Southeast Asia:
Monetary Authority of Singapore (MAS) is to trial some initial coin offerings (ICOs) in a regulatory sandbox to promote Fintech. Singapore’s financial regulators will consider companies focused on new technology that will improve the efficiency of capital markets. ICOs have raised over $3.5 billion around the world while attracting scammers at the same time. China banned ICOs and U.S. declared they are subject to U.S. law. (DealStreetAsia)
Ziliqa, a high-speed blockchain platform created by NUS researchers, has secured funding and reached a strategic partnership with FBG Capital, a digital asset management firm. The startup aims to improve the blockchain scalability. (DealStreetAsia)
Jakarta-headquartered microfinance institution MBK is to receive $50 million funding from the International Finance Corporation (IFC). MBK will use the money to meet the growing demand for microloan mainly from rural woman borrowers. As of September 30, 2017, the company serves approximately a million customers and its asset base is estimated to be $179 million. Indonesia has more than 60,000 microfinance institutions (MFIs). (DealStreetAsia)
China:
Tencent saw a 61 percent rise in third-quarter sales, earning $9.8 billion. Accordingly, the company’s net income surged 69 percent to $2.37 billion. The success was fuelled by advertising and popular game Honour of Kings. (Bloomberg)
Blugogo, the Chinese third biggest bike-sharing company, is said to has closed down. Users complaint about the delay in deposit return. As the competition in the bike-sharing industry aggravates, new companies other than Mobike and Ofo will be hard grow. (Sohu)
Asthmanager, a Chinese startup working on a medical system powered by AI, has raised tens of millions of yuan in a Series A funding round. The company aims to support asthma suffers with wearable smart devices and a self-evaluation system. (36Kr)
In October, Chinese VC & PE market saw an 81.89 percent drop month-on-month, raising $4.4 billion, as regulators strengthen controls over the market. (36Kr)
World:
Tesla suffered its biggest loss according to its latest quarterly report. The company’s share prices dropped as the company is struggling with early production of the Model 3, a more affordable and hotly anticipated electric car. (36Kr)
Amazon and Whole Foods announced new price cut for Prime members. The discount involves Thanksgiving items and many other items from the in-house Organic 365 or partnered organic brands. Syncing the online and offline benefits, Amazon plans to bring more value to its Prime members. Accordingly, the share price of Walmart and Kroger dropped respectively 0.63 percent and 1.48 percent. (The Verge, 36Kr)
Apple is to launch a streaming video service next year, pushing Netflix to introduce new pricing plans, according to CCS Insight. This new service will focus on original content which is considered as an advantage for Apple. (CNBC)
Health IQ, an “insureTech” startup, raises $34.6 million in a Series C funding round led by Andreessen Horowitz with participation from Charles River Ventures, First Round Capital, Foundation Capital and others. The company provides cheaper life insurance for healthy people. Using an online quiz, the startup distinguishes healthy customers and offer them with a 4 percent discount. (TechCrunch)
Sisco, the California-based internet solution provider, saw a 3 percent rise in net profit, earning $2.4 billion in the latest quarter. The company’s share price also surged 4 percent to a record high in 52 weeks. (36Kr)