SEA Digest: GrabPay in pact with Stripe; SiCepat partners DMMX
May 27, 2021
GrabPay has partnered with digital payments giant Stripe while Indonesian logistics company SiCepat Ekspres has announced a collaboration with PT Digital Mediatama Maxima Tbk.
Singapore’s GrabPay announces partnership with Stripe
GrabPay, the e-wallet service of Singapore-based Grab, has announced a partnership with digital payments giant Stripe.
“With e-commerce’s increasing popularity here, we believe that Stripe’s expertise and technology will help us deliver an enhanced payments experience for Southeast Asians. This partnership also builds on our ongoing efforts to help businesses grow online in an increasingly digitally reliant world,” said Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group.
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Editor’s take: The week that was March 1-6
March 7, 2021
As we compile the list of significant developments that unfolded in Asia last week, we see an interesting shift in trend. A lot of headlines are now being dominated by SPAC-related news across markets. Earlier, the SPAC frenzy was primarily associated with companies in Southeast Asia but now it seems that countries like India, too, are warming up to the idea of listing through the SPAC route.
Indonesian unicorn
Bukalapak recently made headlines for considering a US listing via SPAC. Sources told us at DealStreetAsia that the e-commerce giant is also eyeing an IPO on the Indonesia Stock Exchange (IDX) as it looks to save tax costs associated with the listing process in the US.
March 5, 2021
Indonesian last-mile delivery startup SiCepat Ekspres has closed a Series B funding round of $170 million backed by a host of investors including Falcon House Partners, Pavilion Capital and MDI Ventures.
The deal confirms DealStreetAsia’s report published in January.
Other new investors in the round include German development financial institution DEG, Trihill Capital and Daiwa Securities, while existing backers Kejora Capital and Indies Capital also topped up, Sicepat said in a release.
“This financing round is designed to further fortify SiCepat’s position as the leading end-to-end logistics service provider in the Indonesian market and potentially to explore expansion to other markets in Southeast Asia,” said The Kim Hai, founder and CEO of Sicepat’s parent company Onstar Express.
Indonesia’s SiCepat Ekspres to acquire 51% in food ordering platform DigiResto Premium
Indonesian last-mile delivery startup SiCepat Ekspres announced on Friday that it is signing a conditional share subscription agreement (CSSA) to acquire a 51% stake in DigiResto, a food ordering platform developed by Digital Maxima Kharisma (DMK), a subsidiary of M Cash Integrasi (MCAS), a listed digital distribution company.
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