealed that 86%…
Galaxy Macau Integrated Resort is celebrating its 12th anniversary and has announced a series of special anniversary privileges for visitors. The resort opened its doors in May 2011 and has won several international awards for its unique blend of luxury, excitement, and Asian hospitality. To mark the occasion, Galaxy Macau is offering guests opportunities to indulge in Macau’s finest dining, shopping, entertainment, and hotel accommodations. Galaxy Macau introduced guests to six extraordinary hotels when it opened, including the exclusive Banyan Tree Macau, Hotel Okura Macau, Galaxy Hotel, The Ritz-Carlton, Macau, JW Marriott Hotel Macau, and Broadway Hotel. Since then, the…
Mercu, a groundbreaking platform for managing and retaining deskless employees, has successfully raised $1.6 million in seed funding from investors such as TEN13, 500 Global, Flying Fox Ventures, Archangel Ventures, and XA Network, with participation from existing investor Sequoia Capital India. Mercu currently assists businesses like Guzman Y Gomez in Singapore and Sam Prince Hospitality Group in Australia in managing their deskless workforce, which comprises 70% of the global workforce. Despite the majority of workers being deskless, current enablement solutions primarily cater to office-based employees. Mercu empowers employers in sectors like retail, logistics, hospitality, and manufacturing to streamline onboarding, development,…
Bursa Malaysia Berhad, the Malaysian stock exchange, has reported a 17.4% decrease in its profit after tax and zakat for the first quarter ended 31 March 2023 (1Q2023). The exchange recorded a PAT of RM56.2 million in Q1 2023, down from RM68.0 million in the previous corresponding quarter (1Q2022). The decline was primarily due to a 13.4% decrease in the Securities Market’s operating revenue to RM100.0 million in 1Q2023 from RM115.6 million in 1Q2022. Additionally, the exchange saw a 10.6% increase in total operating expenses to RM80.2 million from RM72.5 million in 1Q2022 due to higher expenses on marketing, developmental…
Indonesia-based Coldspace has raised $3.8m in seed funding, led by venture capital firm Intudo Ventures, logistics firm ASSA, and agricultural conglomerate Triputra Group, with participation from MKA & ITS. The end-to-end cold chain solutions provider, which was founded in December 2022, offers cold storage facilities and reefer trucks, in addition to a third-party marketplace of cold chain partners. It also builds out cold chain infrastructure in areas where services are unavailable. Coldspace works with businesses in the food and beverage, pharmaceuticals, and chemicals sectors, offering pre-packaged meals and beverages, fisheries, meat and poultry products, as well as dairy, fruit and…
Advance Intelligence Group, a Singapore-based AI-driven technology company, has raised $80 million in its latest funding round led by existing investors Warburg Pincus and Northstar Group. The company has raised over $700 million in total and secured capital exceeding $1 billion for its credit book. Advance Intelligence Group, which operates across Asia, is one of the largest independent financial services-focused technology startups in the region. Its ecosystem of AI-powered credit-enabled products and services includes buy now pay later platform Atome, digital lending platform Kredit Pintar, identity compliance and risk management solutions provider ADVANCE.AI, and ecommerce merchant services platform Ginee. The…
HOMA2U, a Malaysian marketplace for renovation and interior design materials, announced today that it has secured $875,000 (RM3.87 million) in its pre-series A funding round. The investment was led by Quest Ventures Asia Fund II, a venture capital fund managed by Singapore-based Quest Ventures Pte Ltd, and included Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB), the strategic investment arm of the Sabah state government. This marks Quest Ventures Asia Fund II’s second investment in HOMA2U. HOMA2U plans to use the funds to expand regionally, accelerate product development, and increase its market capitalisation value. The company aims to promote a…
SM Hotels and Conventions Corp. (SMHCC) plans to invest PHP 15 billion ($270 million) to build 14 new hotels under the Radisson brand over the next five years. The move aims to tap into the growing tourism sector and spending of Filipino consumers. The deal, signed by SMHCC and Radisson Hotel Group, grants SMHCC the exclusive right to build and integrate Park Inn by Radisson hotels with SM property developments across the country. Majority of the new hotels will be located outside Metro Manila, bringing economic activities to the provinces, including Isabela, Olongapo, Laoag, Dasmarinas, Sta. Rosa, and Fairview. The…
Department of Trade and Industry (DTI) Secretary Alfredo Pascual called for continued investment in the development of Filipino talents in the IT-BPM sector to sustain its growth. At the IT-BPM Talent Summit in Makati City, he urged local players not to be complacent in upskilling their workforce, despite the Philippines’ ranking as the second-largest outsourcing services destination. With the IT-BPM industry valued between USD 265 billion and USD 275 billion, Pascual emphasized the need to develop a competitive workforce that is also a formidable force in the ever-evolving digital landscape. The DTI, along with the Board of Investments, provides fiscal…