Didi Chuxing, the Chinese ride-hailing startup, ByteDance, the mobile app maker in China, and other Chinese tech firms are reining in perks such as free snacks and gym memberships, slashing bonuses and laying off workers amid a slowdown in the economy. According to a report...
Southeast Asia’s Grab has taken in a $200 million investment from U.S.-based Booking Holdings amid a strategic partnership. With the tie-up, users of Booking Holdings’ apps will be able to call for Grab vehicles, while users of Grab’s app will able to book travel services, Reuters...
The banking and insurance regulator in China issued changes to existing rules on Thursday (August 23) that will enable more foreign investments in the financial industry of the country. Reuters, citing changes published, reported the new rules would enable 51 percent ownership of brokerage firms...
In the Philippines, Grab’s acquisition of Uber’s operations is moving forward with approval from the country’s governing body for competition. The Philippine Competition Commission (PCC) approved the deal, assuming that the firm adheres to certain rules designed to keep the market fair for consumers, Reuters reported....
Grab, a ride-hailing company in Southeast Asia, announced Thursday (August 2) it has raised an additional $1 billion from a handful of financial firms, bringing its total with the round to $2 billion. In a press release, Grab said OppenheimerFunds, Ping An Capital, Mirae Asset-Naver Asia Growth Fund,...
With its mission to create the first everyday super-app in Southeast Asia, Grab has rolled out a suite of application programming interfaces (APIs) for developers dubbed GrabPlatform. The idea is to help developers integrate their services within the company’s app and to leverage Grab’s user...
PayPal is partnering with Alpha JWC, the Indonesian venture capital firm, to invest in FinTech companies operating out of Southeast Asia. Bloomberg, citing Jerry Tso, general manager for PayPal Singapore Development Center, reported that under the partnership, Alpha JWC will provide as high as $5 million to the...
The head of South Korea’s financial watchdog, the Financial Supervisory Service (FSS), has resigned after questions have surfaces about hiring practices at his previous employer. According to The Korea Herald, Choe Heung-sik was president of Hana Financial Group from 2012 until 2014. Hana owns KEB...
China’s WeChat has cracked the billion global accounts club. According to Pony Ma, the chief executive of Tencent, the firm that owns WeChat and its payment platform, the new accounts threshold was hit during the Chinese New Year celebrations last month. The figure notably refers...
