Author: Business News Asia

LATTICE80, a global fintech hub building an ecosystem for fintech startups, has strategically relocated its global headquarters from Singapore in Asia to London in Europe, according to a company announcement. The company announced its plan to expand into several cities globally, including London, New York, and Seoul in South Korea. By relocating its global hub to London, the company said it can better support its global expansion plans in Europe, Asia, and the US this year. LATTICE80 will still keep the operations in Singapore to cover Southeast Asia. “Europe is one of the most progressive regions to develop business models…

Frasers Hospitality, a member of Frasers Property Group, is opening in Saudi Arabia and Oman, this year, doubling its portfolio in the Middle East over the next few years. The recent opening of Fraser Suites Riyadh and soon-to-open Fraser Suites Muscat join existing properties Fraser Suites Seef, Bahrain, Fraser Suites Diplomatic Area Bahrain, Fraser Suites Doha, Fraser Suites West Bay, Doha and Fraser Suites Dubai. With three more properties planned in Dubai, one in Jeddah, one in Al Khobar and one in Kuwait, Frasers Hospitality is set to double its footprint in the region to 13 properties over the next…

Thailand’s largest integrated district, the $3.5-billion One Bangkok, broke ground at dawn Thursday, marking the start of a project that is set to transform Bangkok’s city-center. The project, undertaken by TCC Assets Company Limited and Frasers Property Limited, has received Environmental Impact Assessment (EIA) approval, enabling the US$3.5 billion (THB120 billion) development to begin, according to a statement from the developer. “Our ambition is to transform the Bangkok city center, creating a world-class district capable of attracting top-level multinational companies and a must-visit lifestyle destination for tourists and locals. This will enhance global confidence in Thailand as the epicenter of…

Malaysian authorities arrested nine persons allegedly involved in stealing Bitcoin mining machines after they posted their loot for sale on social media and online shopping sites. A total of 58 Bitcoin machines worth more than MYR500,000 ($127,300) were recovered from the suspects, who allegedly are members of a gang specializing in Bitcoin machine theft. Serdang OCPD Assistant Commander Megat Mohammad Aminudin Megat Alias told reporters that the nine suspects were believed to be involved in various cases, including robbing a Bitcoin miner in Serdang last week. The operation was launched after the police received information about the suspects’ attempt to…

The Philippine Stock Exchange (PSE) signed an underwriting agreement with BDO Capital & Investment Corporation and First Metro Investment Corporation for the conduct of its stock rights offering (SRO) aimed at diluting broker ownership in the exchange to below 20 per cent. “This is a reform that has remained unresolved for many years,” said PSE Chairman Jose T. Prado in disclosure on Monday. PSE President and CEO Ramon Monzon explained that the firm commitment of the underwriters to the exchange’s SRO effectively reduces the ownership of brokers in the PSE to below 20 per cent. “Compliance with the Securities Regulation…

Softbank Vision Fund is leading a group of investors in backing the $865-million Series D funding in high-tech construction startup Katerra, the two-year-old Silicon Valley firm said in a press statement. Katerra said the financing will be used to fund its continued manufacturing expansion and for further investment in its R&D efforts. New investors in the round include: Canada Pension Plan Investment Board (CPPIB), a private investment fund managed by Soros Fund Management LLC, Tavistock Group, Navitas Capital, DivcoWest, and others. Michael Marks, chairman and co-founder of Katerra, said the $12 trillion construction industry is ripe for digital disruption. “Katerra…

Centara Hotels & Resorts recently broke ground in North Pattaya, Thailand for another COSI hotel. COSI is a new brand designed for the modern, connected lifestyle of a growing travel market segment. It offers friendly, simple and affordable accommodations, with innovations like smartphone integration, self-service check-in, and a unique 24-hour lifestyle café concept with more freedom and flexibility. The first COSI hotel opened in Samui in December. COSI Pattaya Naklua Beach will offer 282 hi-tech rooms, all with Smart TVs. Free Wi-Fi and convenient USB ports are in every room and throughout the hotel. It also features a swimming pool,…

Seventeen blue chips gained in today’s trading at the Philippine Stock Exchange (PSE), with LT Group, San Miguel Corp, Ayala Corp, DMCI Holdings, and Petron Corp taking the top spots. LT Group is today’s top blue chip gainer LT Group (PSE:LTG) gained 6.5 percent in today’s trading, ending the day at P24.5 a share, a 52-week high. LT Group did not issue any disclosure although businessman Lucio Tan was quoted in reports as saying that PAL Holdings is considering a re-IPO. PAL Holdings has denied the report. San Miguel Corporation gains 2.86% San Miguel Corporation (PSE:SMC)’s stock ended today’s trading…

Strong economic momentum and a positive sentiment on the government’s tax reform program will send the Philippine Stock Exchange Index (PSEi) to a record new high of 9,300 points this year, according to online stock brokerage COL Financial. According to a Philippine News Agency report, COL Financial Head of Research April Lee Tan, said the 9,300 points is “actually not a conservative” target, as the brokerage firm forecasts a 10-percent earnings per share (EPS) growth of the PSEi and price-earnings (P/E) ratio of 20.4 times. “The tax reform program, the reason why we are really excited about it is that…

The Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) have urged the public to exercise caution before participating in initial coin offering (ICO) schemes. ICO schemes may involve activities that are subject to laws administered by the SC and BNM and carrying on such activities without proper authorization is an offense, the regulators said in a joint statement. “Members of the public are reminded to exercise caution before participating in an ICO and are advised to refer to the list of institutions that are licensed or approved to carry out regulated activities under the laws administered by the SC…

Mayfair 101, a boutique international investment group, has completed its US1 million strategic investment in SportsFix, a live streaming sports platform for the ASEAN region. The USD1-million deal closes SportsFix’s initial round of funding, with the platform announcing it will be rolling out its services in Indonesia, Thailand and other ASEAN markets in the coming months. Headquartered in Kuala Lumpur, Malaysia, SportsFix delivers the best local, regional and international live sports content to mobile devices via SportsFix.tv to a broad range of sports fans across ASEAN. It launched its platform in Malaysia in August last year and is on track…

Katrina Group Ltd, an F&B group specializing in multi-cuisine concepts and restaurant operations, announced that it has opened its first So Pho restaurant in Shanghai under the joint venture company, So Pho International Limited. The JV is with Big Benefit Group Limited, a wholly-owned subsidiary of Ajisen (China) Holdings Limited. Katrina Group’s outlet in Shanghai is approximately 1,162 square feet with a seating capacity of 42. The location of its maiden outlet enhances the Group’s ability to raise the So Pho brand profile to a wider consumer mix, thus helping to pave the way for further expansion in the region.…

BigDish Ventures, an international leader in restaurant yield management software, announced that highly experienced technology executive Henry Joseph-Grant has joined the company as Chief Operating Officer. Joseph-Grant was part of the team that built JUST EAT plc from startup in the UK to a $2.44 Billion Dollar IPO, then going on to held senior operational roles at Gett (Formerly Get Taxi) and Founding the European arm of Abraaj Capital owned The Entertainer. At BigDish, Joseph-Grant oversees and directs all operational departments and brings a combination of extensive sales experience, operations improvement and global go-to-market expertise to his work in ensuring…

HONG KONG – Self-sovereign identity solution Blockpass has joined Decentralized Identity Foundation (DIF) and Trusted IOT Alliance, cementing its preparations for the public release of its application at the end of March this year. These memberships support the Blockpass mission of providing users with a blockchain based self-sovereign identity solution to better interact with regulated industries and the connected world. The first membership is with the Decentralized Identity Foundation (DIF), a group of leading industrial identity and technology experts, aims to establish how best to manage the future of distributed identity solutions and how the industry can focus on the…

Globe Telecoms and Kickstart Ventures have participated in Wattpad’s $51-million new funding, joining Tencent Holdings Limited, a leading provider of Internet value added services in China, BDC, Peterson Group, and existing investor Raine. The new funding will support continued investment in machine learning and interactive storytelling, expanding the company’s global entertainment footprint in TV, film, digital media, and publishing as it adapts Wattpad stories for new formats, and other innovations. The company also plans to grow its team across all departments. The global Wattpad community grew by more than 40 percent in 2017, and is now made up of more…

Space Cycle, the leading premium boutique fitness and active lifestyle brand, announced today that it has closed a RMB100 million ($16 million) Series B round led by Alibaba Taiwan Entrepreneurs Fund II, managed by WI Harper Group. Edward Liu, Partner at WI Harper Group, will join Space Cycle’s Board of Directors. With six studios in Beijing, Shanghai and Taipei, Space Cycle is at the cutting edge of the live fitness industry, revolutionizing the fitness experience with its signature styles of indoor cycling, barre, yoga and dance. In 2017, Space Cycle opened three new studios in China – including its flagship…

Aboitiz Power Corp. announces that the biomass plant operated by its wholly-owned subsidiary, Aseagas Corp., will permanently cease operations. Aseagas earlier suspended its commissioning due to unavailability of the supply of organic effluent wastewater from its supplier, Absolut Distillers, Inc. The company also took the opportunity to assess the plant’s other issues, and after a full assessment, decided to make the plant shutdown permanent. “Our top consideration now is to balance the interests of all our stakeholders, including that of Aseagas’ employees,” AboitizPower President and COO Antonio R. Moraza said. AboitizPower earlier disclosed that Aseagas has prepaid its outstanding loan…

The Philippines will join an elite group of less than 50 jurisdictions worldwide which report cross-border banking statistics to the Bank for International Settlements (BIS) as part of the global database, the Bangko Sentral ng Pilipinas (BSP) said on Monday. After months of testing and validation, cross-border banking data maintained by the BSP has been judged as meeting the rigorous BIS standards for completeness and quality. BIS General Manager Agustin Carstens informed BSP Governor Nestor A. Espenilla, Jr. that “the BIS will formally add the Philippines as a reporting country for the locational IBS [international banking statistics] and start including…

Bursa Malaysia-listed property developer Titijaya Land Berhad (Titajaya) has signed a memorandum of understanding with Tokyu Land Corporation (TLC) to establish a provisional collaboration in the real estate industry. In a statement, Titijaya said it will share and exchange knowledge and expertise with TLC with the intention of further revolutionising their real estate development and to explore potential collaborations for any property development projects that either of them may undertake. TLC, founded in 1953, is a real estate firm involved in urban development, wellness and overseas business. It is a core subsidiary of the Tokyu Fudosan Holdings Group, a Japanese…

Weeks after the NCCC Mall Davao fire incident that killed 37 of its employees, Survey Sampling International (SSI) is reportedly planning to resume and expand its Davao operations in 60 days. This was revealed by Samuel Matunog, president of Information Communications Technology (ICT) Council in Davao. Matunog said SSI is looking for alternative spaces in the city where they can transfer their operations and reabsorb almost 500 employees displaced by the fire incident. SSI would also expand its number of workers to 600 if they can reopen soon in another location. Matunog added the council has offered SSI alternative locations…