SEA
Fintech startup C88 raises $28m in Experian-led Series C round. In addition to capital injection, the funding is also of strategic importance to both parties. C88 is using the freshly injected funds to expand into Thailand. (KrASIA)
Understanding digital clues key in cyber breaches: LogRhythm exec. Big companies need to ensure their weakest link are taken care of. Appointing a Committee of Inquiry, disconnecting work computers at public healthcare centres from the internet, and sending SMSes to those who were affected are some of the steps the Singapore government has taken to reduce the impact of the massive cyber attack. (KrASIA)
Clear company vision key to successful growth stage fundraising, says Sociolla’s Indiana. Most of the profits from the latest funding to invest in its newly launched community platform, Soco. (Deal Street Asia)
Indonesia cracks down on 227 illegal P2P lending companies, most of them originate from China. The move to discontinue came in the wake of concerns over consumer protection and money laundering practices. (e27)
China
Ofo close to take over by Didi. The two companies have reportedly restarted a new round of acquisition talks in July this year. Both Alibaba & Ant Financial are also reportedly in talks to buy over Ofo. (KrASIA)
Didi Chuxing says it employs 3.9 million retired soldiers as drivers easing China’s jobless veterans problems. Globally, Didi is not the only ride-hailing firm to hire veterans as drivers. US-based Uber Technologies launched the UberMilitary initiative in September 2014. (SCMP)
How Luckin Coffee is reforming China’s coffee culture. Qian founded Luckin Coffee in 2017, a homegrown coffee startup that has turned into Starbucks China’s biggest challenger. Within a year, it is now worth $1 billion, and has become China’s first coffee shop unicorn. (Technode)
Chinese mobile data platform Aurora Mobile raised $77m in US IPO. The company said the proceeds from the IPO will be mainly used to invest in technology, infrastructure, and research and development capabilities. (Deal Street Asia)
China startups brace for ‘capital winter’ as VC funding slows. After a record amount of money gushed into China’s technology sector and fueled eye-popping valuations for many private companies in recent years, venture capital is said to be drying up. (Forbes)
Capital controls? No problem for Tencent-backed Futu, the overseas trading app for Chinese investors. Chinese stocks officially sank into bear territory last month as domestic investors dumped their equities in the world’s worst-performing market and looked for opportunities overseas. (SCMP)
Jack Ma’s giant financial startup is shaking the Chinese banking system. It handled more payments last year than Mastercard, controls the world’s largest money market fund and has made loans to tens of millions of people. (WSJ)
Rest of Asia
India mulls single regulator for e-commerce sector. The federal government has indicated its aims to remove the legal fragmentation governing the e-commerce sector. Some of the measures include local data storage and enhancing the participation of micro, small and medium enterprises in online retail. (Reuters)
World
Amazon leads $11m investment in bus-sharing app Shuttl. The Gurugram-based startup said it will use the funds to expand to two new cities by the end of 2019, as well as to enhance its existing services in Delhi & Jaipur. (Tech In Asia)
Tell us what you think: Which tech giant will be worth $1 trillion first? Although Apple was the closest to the $1 trillion figure at the end of Friday, several other tech giants stateside are not far behind. (CNBC)
Fakers and fraudsters and the trouble with platforms. The leaders of big tech firms these days are fighting fires on all fronts. Misconduct scandals, security breaches, falling share prices. (Deal Street Asia)
GVC, MGM resorts to jointly set up online betting platforms in U.S. Both companies will initially invest $100 million each in the joint venture to set up an online betting platform in the United States. (Reuters)
Gadgets
Amazon’s Echo Spot is apparently free right now. (Update: and it’s gone) It looks as if the whole thing was a pricing mistake, rather than generosity on the part of Jeff B. (TechCrunch)
Good News Bad News
Human bankers are losing to robots as Nordea sets a new standard. Something interesting happened in Swedish finance last quarter. The only big bank that managed to cut costs also happens to be behind one of the industry’s boldest plans to replace humans with automation. (Bloomberg)
