Today’s Tech Headlines: Meituan posts strong revenue growth for H1 2018

All you need to know about the tech news today.

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Today’s Tech Headlines: Meituan posts strong revenue growth for H1 2018

SEA

Indonesia had just begun to get more serious about enforcing regulations that require tech companies to store data in local data centres. But, the finished draft still have to be approved by the ministry of law and human rights and it might still take awhile for tech companies there to have full clarity on this matter. (KrASIA)

Southeast Asian O2O giant Grab is in discussions with Thai retail conglomerate Central Group to explore a deal that will boost its online-to-offline integrations. This huge step comes at a time when archrival Go-Jek is looking to launch its services in Thailand. (KrASIA)

Two Indonesian payment companies Artajasa and Infinitium jointly launched B Secure, authentication system for online debit card payments. This system is aimed at tackling the country’s e-commerce payment conundrum that has resulted in low credit card adoption rates amongst its people. (KrASIA)

Indonesian fintech startup Payfazz is looking to secure more than $10 million in its Series A financing round. This startup is an agency-based financial platform that mainly services Indonesia’s unbanked population. (Deal Street Asia)

Virtual Singapore project could be a testbed for both planners and would-be terror plotters. On one hand, it is an ambitious project that can help see how new technologies can be used to improve the lives of people. On the other hand, it provides an opportunity for plotters to exploit. (Reuters)

 

China

Meituan interim report: 55.5% jump in gross transaction volume (GTV) as profit margins on food delivery widens. The HK-listed company continues with strong revenue growth amidst burgeoning losses. (KrASIA)

China’s AI-powered English learning app Liulishuo raises $72 million in NYSE debut, effectively becoming the fifth Chinese education companies to list in the US. It saw its share price surge up by 28% to $16 per share before falling to end the day at $12.65 apiece. (KrASIA)

Beijing-based boutique investment bank China Renaissance saw its share prices dipped at HKEx debut. The weak performance seemingly reflects the growing worry that the end of China tech IPO window could be near. (KrASIA)

China’s largest search engine operator Baidu has amassed up to 100 million monthly active users after the launch of its mini-program about two months ago. And this positive results put Baidu up another notch to gain a foothold in China’s ‘superapp’ space. (SCMP)

China’s transport ministry has now concluded the initial stage of its industry-wide inspections. The resulting report revealed nine key problems in China’s ride-hailing industry, and the next step will be the follow-up actions in order to eliminate these ‘hidden dangers’. (Technode)

Some investors have gained billions from a well-timed gamble on emerging Chinese tech companies in the world’s second largest economy even as the global tech rally slows down. Sequoia Capital, for example, made a massive return from its bet on Meituan-Dianping recent public debut. Other backers of Meituan also made huge paper gains. (WSJ)

Uber is now on a hiring spree for engineers and designers in China. Its return to China this time is not to compete in ride-hailing but oversee the creation of its electric scooters and bikes. (Bloomberg)

 

Elsewhere

Satellite company Iridium partners with AWS to develop a satellite-based network for the Internet of Things (IoT) applications. The network will be called CloudConnect to allow people to connect even more easily and some of the potential services offered include global airplane tracking and higher broadband communication speeds (CNBC)

The US securities regulators are attempting to force Musk out of Tesla Inc. This development came after Musk and his lawyers made a last minute decision to fight the case. (WSJ)

Even as digital transformation remakes the world we live in, many aren’t very happy with how that has been going. The result of the transformation is this: an internet model that’s built on injected manipulation. Here is a blueprint that seeks to find a solution for the ill effects of the current digital society. (HBR)