Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

Cash is rapidly disappearing in consumer transactions across Asia, replaced by QR codes and other smartphone-based technologies. Physical money is forecast to make up just 14% of total transactions by 2027, down from around 47% in 2019, according to Worldpay, a US-based payment processing company.
The shift to cashless payments is also driven by efforts from India and other countries to promote domestic digital settlement systems and reduce the dominance of Western credit card brands.
In Mumbai, motorcycle couriers now deliver food and daily necessities quickly, often within ten minutes, with the entire transaction completed via smartphone. Many of these services do not welcome cash payments. The share of cash settlements by value is expected to drop to 10% by 2027, down from 71% in 2019.
In 2016, the Indian government, working with financial institutions, introduced the Unified Payments Interface (UPI), a mobile payment system that allows users to make real-time payments. The system underpins app-based delivery services and other businesses. More than 131 billion transactions were made via UPI in fiscal 2023, according to PwC India.
In mainland China, where over one billion people already use Alipay and other digital payment apps, the share of cash transactions is expected to drop to just 3% by 2027.
Douglas Feagin, president of Ant International, operator of the Alipay service outside China, said the company plans to expand its merchant network in Asia and other markets. The number of overseas shops that accept Alipay has already exceeded ten million.
The cashless trend is advancing rapidly in Asia. The average share of cash transactions across 14 countries and regions is expected to fall 33 percentage points from 2019 levels to 14% in 2027, just above Europe's 12%.
French consultancy Capgemini forecasts there will be 1.46 trillion cashless transactions in the Asia Pacific region annually by 2028, more than four times as in North America, where credit cards are widely used.
Growing use of smartphones is fueling cashless transactions in Asia. Cashless payments were slow to gain traction in Southeast Asia, where fewer bank accounts meant less credit card use in the region compared with the US and Europe. But smartphones have changed that. With just a phone number and a few other details, transactions have become easier, enabling more people to go cashless.
Worldwide, the average share of smartphone-based payments at storefronts is expected to reach 46% by 2027, more than double the 22% share of credit card payments.
Nationalism is another driver of cashless payments in Asia. The Indian and Chinese governments are promoting their own payment networks to challenge international credit card brands like Visa and MasterCard, which charge fees of a few percent per transaction and collect large amounts of data from both cardholders and merchants.
In Southeast Asia, countries are collaborating in QR code-based digital payments. Users of Thailand's PromptPay and Singapore's PayNow can transfer money between the two countries. Studies are underway to create a cross-border real-time settlement system in the region.
"Southeast Asian nations are working to establish an 'Asian settlement bloc' by creating a system independent of foreign payment networks," said Akira Yamagami, a fellow at NTT Data Institute of Management Consulting in Tokyo.
However, many of these initiatives are government-led and aim to keep user fees low through regulation. To ensure the settlement systems' sustainability, operators must be able to make enough money to innovate, while keeping fees at levels acceptable to both consumers and retailers.
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Datawatch/Asia-goes-cashless-as-countries-push-for-digital-payments">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Asia goes cashless as countries push for digital payments

Fintech

Payments

Southeast Asia

China

India

… also means some areas still need refinement.
Every time I switch from the SU7 back to my Model 3, I realize how much I’ve gotten used to voice control in the Xiaomi. Tesla requires more manual operation, making it feel like a step backward.
In the end, it’s all about personal preference. If I’m driving alone, I prefer the Model 3. But if I have passengers, I’d rather take the SU7.
In a few years, I’ll likely replace one of them with an SUV. Whether I sell the Tesla Model 3 or the Xiaomi SU7 will depend on resale value and long-term reliability.
Ultimately, looks and performance influence buying decisions, but affordability and practicality shape long-term satisfaction.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3121955520123141">article</a> was prepared by Xu Caiyu for 36Kr.

Driver’s diary: How does Tesla Model 3 and Xiaomi SU7 compare on the road?

Tesla

East Asia

Transportation

Electric Vehicles

Mobility

Ride-hailing app Tada is making inroads in Asia, as a no-commission model that lets drivers keep more of the money they earn proves popular with passengers as well.
A 50-year-old woman living in Singapore heard from a driver she hailed that other drivers are using Tada because they do better financially off the app. Afterward, the woman switched from another ride-hailing app to Tada.
Tada, based in Singapore, was launched as a subsidiary of MVLLabs, a blockchain mobility firm. The service has expanded to Thailand, Cambodia, and Vietnam.
When drivers use a ride-hailing app to find customers, they generally pay a platform fee, along with a commission proportional to the cost of the trip. Commission fees vary depending on the platform, but are typically 10–20% of the transport charge.
Tada's biggest advantage is the absence of any commission. Drivers pay only a platform fee of SGD 1.05–1.25 (USD 0.78–0.92) per trip.
For riders, the fares on the Tada app appear to be lower. Based on price comparisons for a weekday ride from downtown Singapore to the Night Safari wildlife park on the outskirts, Grab cost around SGD 32 (USD 23.8) while Tada was less than SGD 30 (USD 22.3).
Drivers are prioritizing customers who use Tada. Sometimes an individual who is unable to hail a ride through another app can book a ride immediately using Tada.
"We launched Tada ride-hailing out of Singapore, and as a latecomer, we cannot compete in the same way against [early players] like <a href="/company/uber">Uber</a>, <a href="/company/grab">Grab</a>, and <a href="/company/gojek">Gojek</a>," said Sean Kim, CEO of Tada Mobility. "Their business model is basically taking high commissions in return for offering a job to the drivers."
Tada forgoes commissions as a point of differentiation.
"We don't take a percentage cut from their earnings," Kim said.
Tada considered, but rejected, using crypto assets as a sales incentive.
"We decided to focus more on organic growth, instead of relying on some fancy terms," Kim said.
Tada became popular among drivers as a service offering reasonable fees.
"It's always better for drivers to choose our platform, as it reduces the need for us to spend as much as competitors might need to spend to retain drivers," Kim said.
In December 2024, Tada expanded into Hong Kong, its first market outside of Southeast Asia. Uber is known for a large footprint in Hong Kong. Though Tada will be taking on one of the biggest names in ride-hailing, Kim is matter-of-fact about the opportunities.
"Whichever market has a dominating player … they tend to charge very high commissions," Kim said. "We naturally have a better competitive weapon in such markets. In Asia, especially Southeast Asia, Tada is doing well, and that's why we can also perform well with the same model."
Major ride-hailing apps have expanded beyond just ride-hailing. Grab and Uber field food delivery services. Gojek merged with <a href="https://asia.nikkei.com/Business/Technology/Gojek-and-Tokopedia-merge-into-new-tech-giant-Five-things-to-know">e-commerce provider Tokopedia</a>, and the superapp handles finance as well.
Tada distances itself from those areas and focuses on ride-hailing. The group manufactures electric two-wheelers and three-wheelers, but those vehicles are made for the ride-hailing arm.
"Using blockchain, we are now exploring more, like the decentralized finance model, so that we can support drivers who need to rent a car," Kim said. Such an initiative would focus on developing countries like Cambodia and Vietnam where drivers lack the credit history to finance vehicles through conventional means, he said.
"If we were to consider listing, of course we would aim for markets like the US," Kim said, citing Nasdaq and the New York Stock Exchange.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Technology/Singapore-ride-hailing-app-Tada-innovates-by-putting-drivers-first" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Singapore ride-hailing app Tada innovates by putting drivers first

Gojek

Grab

GoTo

Uber

On-demand Services

Ride-hailing

Consumer Services

Singapore

China's low-altitude economy is gaining momentum, with plans to integrate general aviation equipment into daily life by 2030. One company at the forefront is <a href="https://muyusky.com/">Muyu Sky</a>, a Jiangsu-based developer of electric vertical takeoff and landing (eVTOL) drones designed for cargo and passenger transport, as well as emergency applications like wildfire suppression and maritime search and rescue.
A key challenge in eVTOL development is transition flight—the shift between vertical takeoff, fixed-wing cruising, and vertical landing. According to Wang Yong, chairman of Muyu Sky, out of nearly 1,000 eVTOL projects worldwide, only eight have successfully executed transition flights with aircraft exceeding one ton. Muyu Sky reportedly ranks fifth globally and is the first to achieve this milestone using a hybrid-powered system.
Unlike fully electric competitors, Muyu Sky employs a hybrid electric propulsion system, using electric power for takeoff and landing while relying on fuel for cruising. This design enables mid-flight battery recharging, improving range, payload capacity, and reliability while lowering operational costs.
Muyu Sky’s flagship cargo models include the AT1300 and AT8000. The AT1300, a 1.3-ton hybrid eVTOL, can carry 500 kilograms over 1,000 kilometers. It has completed transition flight tests and is undergoing certification, with a Civil Aviation Administration of China (CAAC) type certificate expected by late 2025.
<figure id="attachment_152055" aria-describedby="caption-attachment-152055" style="width: 720px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-152055" src="https://console.kr-asia.com/wp-content/uploads/2025/02/Muyu-Sky-AT8000-1024x683.jpg" alt="" width="720" height="480" srcset="https://console.kr-asia.com/wp-content/uploads/2025/02/Muyu-Sky-AT8000-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/02/Muyu-Sky-AT8000-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/02/Muyu-Sky-AT8000-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/02/Muyu-Sky-AT8000-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/02/Muyu-Sky-AT8000.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-152055" class="wp-caption-text">Image and header image source: Muyu Sky.</figcaption></figure>
The AT8000, reportedly the world’s largest heavy-lift eVTOL, has a maximum takeoff weight of 8 tons and a 3.5-ton payload capacity over 1,000 kilometers. It outperforms competitors, including a 4.3-ton US model, while significantly lowering ton-kilometer transportation costs. Primarily designed for logistics, the AT8000 is expected to outperform large cargo aircraft in efficiency for mid-range deliveries.
Muyu Sky differentiates itself with full in-house R&amp;D, overseeing aircraft design, aerodynamics, propulsion, and avionics. The company also develops high-performance aviation motors tailored for operational requirements, ensuring superior aircraft performance.
whereRelatedArticle
The AT8000 has completed design and validation tests, and a full-scale prototype is in development, with a maiden flight planned for late 2025. The company has secured logistics partnerships and is developing a passenger eVTOL.
With a team of over 70 industry professionals, including experts from the Commercial Aircraft Corporation of China (COMAC), the Aviation Industry Corporation of China (AVIC), and leading aeronautical universities, Muyu Sky is cued to become a future leader in eVTOL solutions for logistics and emergency response.
​​​​KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3159314127329792">article</a> was written by Zhang Zhuoqian for 36Kr.

Muyu Sky soars ahead with heavy-lift hybrid eVTOL drones

eVTOLs

… short term, it will reduce the US AI's competitiveness in the long run, according to Chen.
"China is a very big and competitive market for AI. We need players like DeepSeek to push us in the US," he added.
A total ban on DeepSeek would also need the cooperation from nearly all big tech companies. Major cloud providers in the US, including Microsoft's Azure and Amazon's AWS, have already added the Chinese company's R1 model for their enterprise clients to use.
"I just don't see the point really in doing that," Coros said of a potential ban. "It sounds rather anti-American to limit access to openly available capabilities like that so they can't be studied, can't be explored."
Open-source technologies have emerged as yet another front in the US-China tech decoupling. US lawmakers urged the Biden administration to limit China's access to RISC-V, an open-source chip architecture, as part of the ongoing chip export controls.
Some, however, argue that neither technical difficulties nor a lack of substance in the national security risk claims will stop US lawmakers from banning DeepSeek.
"I think at this point it's almost a secondary issue whether there's national security concern or not," said Lu. "It's become a lightning rod for China hawks. They just found another exciting event to further their courses, whether it's justifiable or not."
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Tech-Asia/Is-DeepSeek-next-in-line-for-a-TikTok-like-U.S.-ban">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Is DeepSeek next in line for a TikTok-like US ban?

TikTok

Artificial Intelligence

Deep Tech

Anext Bank, a digital wholesale bank in Singapore and a subsidiary of Ant International, has been recognized as the "best digital bank" in Singapore by The Asian Banker in its 2025 ranking of global digital banks.
Since its launch in June 2022, Anext Bank has focused on serving micro, small, and medium enterprises (MSMEs) in Singapore while supporting international businesses expanding into the country. As of December 31, 2024, its customer base spanned 79 nationalities, with more than 70% classified as micro businesses. Nearly 39% of these businesses were said to be women-owned, and over 37% reportedly began their banking journey with Anext Bank during their startup phase.
The bank has introduced remote onboarding, allowing foreign business owners to open accounts without visiting Singapore. It also provides cross-border payment services, multi-currency accounts, and embedded finance solutions integrated into digital platforms. These offerings are designed to lower entry barriers for MSMEs and improve access to financial services.
whereRelatedArticle
"We firmly believe in leveraging technology to continuously innovate and reimagine financial services for MSMEs. This includes using artificial intelligence and data to uplift operation efficiency and customer experience, with cutting-edge solutions from digital credit to risk management," said Toh Su Mei, CEO of Anext Bank. “As a Singapore-born digital bank, we are also proud to have been a pioneering digital wholesale bank contributing to the advancement of fintech, and supporting the digitalization and internationalization of businesses in the country.”
Last month, Anext Bank appointed Kai Qiu as CEO-designate. Effective March 31, Toh will step down as CEO and transition into an honorary advisory role at Ant International, acknowledging her contributions to the company.

Anext Bank recognized as "best digital bank" in Singapore

Ant Group

Digital Banks

… for Singapore, Malaysia, Japan, South Korea, and more. Trending hashtags on Weibo suggest that some overseas screenings are already sold out.
It remains to be seen whether Pop Mart will launch Ne Zha 2 blind boxes in its international stores. But as Morgan Stanley noted, the company’s flywheel effect is already in motion. With its ongoing global expansion, Pop Mart is well on its way to becoming a powerhouse, partnering with major IP owners worldwide to extend the popularity of their franchises through collectibles.
<h3>A win for the adults</h3>
History is written by the victors.
Jiaozi and Pop Mart founder Wang share a similar journey—both defying industry skepticism to carve out new spaces in animation and collectible toys. As Ne Zha 2 continues its box office run, audiences have become well-acquainted with Jiaozi’s story.
A pharmacy student at Sichuan University, he pivoted to animation out of passion, teaching himself 3D modeling while still in college. After graduating, he spent nearly four years crafting his animated short See Through, which went on to win multiple international awards.
Yet, when he sought commercial opportunities, the industry turned a cold shoulder. China’s animation market was largely geared toward children, and investors doubted whether animated films for adults could be profitable.
Wang faced similar resistance. His entrepreneurial journey began in college, where he made music video DVDs capturing campus life for classmates. Later, he ventured into retail with a grid shop business—a model where small display cubes or shelves are rented to individual sellers, allowing them to showcase niche, trendy, or handmade products without needing a full storefront.
This format laid the foundation for what would become Pop Mart. When the first Pop Mart store opened in Beijing’s Zhongguancun in 2010, it stocked everything from stationery and electronics to accessories, home decor, and clothing. “We sold a bit of everything,” Wang once said. His vision was to create a design-forward retail space catering to young consumers—a trend-focused concept store, hence the name Pop Mart.
By 2015, he noticed one category outpacing all others: trendy toys. Sensing an opportunity, he made a bold decision in 2016 to pivot entirely to collectible toys.
Securing funding, however, proved to be a battle. At a talk hosted by Matrix Partners China, Wang said, “In 2016, we struggled to raise money. No one was interested.”
The skepticism echoed the doubts Jiaozi faced when pitching animated films for adults. When Wang told investors, “I want to sell toys to adults,” the response was dismissive: “You’re joking. Adults don’t buy toys. That’s like trying to sell shampoo to a bald man.”
According to 36Kr, Wang pitched his vision to nearly every investor and financial advisor he could find. At its lowest point, Pop Mart had less than RMB 1 million (USD 140,000) in its accounts—barely enough to cover payroll.
"Back then, Wang would walk in with a long presentation deck, pitching his vision of Pop Mart as the ‘Bandai or Mattel of China.’ But every time, he left empty-handed."
In hindsight, an ironic twist of fate stands out: Wang didn’t just seek investment from financial firms—he also approached industry players. One of them was Enlight Media.
Enlight ultimately passed on investing in Pop Mart, but it did place a bet on Jiaozi. In 2015, the company established Coloroom Pictures, an animation-focused division, and announced investments in 13 animation studios—one of which was Coco Cartoon, founded by Jiaozi.
At the time, Enlight’s chairman, Wang Changtian, laid out an ambitious roadmap for China’s animation industry. Still, few could have predicted that Ne Zha 2 would rewrite the history of Chinese cinema.
Much like how Pop Mart’s crossover collection has outgrown the blind box economy label, Ne Zha 2’s success challenges the conventional narrative of China’s animation rise. More than just a win for Enlight or Pop Mart, it represents a triumph for those redefining what it means to grow up.
As Wang once put it: “Who says that once you turn 18, you can’t buy toys anymore—that you have to live life the ‘adult’ way?”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3156676482636289">article</a> was written by Li Xiaoxia for 36Kr.

Ne Zha 2 rewrites history, and Pop Mart cashes in on the craze

Entertainment

Creative

Retail

Big Japanese companies reduced their carbon dioxide emissions relative to sales by nearly a third in 2024 compared with three years earlier, in a sign that they are balancing lower CO2 output and earnings growth.
The cuts were driven by a shift to renewable energy sources for powering factories and offices, but companies face a higher hurdle in lowering emissions from their own operations.
For 2024, the median emissions figure per JPY 1 million (or around USD 6,500) in sales was 0.17 tons, down 18% from 2023 and down 31% from 2021, based on data from about 400 companies compiled by KPMG AZSA.
Particular reductions were noticeable among companies in the electronics and precision machinery industries, Nikkei research shows.
Printer maker Seiko Epson completed its shift to renewable energy at its domestic plants in 2021 and at all group locations, including overseas, in 2023. Emissions per unit of sales fell by more than 80%, helped by sales growth.
Murata Manufacturing, a supplier of electronic components for companies including Apple, increased its renewable energy usage to 36.5% in the fiscal year ended March 2024, more than double the level of three years earlier. Emissions per unit of sales fell by about 30%.
Greenhouse gas emissions per unit of sales help gauge whether companies can shrink their CO2 output without hurting their business.
Japan aims to reduce greenhouse gas emissions by 46% by 2030 compared with 2013 levels. Emissions from the industrial sector account for about 30% of the country's total.
"Thanks in part to pressure from investors and government support, efforts to reduce emissions have made some progress, mainly among large companies," said Hiroki Yoda, a researcher at Japan's Daiwa Institute of Research.
Reductions were also seen in the materials, construction, and food industries. Seasonings maker Ajinomoto halved its emissions per unit of sales for the fiscal year ended March 2024, thanks in part to a switch from coal to biomass fuel at its Southeast Asian offices.
Packaging maker Toyo Seikan Group Holdings reduced emissions per unit of sales by 30% through energy conservation and the introduction of solar power generation. The company is also studying the use of hydrogen in glass manufacturing, and a spokesperson said it "sees a significant reduction in Scope 1 emissions."
The KPMG data covers both Scope 1 and Scope 2 emissions, referring respectively to emissions produced as part of companies' own business activities and those from indirect sources such as electricity purchases. Half of the companies included in the study were corporations with annual sales of JPY 100 billion (USD 6.5 billion) or more.
Companies made progress in reducing Scope 2 emissions. Median emissions per unit of sale in 2024 were down nearly 60% compared to three years ago, thanks to the increased use of renewable energy and energy-saving initiatives. Scope 1 emissions remained flat.
Scope 1 emissions are harder—and costlier—to cut.
"Companies need to step up capital investment to reduce emissions," said Daisuke Tsuchiya, a managing director at KPMG AZSA. "Investment in actions on global warming will worsen capital efficiency in the short term, so they will be forced to make difficult decisions."
This article first appeared on <a href="https://asia.nikkei.com/Business/Business-trends/Japan-companies-cut-CO2-emissions-while-expanding-businesses-study-shows">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Japan companies cut CO2 emissions while expanding businesses, study shows

Energy

Sustainability

Japan

… broadening its lineup.
Recent leaks suggest the Model Q will be unveiled on June 25 with a price tag under USD 30,000. In China, it could be priced around RMB 150,000 (USD 21,000) or possibly as low as RMB 140,000 (USD 19,600), potentially making it a major volume driver.
However, the competitive landscape has shifted. Models like Xpeng’s <a href="https://kr-asia.com/xpeng-ramps-up-production-as-mona-m03-orders-surpass-expectations">Mona M03</a> and GAC’s <a href="https://kr-asia.com/gac-launches-aion-rt-with-mona-m03-pricing-can-it-capture-the-same-demand">Aion RT</a> have already pushed prices for A-segment electric sedans down to RMB 120,000 (USD 16,800). Even with Tesla’s brand appeal, the Model Q’s path forward won’t be straightforward.
Second, Tesla’s “Full Self-Driving” (FSD) software remains a key differentiator.
Musk has promised that Tesla will launch an unsupervised, fully autonomous driving service in Austin by June 2025. The company is also in discussions with other automakers about licensing FSD technology.
Third, Musk sees Optimus as Tesla’s next big breakthrough.
The company aims to ramp up production to 1,000 units per month in 2025, with a long-term target of scaling up to 1 million robots per year. External deliveries of Optimus are expected to begin in late 2025, marking Tesla’s official entry into the commercial robotics market.
Musk has described 2025 as potentially “the most important year in Tesla’s history.” With so much in the pipeline, he might be right.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3156671602285062">article</a> was written by Han Yongchang for 36Kr.

Tesla eyes 2025 comeback with three-pronged growth strategy