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TikTok, owned by ByteDance Ltd., has agreed to invest $1.5 billion in a joint venture with Indonesia's GoTo Group. This partnership will allow TikTok to restart its shopping app in Indonesia, its largest online retail market. TikTok will control 75% of the joint venture, which combines its Indonesian TikTok Shop business with GoTo's e-commerce unit Tokopedia. The deal enables ByteDance to comply with regulations that previously halted its online retail service in Indonesia. The Indonesian government has signaled its approval of the partnership, and the move could potentially boost e-commerce transactions for both companies. [Extracted from the article]

TikTok, owned by ByteDance Ltd., has agreed to invest $1.5 billion in a joint venture with Indonesia's GoTo Group. This partnership allows TikTok to restart its shopping app in Indonesia, its largest online retail market. TikTok will combine its Indonesian TikTok Shop business with GoTo's e-commerce unit Tokopedia, with TikTok holding a 75% stake in the combined entity. The deal allows TikTok to comply with regulations introduced to halt its online retail service in Indonesia, while GoTo can focus on other businesses such as digital financial services. [Extracted from the article]

TikTok, owned by ByteDance Ltd., has agreed to invest $1.5 billion in a joint venture with Indonesia's GoTo Group. This partnership allows TikTok to restart its shopping app in Indonesia, its largest online retail market. TikTok will combine its Indonesian TikTok Shop business with GoTo's e-commerce unit Tokopedia, with TikTok holding a 75% stake in the combined entity. The deal enables TikTok users in Indonesia to shop and pay for purchases within the app, as the shopping component is now owned by Tokopedia. This move allows TikTok to comply with regulations introduced to halt its online retail service and compete with local players such as Sea Ltd. and GoTo. [Extracted from the article]

TikTok has agreed to invest $1.5 billion in a joint venture with Indonesia's GoTo Group, allowing the Chinese company to relaunch its shopping app in Indonesia. The deal combines TikTok's Indonesian TikTok Shop business with GoTo's e-commerce unit Tokopedia, with TikTok holding a controlling 75% stake. This partnership aims to overcome regulatory obstacles and revive TikTok's online-shopping service in Indonesia, which is the largest retail market in Southeast Asia. The Indonesian government has indicated its approval of the pact, which could benefit both companies by boosting shopping and payments volumes. [Extracted from the article]

Klook Travel Technology Ltd., a Hong Kong-based startup, has raised $210 million in a funding round led by Bessemer Venture Partners. The funding will be used to expand the company's services as travel recovers from the pandemic. Klook helps travelers book activities and has seen an increase in revenue as Covid restrictions have been lifted. The company is also preparing to go public in either the US or Hong Kong. Klook focuses on the Asian market and predicts a significant increase in travel demand in the region. [Extracted from the article]

ByteDance's TikTok has reached an agreement to invest in a unit of Indonesia's GoTo Group and collaborate on an online shopping service. Rather than competing directly with GoTo's Tokopedia, TikTok will work with the Indonesian platform across various areas. The details of the alliance are still being finalized and are subject to regulatory approval. This partnership could serve as a model for TikTok's expansion into other markets, such as Malaysia. TikTok's e-commerce ambitions in Indonesia were halted due to new regulations, but a collaboration with a local operator could revive its online shopping service in Southeast Asia's largest retail market. [Extracted from the article]

Huawei Technologies, Intel Corp., and other semiconductor startups are seen as strong competitors to Nvidia Corp. in the race to develop the best AI chips, according to Nvidia's CEO, Jensen Huang. Huawei, in particular, has emerged as a leading chip technology company in China and has recently made advancements in smartphone processors. Huang acknowledged that Nvidia faces competition both within and outside of China. The US has imposed restrictions on the sale of Nvidia's AI chips to China, which has historically accounted for about 20% of Nvidia's sales. Despite these challenges, Nvidia will continue to comply with trade regulations and deliver products for the Chinese market. Huang's visit to Singapore also focused on discussing the city-state's strategy to compete in the global AI race. Singapore aims to stimulate broader growth through the expansion of its digital economy and hosts chipmaking factories operated by various global players. [Extracted from the article]

ByteDance's TikTok has reached an agreement to invest in a unit of Indonesia's GoTo Group and collaborate on an online shopping service. Rather than directly competing with the Indonesian platform Tokopedia, TikTok will work with them across various areas. The details of the alliance are still being finalized and are subject to regulatory approval. This partnership could serve as a model for TikTok's expansion into other markets, such as Malaysia. TikTok's goal is to revive its online shopping service in Southeast Asia, and Indonesia is its largest market. However, the Indonesian government has imposed restrictions on TikTok's e-commerce operations, prompting the company to seek partnerships with local operators. This move could be risky for GoTo, as it would help a major online retail rival operate in the country, but it could also boost shopping, logistics, and payments volumes for both companies. TikTok has been in talks with several Indonesian companies about potential partnerships, and other Southeast Asian countries, such as Malaysia, are also considering regulating TikTok's e-commerce operations. [Extracted from the article]

TikTok is in discussions to invest in GoTo Group, an Indonesian company, in order to revive its online shopping service in Indonesia. The potential investment could involve GoTo's online-retail unit, Tokopedia, and may also include the creation of a joint e-commerce platform. This move comes after Indonesia implemented regulations that forced TikTok to separate payments from shopping, causing the social media giant to halt online shopping in the country. While a deal is still being negotiated and subject to regulatory approval, it could potentially reshape the online shopping landscape in Indonesia. [Extracted from the article]

TikTok is in discussions to invest in GoTo Group, an Indonesian company, in order to revive its online shop in Indonesia. The potential investment could involve GoTo's online-retail unit, Tokopedia, and may also include the development of a new e-commerce platform. TikTok's e-commerce ambitions in Indonesia were hindered by regulatory changes in September, which required the separation of payments from shopping. A deal with GoTo could help TikTok comply with these regulations and restart its e-commerce business in the country. [Extracted from the article]

TikTok, owned by ByteDance Ltd., is considering investing in a unit of Indonesia's GoTo Group to revive its online shop in Indonesia. The potential investment could be in GoTo's online-retail unit Tokopedia, and there is also discussion of a joint venture between the two companies to build a new e-commerce platform. TikTok's online shopping in Indonesia was halted due to regulatory restrictions, and a deal with Tokopedia could help improve relations with the government. However, talks are ongoing and subject to regulatory approval. [Extracted from the article]

Carsome Group, a Southeast Asian used-car online marketplace, is cutting hundreds of jobs in an effort to reduce costs and reach profitability before a potential stock-market listing. The company is eliminating positions across Southeast Asia, with Indonesia and Thailand being the most affected. Carsome, which entered these markets in 2017, has about 4,000 employees. The company expects to break even this year and achieve its first full year of profitability in 2024. Carsome raised $290 million in early 2022 and is backed by Singapore's Temasek Holdings Pte. [Extracted from the article]

Philippine President Ferdinand Marcos Jr. used hologram technology to deliver a speech in Singapore while attending the Asia-Pacific Economic Cooperation meeting in San Francisco. Marcos emphasized the country's commitment to digitalizing cash transactions and keeping the fintech ecosystem open to collaboration. The Philippine central bank aims to have half of retail payment transactions done digitally this year, with digital payments already accounting for 42.1% of retail transactions last year. Hologram technology is being explored by startups and major companies like Google and Microsoft as a unique way to communicate. [Extracted from the article]

Sea Ltd. experienced a significant drop in its stock value after reporting an unexpected loss in the third quarter. The loss was attributed to increased competition from Alibaba and ByteDance in its home market. Despite the loss, Sea beat analysts' projections for revenue growth. The company's CEO, Forrest Li, emphasized the need to invest heavily in its online retail arm, Shopee, to build scale and compete with rivals. Sea's gaming division, centered around Garena, has also faced challenges due to a lack of new blockbuster titles. Local competitors, such as GoTo Group, are also putting pressure on Sea. [Extracted from the article]

Grab Holdings Ltd., a Southeast Asian ride-hailing and food delivery company, has announced that its President, Ming Maa, will be leaving the company at the end of April. Maa cited the need to devote more time to family matters and other interests as the reason for his departure. This comes six months after co-founder Tan Hooi Ling announced her plans to step down from her operational roles. Grab, which recently posted its first-ever profit, will not be replacing Maa, and other senior managers will assume his responsibilities. Despite a decline in its stock value, Grab's losses have narrowed, and it continues to outperform its regional rivals. [Extracted from the article]

Sea Ltd., Southeast Asia's largest internet firm, reported a net loss of $149 million in the third quarter, compared to a profit of $322 million in the previous quarter. The company attributed the loss to flagging consumption and increased competition from Alibaba and TikTok. Sea's investments in its e-commerce unit, Shopee, may continue to impact its profitability. Additionally, Sea's gaming division, Garena, has experienced a decline due to a lack of new blockbuster titles. The company plans to focus on building out its live-streaming arm to defend its market share. [Extracted from the article]

Singapore's Sea Ltd. has reported a net loss of $149 million in the third quarter, compared to a profit of $322 million in the previous quarter. The company's loss is attributed to flagging consumption and increased competition from Alibaba and TikTok in Southeast Asia. Sea's founder, Forrest Li, has declared that the company will invest more in its online retail arm, Shopee, and live-streaming to counter these platforms. Sea's gaming division, centered around Garena, has also experienced a decline due to a lack of new blockbuster titles. [Extracted from the article]

Grab Holdings Ltd., a Southeast Asian ride-hailing and food delivery company, has reported its first-ever profit on an adjusted basis. The company's adjusted earnings before interest, taxes, depreciation, and amortization reached $29 million in the quarter through September, surpassing analysts' expectations. Grab has been focusing on profitability and cost control, including job cuts, as it faces competition from rivals such as GoTo Group and Sea Ltd. While revenue rose 61% to $615 million during the quarter, growth has slowed as customers in the region curb spending due to inflation and interest rates. Grab aims to achieve positive free cash flow by the end of 2024 and expects its mobility business to reach pre-pandemic levels by the end of this year. Despite going public in 2021, Grab's shares have declined, but they have stabilized this year as losses narrowed. The company has also added new products and services to attract more users. [Extracted from the article]

Grab Holdings Ltd., a Southeast Asian ride-hailing and food delivery company, has reported its first-ever profit on an adjusted basis. The company's adjusted earnings before interest, taxes, depreciation, and amortization reached $29 million in the quarter through September, surpassing analysts' expectations. Grab has been focusing on profitability and cost control, slashing jobs and expanding its product offerings. While the company has yet to reach net income, it aims to achieve positive free cash flow by the end of 2024. Grab's shares have stabilized this year after a decline since going public in 2021. [Extracted from the article]

Grab Holdings Ltd., a Southeast Asian ride-hailing and food delivery company, has reported its first-ever profit on an adjusted basis. The company's adjusted earnings before interest, tax, depreciation, and amortization for the quarter through September were $29 million, surpassing analysts' expectations. Grab has been focusing on profitability and cost control after experiencing mounting losses due to intense competition and slowing growth. While the company has yet to reach net income, it aims to achieve positive free cash flow by 2024. Despite its losses narrowing, Grab's shares have declined since going public in 2021. [Extracted from the article]

Gotion High-Tech Co., one of China's leading battery manufacturers, believes that globalization is an inevitable trend and that protectionist policies are only temporary. Chairman Li Zhen stated that sharing technology and products with other countries is essential for the economy. Despite geopolitical tensions and policies like the US Inflation Reduction Act, which offers tax credits for domestically made cars, Gotion remains optimistic and is expanding its overseas investments and production capacity. The company aims to escape being classified as a foreign entity of concern under the IRA and is focused on developing efficient battery technology. [Extracted from the article]

Grab Holdings Ltd., a Southeast Asian ride-hailing and food delivery company, has reported its first-ever profit on an adjusted basis. The company's adjusted earnings before interest, tax, depreciation, and amortization for the quarter through September were $29 million, surpassing analysts' expectations. Despite facing intense competition and mounting losses, Grab has focused on profitability and cost control, including job cuts. However, revenue growth has slowed as customers in the region reduce spending due to inflation and interest rates. Grab's profitability is seen as a significant milestone in its efforts to convince investors of its earnings potential. [Extracted from the article]

Even as more people in Southeast Asia come online, a bulk of the region's spending still comes from relatively wealthier consumers in major cities. (Bloomberg) -- Southeast Asia's internet economy will log its slowest growth on record this year, a group of researchers said, as they slashed near-term e-commerce spending estimates for the region by 13%. [Extracted from the article]

Even as more people in Southeast Asia come online, a bulk of the region's spending still comes from relatively wealthier consumers in major cities. (Bloomberg) -- Southeast Asia's internet economy will log its slowest growth on record this year, a group of researchers said, as they slashed near-term e-commerce spending estimates for the region by 13%. [Extracted from the article]

In a boon to GoTo's e-commerce business Tokopedia, rival TikTok this month suspended its online-retail operation in Indonesia to comply with curbs on social commerce. (Bloomberg) -- GoTo Group posted a narrower loss in the third quarter, bringing Indonesia's largest tech company closer to breakeven after months of extensive cost cuts. [Extracted from the article]

(Bloomberg) -- Flash Coffee, a grab-and-go coffee chain backed by Delivery Hero SE, has closed its stores in Singapore to curb costs as it works toward profitability. Launched in 2020, Flash Coffee opened at least 20 stores in Singapore and quickly expanded across Indonesia, Thailand, Hong Kong and South Korea. [Extracted from the article]

Singapore's Infocomm Media Development Authority (IMDA) has the task of plotting the course for its digital future and enhancing the city-state's role as a tech hub. (Bloomberg) -- Singapore's digital economy has expanded to about $77 billion, or 17.3% of gross domestic product, and should continue to drive growth in coming years, according to a new government report. [Extracted from the article]

(Bloomberg) -- TikTok will suspend its online-retail operation in Indonesia from Wednesday to comply with curbs on social commerce, a big setback for the Chinese-owned startup in one of its fastest-growing markets. The company will stop facilitating e-commerce transactions on TikTok Shop Indonesia from 5 p.m. Jakarta time on Oct. 4, it said in a statement Tuesday. [Extracted from the article]

The company will stop facilitating e-commerce transactions on TikTok Shop Indonesia from 5 p.m. Jakarta time on Oct. 4, it said in a statement Tuesday. (Bloomberg) -- TikTok will suspend its online-retail operation in Indonesia from Wednesday to comply with curbs on social commerce, a big setback for the Chinese-owned startup in one of its fastest-growing markets. [Extracted from the article]

(Bloomberg) -- GoTo Group raised $150 million through a convertible bond sale to investors led by the World Bank's International Finance Corp., a bump to its cash reserves as the Indonesian ride-hailing and e-commerce company works toward reaching profitability. The managing partner of major GoTo-shareholder Northstar Group is tasked with carrying out his predecessor's campaign to shave losses by cutting jobs, curbing promotional spending and tightening expense controls. [Extracted from the article]

TikTok's local public policy and government relations executive, Rofi Uddarojat, implored officials during an industry meeting Monday to let the firm contribute to local e-commerce, according to the people familiar with the matter. (Bloomberg) -- Teten Masduki couldn't stop talking about TikTok. [Extracted from the article]

(Bloomberg) -- Sea Ltd. gained a further 5% after Indonesia introduced sweeping regulations that will curb arch-foe TikTok's efforts in Southeast Asia's biggest e-commerce arena. Singapore-based Sea, whose Shopee dominates regional online commerce, has gained more than 17% or $3.4 billion of market value since Jakarta officials first outlined rules this week prohibiting social commerce companies from facilitating direct e-commerce payments on their platforms. [Extracted from the article]

What Bloomberg Intelligence Says TikTok's possible split of ecommerce and social media operations in Indonesia could impede further conversion of its 125 million local monthly active users (MAU) into shoppers, benefiting Sea's Shopee, which, like TikTok Shop, relies on beauty and personal care for most of its domestic sales. (Bloomberg) -- TikTok suffered a major setback to its online shopping ambitions after Indonesia introduced regulations that will curb its operations in its biggest e-commerce market. [Extracted from the article]

What Bloomberg Intelligence Says TikTok's possible split of ecommerce and social media operations in Indonesia could impede further conversion of its 125 million local monthly active users (MAU) into shoppers, benefiting Sea's Shopee, which, like TikTok Shop, relies on beauty and personal care for most of its domestic sales. (Bloomberg) -- TikTok suffered a major setback to its online shopping ambitions after Indonesia introduced regulations that will curb its operations in its biggest e-commerce market. [Extracted from the article]

What Bloomberg Intelligence Says TikTok's possible split of ecommerce and social media operations in Indonesia could impede further conversion of its 125 million local monthly active users (MAU) into shoppers, benefiting Sea's Shopee, which, like TikTok Shop, relies on beauty and personal care for most of its domestic sales. (Bloomberg) -- TikTok's ambition to expand in online shopping is facing a major blow from new rules in Indonesia that are set to curb its operations in its biggest e-commerce market. [Extracted from the article]

Currently, TikTok is the only social media company that allows direct e-commerce transactions on its platform. (Bloomberg) -- TikTok's ambition to expand in online shopping is facing a major blow from new rules in Indonesia that are set to curb its operations in its biggest e-commerce market. [Extracted from the article]

(Bloomberg) -- KKR & Co. agreed to pay S$1.1 billion ($807 million) for a fifth of Singapore Telecommunications Ltd.'s regional datacenter business, making its latest bet on Asian digital infrastructure. As part of the deal, KKR can take up to two seats on the board of Singtel's datacenter business, Lang said. [Extracted from the article]

Vertex Holdings, in turn, is a wholly owned unit of Singapore's state investment firm Temasek Holdings Pte. Vertex Ventures Southeast Asia and India, which launched its first fund in 2010, has about $1.5 billion in assets under management. (Bloomberg) -- Vertex Ventures Southeast Asia and India closed its fifth and biggest fund at $541 million to back startups in the region, defying a slowdown in the global technology sector during a tumultuous year. The firm aims to provide checks of about $2 million to $8 million to startups focusing on areas such as consumer internet, enterprise and financial technology, said Ben Mathias, a managing partner at the fund. [Extracted from the article]

Through 500 Global's third and largest early-stage fund in Southeast Asia, Harnal and partner Khailee Ng plan to invest in 100 pre-seed to Series A companies over the next few years. (Bloomberg) -- 500 Global, one of the most active early-stage venture investors in Southeast Asia, raised $143 million to ramp up investments in the region and take advantage of a market rout that's pummeled tech company valuations. [Extracted from the article]

(Bloomberg) -- 500 Global, one of the most active early-stage venture investors in Southeast Asia, raised $143 million to ramp up investments in the region and take advantage of a market rout that's pummeled tech company valuations. Investors include Malaysia's pension fund Kumpulan Wang Persaraan Diperbadankan and sovereign wealth fund Khazanah Nasional Bhd., as well as some of its portfolio companies. [Extracted from the article]

New Delhi in February 2022 banned Free Fire, at the time Sea's most popular mobile gaming title in the country, citing security concerns because of its Chinese links. Now called Free Fire India, the game will be available Sept. 5, Sea's gaming arm, Garena, said Thursday in a statement. [Extracted from the article]

(Bloomberg) -- Grab Holdings Ltd. shares jumped 11% after the company brought forward its profitability target and posted a narrower quarterly loss, buoyed by extensive cost cuts at the Southeast Asian ride-hailing and food-delivery provider. Investors rewarded GoTo last week after it cut its 2023 loss projection, while punishing Sea after it reported disappointing revenue and outlined plans to increase investment in e-commerce. [Extracted from the article]

Investors rewarded GoTo Group last week after it cut its 2023 loss projection, while punishing Sea Ltd. after it reported disappointing revenue and outlined plans to increase investment in e-commerce. (Bloomberg) -- Grab Holdings Ltd. brought forward its profitability target after posting a narrower loss in the second quarter, buoyed by extensive cost cuts at the ride-hailing and food-delivery company. [Extracted from the article]

Investors rewarded GoTo Group last week after it cut its 2023 loss projection, while punishing Sea Ltd. after it reported disappointing revenue and outlined plans to increase investment in e-commerce. (Bloomberg) -- Grab Holdings Ltd. brought forward its profitability target after posting a narrower loss in the second quarter, buoyed by extensive cost cuts at the ride-hailing and food-delivery company. [Extracted from the article]

Investors rewarded GoTo Group last week after it cut its 2023 loss projection, while punishing Sea Ltd. after it reported disappointing revenue and outlined plans to increase investment in e-commerce. (Bloomberg) -- Grab Holdings Ltd. brought forward its profitability target after posting a narrower loss in the second quarter, buoyed by extensive cost cuts at the ride-hailing and food-delivery company. [Extracted from the article]

Investors rewarded GoTo Group last week after it cut its 2023 loss projection, while punishing Sea Ltd. after it reported disappointing revenue and outlined plans to increase investment in e-commerce. (Bloomberg) -- Grab Holdings Ltd. brought forward its profitability target after posting a narrower quarterly loss in the second quarter, buoyed by extensive cost cuts at the ride-hailing and food-delivery company. [Extracted from the article]

Ride-hailing and delivery firm Grab drew public criticism when it said in February it had hired Tin as government liaison. (Bloomberg) -- A Singapore lawmaker initially appointed to run Grab Holdings Ltd.'s government relations department has left the tech firm, months after a public backlash over potential conflicts of interest forced the company to move her to a different role. [Extracted from the article]

In a surprise shift, Li told analysts Tuesday Sea intends to boost investment in the hyper-competitive arena, potentially generating losses going forward. (Bloomberg) -- Sea Ltd.'s historic 29% tumble erased close to $10 billion from its market value, wiping out a quarter of co-founder Forrest Li's fortune overnight while darkening the shopping and gaming leader's prospects. The resultant selloff erased $1 billion from Li's net worth, valued mainly based on his stake and options in the firm, according to the Bloomberg Billionaires Index. [Extracted from the article]

The company, the largest of Southeast Asia's internet firms and briefly the world's best-performing stock, is pulling back on a once aggressive global expansion to focus on its core operations to win back investors. (Bloomberg) -- Sea Ltd. fell its most ever after reporting disappointing revenue and outlining plans to increase investment in e-commerce, a strategic shift that could erode margins and trigger a price war with TikTok and Alibaba. [Extracted from the article]

(Bloomberg) -- Sea Ltd. shares plunged 26% after the Asian technology company reported revenue that missed analysts' estimates and said it plans to increase investment, a move that could erode profit margins. The company, the largest of Southeast Asia's internet firms and briefly the world's best-performing stock, is pulling back on a once aggressive global expansion to focus on its core operations to win back investors. [Extracted from the article]