Tag: Investment

Jakarta, Indonesia – VinFast, a Vietnamese electric vehicle manufacturer, has gotten approval from the Indonesian government regarding its plans to invest in the country. It should be recalled that VinFast plans to invest US$1.2b in the country in the long run.

“We fully support VinFast’s investment plan in Indonesia. You can ask about permits to my minister,” President Joko “Jokowi” Widodo said during a meeting with Pham Nat Vuong, chairman at VinFast during the president’s meeting at the head office of VinFast in Hai Phong City in Vietnam.

The president said that VinFast is one of the fastest-growing automotive companies. He also expressed hope that the investment can improve Indonesia’s EV ecosystem and be linked with EV battery industry.

“We expect–as I’ve mentioned before–the ecosystem to be established immediately. [The] chairman of VinFast has confirmed that construction works will start immediately,” he added.

After that meeting, President Jokowi visited VinFast electric vehicle manufacture and observed the assembly process including installation of electric car battery.

It is also worth mentioning that VinFast is also set to build its first plant in Indonesia by 2026.

Singapore – Jollibee Foods Corporation (JFC), through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd., (JWPL) has announced an increase in stake with private equity fund Titan Dining LP which owns the Tim Ho Wan brand and company-owned stores.

In a recent stock filing by the corporation, JFC said that its fund size of Titan will increase from its current S$350m to S$450m in order to fund the store expansion plans and working capital requirements of Tim Ho Wan and the completion of other projects by the equity fund.

Moreover, JWPL’s participating interest in Titan will also increase from 90% to 92% through purchase of 2% participating interest of another limited partner in the fund for a total consideration of S$7.7m. 

With the increase in fund size, JWPL’s total commitment to the fund shall amount to S$414m.

It is worth noting that JWPL has invested S$45m with Titan since 2018 to own a 45% participating interest in Titan. It then increased its capital commitment to S$120m and its fund size increasing from S$100m to S$200m in 2019.

JFC has also a joint venture with Titan for the operation of Tim Ho Wan in China, as well as the operations of Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines through Titan’s Food Collective, Pte. Ltd. (FCPL) subsidiary.

Singapore – Following the company’s commitment to enhancing financial accessibility to MSMEs, Khazanah Nasional Berhad, in collaboration with CGC Digital, has recently announced a strategic investment in Funding Societies, a small and medium enterprise digital finance platform in Southeast Asia.

The investment targets expansion in areas beyond Kuala Lumpur, Selangor, Penang, and Johor, with plans to serve more than 25, 000 MSMEs across Malaysia by the end of 2025. This move intends to provide better financial access, spur growth, and facilitate scalability, contributing to job creation and income development for the individuals employed by these businesses.

This initiative is also accompanied by the company’s goal to extend the reach of Islamic financing solutions introduced in Malaysia earlier this year.

Khazanah’s investment is in line with its Dana Impak mandate, a key component of its Advancing Malaysia strategy. This investment aligns with the government’s vision of improving the performance of MSMEs by providing increased access to financing, fostering opportunities, and driving socioeconomic growth in rural, semi-urban, and underserved communities with limited access to financial services.

The collaboration with CGC Digital, on the other hand, is aimed at influencing the Malaysian MSME ecosystem, given Khazanah’s simultaneous investment in funding societies.

In particular, this collaboration encompasses digital guarantee products on the platform, extending sustained support to Malaysian micro and small businesses in securing long-term financing. With a digital-first approach and leveraged alternative data, the digital guarantee product aims to provide micro and small businesses with more extensive and cost-effective access to financing.

Speaking about this feat, Dato’ Amirul Feisal Wan Zahir, managing director at Khazanah, said, “The investment in funding societies reflects our commitment to fostering financial inclusion and bridging the funding gap, especially within the MSME community. Being the backbone of Malaysia’s economy and contributing nearly half of the nation’s employment, MSMEs are both critical and critically underserved. Hence, this investment aligns with our mission of contributing to nation-building and socioeconomic growth.”.

Yushida Husin, CEO at CGC Digital, also expressed her delight with the recent collaboration, stating, “CGC Digital sees this investment as a strategic win for Malaysian MSMEs. We share Dana Impak’s vision and believe that, by working together with Khazanah, CGC Digital can advance financial inclusion among underserved and unserved MSMEs in the digital ecosystem.

“CGC Digital seeks to push the envelope by developing a suite of innovative digital guarantee products for thin-file MSMEs that can be offered together with Funding Societies’ financing products to increase their chance of obtaining much-needed financing,” she added.

Speaking about the strategic investment, on the other hand, Datuk Mohd Zamree Mohd Ishak, board member at CGC Digital and president and CEO of CGC Digital’s parent company, Credit Guarantee Corporation Malaysia Berhad, shared his sentiment as well, saying, “By joining forces with Khazanah and Funding Societies, this strategic investment by CGC Digital shows CGC Group’s commitment to taking Malaysian MSMEs, especially thin-file MSMEs, to the next level.”

Kelvin Teo, co-founder and group CEO at Funding Societies, said, “We are honoured to receive support from Khazanah and CGC Digital, who share our conviction to impact MSMEs. This is a testament to our commitment towards extending credit to reach more underserved MSMEs. We would also progressively offer MSMEs more cash flow management solutions to power their growth.”

“This is where funding societies seek to step in by serving the region’s MSMEs’ cash management challenges and needs with our extensive reach and broad range of short-term financing solutions,” Teo concluded.

Jakarta, Indonesia – After multiple reports suggesting business talks between TikTok and GoTo in Indonesia, TikTok has announced that is investing a total of US$1.5b investment into GoTo. In it, Tokopedia and TikTok Shop Indonesia’s businesses will be combined under the existing PT Tokopedia entity.

In an official statement, both entities have said that this arrangement will allow both TikTok and GoTo to each serve Indonesian consumers and MSMEs more comprehensively.

Moreover, GoTo will benefit from the growth of the enlarged entity and will remain an ecosystem partner to Tokopedia, through its digital financial services via GoTo Financial and on-demand services via Gojek.

Going forward, TikTok, Tokopedia and GoTo will transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five years. 

Some of those planned joint ventures include promotion of Indonesian products on Tokopedia and TikTok’s platforms, building the capacity of Indonesia’s MSMEs through a holistic program focusing on skills development, supporting merchants to sell products online, helping local brands to promote their products in international markets, amongst others.

The transaction, which is expected to close in the first quarter of 2024, is in line with the GoTo Group’s strategy to strengthen its financial and strategic position by growing its total addressable market.

Moreover, a committee under the enlarged entity will be established to facilitate transition and integration, chaired by GoTo Group CEO Patrick Walujo, with support from members of both businesses.

These talks come after TikTok Shop announced the shutdown of its local operations in Indonesia in October 2023 following local orders. The company was forced to close down after the country’s government passed a regulation prohibiting the use of social media for e-commerce transactions.

Singapore – The board of directors of Genting Singapore has approved a S$6.8b investment to propel its integrated resorts brand Resorts World Sentosa as a premiere tourist destination in Asia.

“We are confident that this investment will firmly anchor RWS as the most sought-after tourism destination in Asia, and propel the Group’s strong future growth. This investment will be funded through internal resources,” the company recently stated.

According to the company, its development on The Waterfront has received government’s provisional permission with construction set to commence in 2024. Moreover, it will comprise approximately 700 hotel keys and experiential  lifestyle content in a captivating blend of biophilic architecture that is designed by award winning firm Benoy.

In addition, the transformation of the Forum, the Minion Land in Universal Studios Singapore and the Singapore Oceanarium spaces are progressing well and expected to soft open in early 2025.

The new announcements comes after Genting Singapore recently announced the results of its third business quarter earnings, which saw benefit from the sustained recovery of travel and tourism as it grew 31% quarter-on-quarter to $350.4 million.

Madrid, Spain – Madrid Turismo by IFEMA Madrid has officially launched its multi-million Euro campaign initiative that promotes Madrid to the Asian tourism market.

The campaign aims to improve Madrid’s positioning as an outstanding and first-class holiday destination, promote it in long-haul inbound markets, and attract high-value tourists, such as those from Asia.

Spearheaded by the Madrid Experts in Tourism Panel, which serves as the advisory board of Madrid Turismo by IFEMA Madrid, the project will be done under a single brand and in collaboration with the tourism industry of Madrid. With the proposed budget reaching a staggering 36 million euros, the campaign will invest in promotional actions for these long-haul inbound markets until December 2024.

A big part of the campaign is the plan for air connectivity. The project has had conversations with over 10 airlines to establish direct links with strategic destinations in Asia. This will increase the frequency of existing connections and result in the signing of an agreement with Iberia for the new Madrid-Doha air connection to provide 44 new connections in Asia Pacific and 26 in the Middle East. 

Also part of the campaign is the rollout of its promotional activities, which, so far, have been implemented in 16 countries considered preferred destinations for high-value outbound tourism. The promotion will span across major B2B and B2C digital marketing campaigns, campaign sites in 11 languages, the development of branded content pieces in major general and economic media, co-marketing actions with paid media and TTOOs, key opinion leaders (KOLs) and influencer marketing campaigns, presentations at the long-haul inbound markets, and the production and generation of content for the #onlyinmadrid campaign.

Additionally, the digital marketing campaigns will include audiovisual and written content adapted to each specific market and incorporated into social media campaigns, Connected TV, Discovery, Paid Search on Google, and digital presence through native and display ads.

As of now, a total of 20 million euros has already been approved for investment in these five top-tier actions. The budget for these campaigns was distributed by markets and geographic areas to ensure the greatest potential for attracting high-impact international tourism, with the USA and Asian markets getting the highest share.

These campaign initiatives will target high-value markets including the USA, Canada, Latin America, Japan, the Republic of Korea, the Middle East, China, and Southeast Asia.

This project, led by Yolanda Perdomo, director for Madrid Turismo by IFEMA Madrid, is expected to strengthen the Madrid brand internationally, increasing the impact of tourism promotion and marketing activities under the criteria of efficiency, quality, and sustainability.

Daniel Martínez, deputy minister of culture, tourism, and sport, stressed that “Madrid Turismo by IFEMA MADRIOD is a benchmark for public-private collaboration in tourism in Madrid and is already delivering important results”. 

“We will continue to promote this project to intensify the promotion and positioning of Madrid as a tourist destination in distant markets such as North America, Asia-Pacific, and the Middle East,” he added.

Also speaking on the campaign, Almudena Maíllo, delegate for tourism at Madrid City Council Tourism, said, “in Madrid we have made a qualitative leap in our strategy for international promotion. With relevant importance and weight, we are seeing that there has been an exponential growth driven, especially by the North American and Latin American markets, thanks to public-private collaboration”.

Juan Arrizabalaga, managing director of IFEMA MADRID, also added, “Madrid Turismo by IFEMA MADRID is not only strategic for Madrid´s positioning as a preferred destination for high-value tourism at an international level, but also for the different actors that make up the tourism industry and are ambassadors of the Madrid brand. Therefore, we are proud to be at the forefront of the management of this ambitious promotional project and to contribute to it from our position as the main player of business tourism in the country”.

Kuala Lumpur, Malaysia – Data and AI company Axiata Digital & Analytics Sdn Bhd (ADA), has recently announced international trade and development company Mitsui’s investment of US$58m, facilitated through ADA’s holding company, Axiata Digital Services Sdn Bhd (ADS).

Mitsui’s additional investment has established a watermark valuation of US$550m for ADA, reflecting the company’s continued growth and innovation in the digital and data transformation domain.

On the strength of the investment, ADA is set to broaden its digital reach and reinforce its commitment to advancing digital and data transformation in the region. Mitsui has also been working closely with ADS and ADA since their initial investment in 2019, and is now intensifying its efforts to deliver data and AI solutions to partners and clients in the APAC region.

Talking about the investment, Srinivas Gattamneni, chief executive officer of ADA, said, “Mitsui’s strong endorsement highlights our extraordinary growth story. We are excited about the prospect of deepening our collaboration with Mitsui to empower their partners with cutting-edge data, AI, and technology solutions.”

Vivek Sood, group chief executive officer and managing director of Axiata, added, “Mitsui has a strong and proven track record of bolstering innovative businesses in the fields of AI, data analytics and digital transformation. We are confident that broadening our strategic partnership will further enhance ADA’s expertise in AI and data analytics with Mitsui’s substantial business capabilities derived from a global portfolio.”

Meanwhile, Toru Matsui, representative director, senior executive managing officer of Mitsui & Co. Ltd, commented, “We look forward to collaborating closely with Axiata Group and ADS/ADA in order to contribute to the growth of ADA by accelerating the provision of its digital marketing solutions and data analysis services to our partners throughout the region.”

Melbourne, Australia – Drive lah, the parent company of Australia’s Drive mate, has successfully closed an investment round worth AU$7.9m, with ComfortDelGro leading the investment with AU$3.2m pitched in. This positions them as both the principal investor and the preferred fleet partner for Drive mate.

The strategic investment aligns well with company’ aspiration to redefine urban mobility across the APAC region, fostering continued growth and potential for shared mobility solutions in Singapore, Australia and beyond.

As the leading investor and fleet partner, ComfortDelGro’s collaboration with Drive lah will be a holistic one, with a focus on car connectivity and navigation technology as well as supplying vehicles to Drive mate’s platform. 

The collaboration will start this quarter in Sydney and Melbourne, with ComfortDelGro Corporation Australia progressively supplying up to 3,000 vehicles to the Drive mate platform, supporting the increase in demand for car sharing services in Australia.

Nicholas Yap, CEO at ComfortDelGro Australia, said, “As a lead investor and fleet partner, our collaboration with Drive mate will allow the two companies to shape urban mobility, particularly in Australia where we have a strong foothold operating buses, taxis and non-emergency patient transport. We look forward to working closely with Drive mate to enable seamless experience for the car owners and seekers on the car-sharing platform.”

Meanwhile, Dirk-Jan ter Horst, co-founder of Drive lah, commented, “Australia’s swift embrace of Drive mate underscores the potential of shared mobility in this vast and diverse market. Our success here is only the beginning, and with strategic investments and partnerships, we are poised to redefine transportation in the country, setting a benchmark for others in the APAC region.”

Lastly, Gaurav Singhal, co-founder at Drive lah, added, “The future of mobility is interconnected. We’re gearing up to lead the transformation towards a more connected and efficient transportation ecosystem in APAC. This success of this investment round is a testament to our shared commitment with our investors and strategic partners towards innovation and excellence.”

Kuala Lumpur, Malaysia – DRB-HICOM, through its subsidiary Edaran Otomobil Nasional Berhad (EON), has made a strategic investment in Genie Malaysia, a subsidiary of Singapore-based online used car platform Carro.

The partnership combines DRB-HICOM’s decades of automotive experience with Carro’s proprietary tech-enabled platform to redefine auto financing in Malaysia. Moreover, said investment is aligned with DRB-HICOM’s move to enhance its automotive distribution eco-system.

In a joint statement, both companies said that this collaboration unlocks valuable cross-selling opportunities for DRB-HICOM within Carro’s used car platform myTukar’s dealer network, comprising over 2,600 dealers nationwide.

Akkbar Danial, chief executive officer at EON and head of automotive distribution at DRB-Hicom, said, “Following our investment in Carro, parent company of used car platform myTukar in 2021, we are excited to deepen this strategic partnership, and are confident that the synergy between our two parties will unlock unprecedented opportunities that will benefit our customers and drive mutual success.”

He added, “As we venture into game-changing technology, our accumulated experience brings valuable insights and expertise to the table. We believe this experience will greatly benefit both parties as we navigate and innovate in this new technological landscape.”

Meanwhile, Simon Chan, chief executive officer at Genie Malaysia, commented, “Genie Malaysia started because there is a ‘blue ocean’ market of underserved and unbanked car buyers who are unable to secure traditional bank financing. We have been able to combine data as well as the unique strengths of Carro and myTukar to democratise used car financing. Now everyone can own a car.”

Lastly, Aaron Tan, co-founder and Group CEO of Carro, stated, “Fintech is an integral part of our digital used car ecosystem. DRB-HICOM’s strategic investment is a huge validation of Genie Malaysia’s differentiating business model. We are delighted to strengthen our partnership with DRB-HICOM, which has invested in Carro since 2021.”

Singapore – Singapore’s multi currency digital payments platform YouTrip has recently announced that it has raised US$50 million in its latest Series B fundraising round, led by new investor and global venture capital firm Lightspeed. 

The sizable investment by Lightspeed is a vote of confidence in YouTrip’s ability to deliver innovative and hyperlocal solutions, and its leadership in building a scalable business strategy to tap into the vast market opportunity in Southeast Asia.

The new capital will be used to further propel the company’s growth trajectory by investing in more technologies to deepen product and innovation capabilities, and expanding its regional team by hiring over a hundred new talents as it launches in new markets across Southeast Asia. 

Committed to its mission of providing accessible, convenient, and seamless digital payment services, YouTrip specifically aims to expand its regional presence across Indonesia, Malaysia, the Philippines, and Vietnam.

Furthermore, YouTrip also plans to grow its portfolio of services to help SMEs accelerate their cross-border growth plans in the digital economy. This includes enhancing its current expense management capabilities as well as introducing new features such as credit lines to cater to the diverse needs of businesses as they expand and grow.

Caecilia Chu, CEO and co-founder of YouTrip, said, “The latest funding round is YouTrip’s largest to date and is a testament to our strong potential in the B2B and B2C payment spaces. We are confident in our ability to catalyse the growth of cross-border commerce, bringing accessible, integrated and seamless digital payment services to millions of users across Southeast Asia and beyond.”

Arthur Mak, co-founder and chief product officer of YouTrip, also added, “We remain committed to developing hyper-personalised offerings that meet the unique needs of our users, and are excited to bring our innovative payment solutions to diverse markets in Southeast Asia so that more can enjoy the intuitive convenience and cost-saving benefits effectuated by our B2B and B2C products.” 

Meanwhile, Pinn Lawjindakul, partner at Lightspeed, commented, “My personal experience of the pain point reinforces my conviction in what the YouTrip team has built. Their multi-currency digital payments platform enables everyone to have a safer, smarter and superior experience with foreign currencies and digital payments. We are excited by their depth and vision, and look forward to partnering them in this next phase of growth and expansion.”