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Kr-Asia Daily: Beijing regulators reported to put strict rules on online microlenders

Written by Zhao Xiaochun Published on   4 mins read

Plus, Thailand is to amend a tax law to include e-commerce in order to prevent foreign moguls from creating a monopoly in the country. The total market capitalization for the cryptocurrency market has

Southeast Asia: 

Through a game-centered approach, Razer, the maker of computer accessories for hardcore gamers, plans to expand its business into the mobile phone space. The Razer CEO Min-Liang Tan said the company would be open to an acquisition-led strategy. The company expects to see a rise in its revenue as the global gaming industry flourishes with the rising middle class of Asia. (DealStreetAsia)

Thailand is to amend a tax law to include e-commerce in order to prevent foreign moguls from creating a monopoly in the country. The amended tax law is to collect more foreign tax revenue as well as foster fair competition in the local market. The region has seen a growing Chinese presence with JD and Alibaba both expanded into the Thailand e-commerce business. (e27)

Singapore has become the third largest ICO market across the globe after the U.S. and Switzerland. The city-state has emerged as the leading hub for ICO activities in Asia while the only other active Asian markets are Russia and Hong Kong. Earlier this month, Singapore’s financial regulator would consider trialling some ICOs in a regulatory sandbox, if the fundraising is used to improve the efficiency of the existing capital market. (DealStreetAsia)

One of the two Philippine wireless carriers PLDT announced its digital application unit Voyager Innovation could bring in a Chinese partner. The Philippine telecoms industry is already seeing a rising Chinese presence. The PLDT itself is claimed to open to collaborate with a Chinese company. (DealStreetAsia)

Malaysia’s central bank, Bank Negara Malaysia (BNM), said it has no intention to set up or appoint an official cryptocurrency exchange. According to an article published last week by Malaysian Reserve, BNM is “likely to appoint an official cryptocurrency exchange to have a greater oversight and control into the somewhat mysterious digital currency tradings”. BNM said that the article was speculative in nature, misleading and untrue. (e27)


Beijing regulators reported to put strict rules on the online micro-loan space. Online microlenders operating without license and P2P lending platforms are to be shut down. Beijing Fintech committee will put P2P lending platforms on records if they offer cash loan services. Regulators also set the cap of 36 percent for annualized fee rates. (Finance iFeng)

Huochebang and Yunmanman, China’s two biggest Uber for trucks apps have agreed to merge. The merger is to create a company valued at more than $2 billion. Houchebang closed a funding round worth $110 million last December while Yunmanman raised $56 million this August. The two companies both provide services that match drivers with cargoes via smartphones. (36Kr)

Mobike reached a strategic partnership with China Academy of Information and Communications Technology (CAICT) to develop IoT, big data and AI. The two also rolled out a norm for the bike-sharing industry. (36Kr)

Zhima Credit, a credit scoring system run by Alibaba’s affiliate Ant Financial, are pushing Chinese users to go deposit free. Using the Alipay app, Chinese users with a 700 or above Zhima credit score can rent cars without paying a deposit at five airports in the U.S., Thailand, New Zealand. (cnBeta)

The share prices of RYB Education bounced back and saw a 15 percent rise after last week’s slump of 38.41 percent due to allegations of child abuse. (Finance.Sina)

Sina News rolls out new app dubbed Ming Ri Tou Tiao, or “Tomorrow’s headline”. Users can keep up to date with celebrities and idols. (Tech.iFeng

JD and state-owned commercial bank ICBC rolled out the first Chinese online digital bank dubbed Gong Yin Xiao Bai. The two also announced plans to partner in developing offline networks and staff-less stores for precious metals. (Jiemian)

Smart ADAS system developer Smartereye closed a Series pre-B funding round worth nearly 15 million. The round was led by Baidu’s Apollo fund. The startup plans to use the proceeds in the mass production of its ADAS products and R&D in AI and chips. (zhidx)

Ping An Good Doctor, China’s largest online medical platform by users, is working with Citigroup and JPMorgan on IPO of up to $1 billion. The deal is projected in Hong Kong in the first half of next year. Through the online platform, users can consult doctors for diagnosis and make appointments. (Reuters)

Shares of Tencent is likely to keep surging as the company invests in original content and expands into the gaming industry, according to Morgan Stanley’s report released on Nov 23. (wallstreetcn)

Alibaba proposed to offer U.S. dollar-denominated senior unsecured notes up to $7 billion, subject to market and other conditions. The Chinese tech giant plans to use the net proceeds for general corporate purposes. (Tech.Sina)

JD’s ex-senior VP Xiong Qingyun took office as CMO in Chinese electric vehicle maker Xiaopeng. Xiong’s rich experience in marketing is to help the vehicle maker to practice its user-centered strategy. Also has worked for P&G as VP of the marketing department, Xiong has previously pushed JD’s brand upgrading. (36Kr)


The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time, following the price of bitcoin surged pass $9000. As bitcoin increasingly gets mainstream attention, a Paris-based asset management company launched the first bitcoin mutual funds. (coindesk, CHINAFUND)

SoftBank seeks Uber shares at the price of $48 billion which is 30 percent below Uber’s last primary round. SoftBank could raise the price or walk away when Uber shareholders don’t agree to sell in sufficient numbers. (Bloomberg)

Space Exploration Technologies, the space-transportation startup company founded by Elon Musk, raised another $100 million through its latest fundraising round, bringing the total to nearly $450 million. The company’s market value stands at more than $21 billion, according to Equidate. (Bloomberg)

Google’s autonomous vehicle Waymo achieved 4 million self-driven miles. It would take a human around 300 years to drive that many miles on the U.S. average rate. (TechCrunch)

Facebook rolled out AI technology to detect suicide posts. By scanning all posts for patterns of suicide thoughts, the new AI feature will send when necessary mental health resources to the users at risk or contact their first responders. (TechCrunch)


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