Singapore-based firms turn to remote hiring amid tech talent crunch

SG Digest: Temasek joins effort to develop carbon exchange; iSTOX rebrands as ADDX

Singapore Airlines reduces cash burn to as little as $75m a month

Singapore Airlines to issue convertible bonds after posting record $3.2b annual loss

REUTERS/Louis Nastro Singapore Airlines Ltd on Wednesday posted its second-consecutive annual loss, which widened to a record S$4.27 billion ($3.20 billion), and said it would issue S$6.2 billion of convertible bonds to help weather the coronavirus crisis. The loss for the…

Vegan lifestyle app abillion seeks to raise up to $15m in Series A by July

A sample image of abillion‘s app interface. Source: abillion. abillion, a social media app that allows users to review vegan products, is aiming to raise $10-15 million in a Series A round by July this year, its founder Vikas Garg…

Singapore cross-border payments firm Thunes raises $60m led by Insight Partners

Photo by Jonas Leupe on Unsplash Singapore-based cross-border payments startup Thunes announced on Tuesday a $60 million Series B growth round to expand its infrastructure in developing accessible, fast, and reliable payments solutions. The round was led by the global…

SG biotech startup Hummingbird Bioscience bags $125m Series C funding

Antibody visual sourced from Hummingbird’s website Singapore-based biotech startup Hummingbird Bioscience has announced raising $125 million in a Series C funding round led by life science investor Novo Holdings. A syndicate of international biotech investors also participated in the funding…

Singapore cloud kitchen Grain raising funds led by hospitality major Lo and Behold

Singapore-based cloud kitchen and online catering startup Grain is raising S$3.5 million ($2.6 million) in a fresh round of funding led by Lo and Behold Group, which will see the firm’s valuation downsize significantly.

Malaysia’s Genting to ramp up startup investments amid uncertainty in casino business

Malaysia’s Genting Group is looking to ramp up its investment activity through its corporate venture capital (CVC) arm at a time when its leisure and hospitality division is reeling owing to the COVID-19 crisis.

Editor’s take: The week that was — May 10-15

We are back with the weekly recap of our top headlines, exclusive stories and analytical pieces. From the unicorn quarter Indonesian app giant GoTo, which is set to be created through the proposed merger of unicorns Gojek and Tokopedia, is…

Singapore’s ESR-REIT acquires 10% of ESR Australia Logistics for $46.6m

120 Pioneer Road, ESR-REIT Singapore-listed industrial properties investor ESR-REIT has made its first overseas expansion through the acquisition of a 10% stake in ESR Australia Logistics Partnership (EALP) for about $46.6 million, according to an announcement Friday. The acquisition, carried…

Singtel begins strategic review to weigh options for Amobee, Trustwave

A pedestrian walks past a Singapore Telecommunications Ltd. (SingTel) store in Singapore, on Monday, Feb. 29, 2016. Photographer: Nicky Loh/Bloomberg Singapore Telecommunications Ltd said on Friday it had begun a strategic review to consider options for digital marketing firm Amobee…

Scrutinizing the remarkable tale of this teenage Forbes 30 under 30 inductee

We investigated Team Labs’ story and found inconsistencies, but CEO Harsh Dalal says that the company is legitimate.

ST Engineering, Temasek set up JV for freighter aircraft leasing

Photo: ST Engineering website Singapore Technologies (ST) Engineering Ltd and state investor Temasek Holdings said they have set up a joint venture for freighter aircraft leasing to take advantage of strong demand for converted passenger planes. The JV will aim…

From halal blockchain to dead coin: The tale of an ICO that went south

We take a look at a startup that rode the ICO boom in 2018 but failed to take flight, leaving unpaid employees and squandered opportunities in its wake.

BioNTech plans to build manufacturing site, regional headquarters in Singapore

Photo: CDC/Unsplash BioNTech said on Monday it plans to set up a regional headquarters and build a new manufacturing site for its vaccines based on messenger RNA technology (mRNA) in Singapore, in the latest move to expand its production network.…

NGC Ventures launches $20m fund to develop Solana blockchain ecosystem

The fund made its first strategic injection today into Dexlab, a decentralized exchange where Solana projects mint and list their tokens.

Editor’s take: The week that was — May 3-8

As I curate the list of significant developments that unfolded this week, I’ll begin with the fundraising activity in Southeast Asia. While the number of firms or GPs raising capital has been a tad lower when compared to the other…

Chinese unicorn to launch its robot waiters in Singapore, other markets

Keenon Robotics says it’s robots account for about 85% of all food-serving robots sold in the Chinese market

SG Digest: SPH to turn media unit as not-for-profit entity; EDB’s new initiative

Singapore. Photo by Andrew Kow on Unsplash Singapore Press Holdings will transfer its entire media-related businesses to a newly incorporated subsidiary while the Economic Development Board has launched a S$10 million plan to help companies venture into new growth areas.…

Singapore’s EDB launches $7.5m pilot program to help local firms create new ventures

EDB said it will pilot the program for one year, expecting to undertake 20 concept validation sprints within that time frame.

Singapore Press Holdings to restructure media business into a not-for-profit entity

SPH said the move comes after its media business recorded its first-ever loss of US$8.5 million for the financial year ended August 2020.

There’s a need to recognise that finance can be a force for good: ABC World Asia

Shao Ming Tan, Managing Director of ABC World Asia Singapore-based ABC World Asia, the impact investment fund, says there is more room for growth in the pure-play impact investing space.

A Singapore startup is raising $100m to speed up EV adoption in Southeast Asia

Oyika is aiming to accelerate electric bike adoption in the region’s developing countries through battery swap plans.

50 rising startups in Singapore

Which startups are on the path to becoming the next big thing?

Grab’s lofty $40b valuation stems from its fintech potential, not ride-hailing might

As it readies for its upcoming listing on the Nasdaq via a record $40-billion SPAC deal, Singapore-based super app giant Grab is not quite pitted against global ride-hailing peers Uber and Lyft or food delivery players GrubHub and Deliveroo.

Singapore Airlines raises $1.5b from sale and leaseback of aircraft to shore up liquidity

Photo: Singapore Airlines‘s Facebook page Singapore Airlines (SIA) has raised about S$2 billion (about $1.5 billion) from sale-and-leaseback (SLB) transactions for 11 wide-body aircraft, comprising seven Airbus A350-900s and four Boeing 787-10s, which will help shore up its liquidity at…

500 Startups, Enterprise Singapore to launch accelerator in the city-state

500 Ignition Singapore is a 12-week virtual program that aims to help founders build a stronger foundation in entrepreneurship and develop new products.

500 Startups, Enterprise Singapore to launch accelerator in the city-state

500 Ignition Singapore is a 12-week virtual program that aims to help founders build a stronger foundation in entrepreneurship and develop new products.

Singapore tycoon Oei Hong Leong ups stake in Raffles Education to 14% for $1.2m

Photo: Pixabay Singapore billionaire Oei Hong Leong has spent about $1.2 million to raise his stake in listed private education provider Raffles Education to 14% from 13.5%, about eight months after he sued the company, according to a disclosure. The…

Editor’s take: The week that was — April 26-May 1

We kicked off the week with this analysis of how the three-way super app battle between Grab, a Gojek-Tokopedia combination, and Sea Ltd is shaping up in Southeast Asia’s largest market, Indonesia. As the growing tentacles of these companies extend…

Meet the 50 top-funded startups and tech companies in Singapore

Here are the companies in Singapore that are attracting tons of investors and have the resources to spend on software, talent, and expansion.

SG files 23 more charges against oil trader Hin Leong founder

Photo by Kit Suman on Unsplash Singapore‘s prosecutor on Friday filed 23 more charges in court against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd. Singapore police last year charged the 79-year-old former oil tycoon, better known as O.K. Lim, with two counts of abetment of forgery for the purpose of…

SE Asian M&A, which took a hit in COVID-marred 2020, looks poised for a rebound this year

Historically, global M&A activities have been hit by major financial crises. The dot-com bubble (2001), the global financial crisis (GFC, 2008), and the economic slowdown caused by trade hits (2015) resulted in 24-48% lower overall M&A deal values in the…

SG’s GIC leads $55m funding round in Brazilian fintech startup Warren

REUTERS/Anshuman Daga  Singapore’s sovereign wealth fund GIC is leading a 300 million reais ($54.95 million) funding round in Brazilian financial startup Warren, the company said on Wednesday. Existing investors such as Ribbit, Kaszek and Quartz also participated in this new round. In total, Warren has raised 445 million reais in three funding rounds.…

SG’s commodity trader Olam to acquire US spice firm for $950m

Photo: Bloomberg Commodity trader Olam International Ltd said on Thursday its soon-to-be listed food ingredients business will buy U.S. spice company Olde Thompson for $950 million. The Singapore-based trader plans to separate and list Olam Food Ingredients (OFI), which includes cocoa, coffee, and edible nuts, by the first half of next year as…

Singapore-based Grab’s Nasdaq debut to test its $40b valuation

Singapore’s Grab more than doubled its valuation to $40 billion in about a year as part of the world’s largest SPAC deal, but maintaining that level after its U.S. debut will be a test not only for investors but also…

SG Digest: MAS to sharpen focus on asset management, anti-money laundering 

Marina Bay, Singapore. Photo: Victor He/Unsplash Singapore’s financial regulator MAS has announced a partnership with the private sector to strengthen the city-state’s value proposition as a leading asset management and fund domiciliation hub; MAS is also focusing on the fight…

SG’s StashAway to raise $25m in Series D round led by Sequoia India

Singapore-based digital wealth manager StashAway is raising $25 million in its Series D funding round led by Sequoia Capital India, according to an announcement. StashAway’s existing investors Eight Roads Ventures and Square Peg also participated in the round. The transaction…

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