SEA
The Indonesian online lending space is heating up withGo-Jek partnering up with three P2P platforms. We take a look at how the fintech sector within Indonesia is gaining momentum. (KrASIA)
The National University of Singapore (NUS) willspend around US$18 million over the next five years to help tech startups. It has also launched a new building – innovation 4.0 – where these startups will be based out of. Innovation 4.0 will also feature a ‘smart cafe’ where robots serve customers coffee using facial recognition and machine learning. (The New Paper)
Southeast Asian O2O giant Grab haspurchased a stake in Vietnam-based mobile payment company Mocafrom Access Venture Capital, according to a source familiar with the development. The deal with Moca is likely to be a part of Grab’s effort to roll out its GrabPay mobile wallet service in Vietnam. (Deal Street Asia)
China
China’s dominating ride-hailer Didi hasreportedly incurred a whopping net loss of US$584 millionin the first half of this year, mostly attributable to subsidies for both riders and drivers as well as rewards for drivers. (KrASIA)
In another report (Reuters), Didi said that it will spend US$20.5 million onsetting up a 8,000-person customer service teamby end-2018. The firm’s customer service team has come under fire after it failed to act on a complaint made against a driver a day before he murdered a 20-year-old passenger.
JD.com head Liu Qiangdong — or Richard Liu — wasaccused of rape, US police said. Charges were considered but have not been filed. If he is charged and convicted, he could face up to 30 years in prison. (SCMP)
Guangdong-based online pharmacy and healthcare tech companyJianke has secured US$130 million in a Series B roundled by GTJA Investment Group with participation from HBM Healthcare Investments and Crescent Point in an aim to enhance its solutions and expand business reach. It has plans to file for an IPO in the US next year. (KrASIA)
While Dai Wei, the founder of Ofo, has repeatedly maintained that the sunny yellow two-wheeler sharing company will stay independent, the firm is reportedly in talks tosecure additional funding from existing backers like Ant Financial and Didiin a bid to continue its fight against Meituan-owned Mobike, its strongest competitor in the country. (KrASIA)
Meituan-Dianping, China’s largest on-demand services platform, has updated its filed prospectus ahead of its 20th September HK initial public offering (IPO) debut,revealing huge losses in Mobike, the bright orange bike sharing business it acquired earlier this year. (KrASIA)
China’s sleazy hotel room-sharing serviceShui Shui has disappeared from app stores again. While die-hard fans can still use it via workarounds, this ‘sharing economy’ model calls for caution. (KrASIA)
Elsewhere
E-commerce companies Flipkart and Amazon are likely to facilitateUS$3 billion of sales in India during the five-day Diwali seasonnext month, effectively doubling that of the same period last year. (Live Mint)
Social media giants Facebook and Twitter will bedefending their respective companies in front of Congresson Wednesday (US time). Both Sheryl Sandberg and Jack Dorsey have released their written testimonies on the way their respective firms handle election security. (CNET)
Uber is looking to block users in Australia and New Zealand if they have apassenger rating of lower than four out of five. These blacklisted users will be banned for six months. Most users in the aforementioned markets have ratings of at least 4.5, the company said. (BBC)
E-commerce giantAmazon has become the second American company to hit US$1 trillion in value, after smart device manufacturer Apple. Which one of the two will be the first to hit US$2 trillion? (New York Times)