Weekly News Wrap: Regulatory scrutiny hampers China’s Singles Day sales; Vietnam’s Tiki rases $258m ahead of IPO
Singapore’s ShopBack buys a local fintech startup to add “buy now, pay later” services.
From CNBC:
The biggest shopping event in the world, Singles Day, is underway but China’s e-commerce giants will have to deal with economic growth potentially slowing as well as continued scrutiny from domestic regulators.
The massive shopping event comes amid concerns over slowing growth in China’s economy and a recent slew of sluggish retail sales data. But there are indications that consumers are still willing to spend on this year’s shopping festival.
At the same time, JD’s and Alibaba’s stocks have been pressured by increased regulatory scrutiny on China’s technology sector over the past year.
China has introduced new laws in areas from antitrust to data protection and has scrutinized the practices of e-commerce companies.
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From Bloomberg:
Vietnam’s Tiki raised $258m in a funding round led by AIA Insurance Inc. as the e-commerce startup looks to expand into life insurance and plans a US initial public offering.
Investors involved in the Series E round also included UBS AG London Branch, Mirae Asset-Naver Asia Growth Fund and Taiwan Mobile Co., and existing backer STIC GIGF Ltd., Tiki founder and Chief Executive Officer Tran Ngoc Thai Son said in an interview. The new funding brings the company’s valuation to nearly $1b, he said.
Tiki has emerged as one of Vietnam’s largest homegrown e-commerce companies, with operations countrywide and about 4,000 employees. The startup, which initially planned to list in the US by 2025, now intends to do so as early as a year’s time, Son said.
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From Bloomberg:
Singapore’s online-shopping rewards app ShopBack is buying local fintech startup Hoolah to add “buy now, pay later” services.
The deal expands ShopBack’s services beyond cashback and other rewards it currently offers to consumers on properties of Alibaba Group Holding Ltd. and other major online retailers. The companies did not disclose the acquisition’s value in their statement.
Closely held ShopBack, with investors including Temasek and Rakuten Capital, is seeking to become a more significant partner for merchants as online shopping gains popularity in Asia. Hoolah, a pioneer in “buy now, pay later” services in Southeast Asia, lets consumers pay for purchases in three interest-free instalments.
Read more here.
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