CDP Institute

Singapore state-owned investor Temasek reported a S$6.0 billion (US$4.5 billion) net loss for the year through March, as it warned global economic and geopolitical headwinds are weighing on investment activities.

Southeast Asia’s (SEA) initial public offering (IPO) remains steady despite global economic uncertainties, according to Deloitte recent report. On year-on-year comparison, the first half saw a 16% increase in the number of new IPOs and a 5% increase in IPO proceeds.

Peru’s Credicorp is seeking startups that use AI, machine learning, blockchain, and Web3 technology in financial services, or that develop business models in open finance or embedded finance. Their aim is to select, identify and support 10 promising pre-seed stage startups in the financial services sectors in Colombia, Chile, and Peru. Each of the 10 selected will receive an initial investment of US$50,000, and at the end of the program they will have the opportunity to receive up to an additional US$100,000 in investment.

Kamay Ventures, which also invested in the Mexican startup Retypay and Ecuadorian Altscore, has invested in INI, which has a platform for offline payments that facilitates transactions in congested urban areas as well as in regions with limited or no connectivity. It positions itself as the only company worldwide that can process payments both with and without internet connection. INI, which currently operates from the US, serves clients such as Banco Comafi, Diario La Voz, Coca-Cola Latin America, and the Arcor Group.

Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supply partner in EMEA, has secured US$8 million in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date from the bank to US$28 million, to expand its vehicle fleet in Ghana. Founded in 2019, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

Zambia’s Union54, a leading provider of innovative digital financial solutions, has partnered with Mastercard to launch social commerce platform ChitChat. A Y-Combinator alumni, Union54 has developed a number of tools to propel African commerce forward. The startup works with financial technology companies across Africa and has issued millions of debit cards to African consumers from almost every country on the continent.

Propel, a Lagos- and Berlin-based startup, wants to build sustainable talent pipelines for communities and help global companies de-risk the process of hiring remote talent from emerging markets, particularly in Africa.  The firm has secured €2.5 million (US$2.74 million) in seed investment.

Connect Ads by Aleph launched a new brand called Mediam Group, dedicated to advertising sales and account management for Google.  The partnership aims to reinforce and expand Google’s presence in Iraq and Morocco, providing Google solutions to more customers and agencies in order to grow their businesses through dedicated local support.

In the latest expansion of their global collaboration, Quickplay today announced that it is collaborating with Google Cloud to drive new digital transformation opportunities for content providers, streaming providers and broadcasters in the Middle East. The two companies are building on a shared history of cloud innovation to bring to market regionally optimized solutions that leverage Google Cloud’s new Middle East regional data center in Qatar.

Digital infrastructure firm DigitalBridge is to expand its footprint into the Middle East. DigitalBridge Group will manage a new partnership, with the Saudi sovereign wealth fund Public Investment Fund (PIF) as an investor. The new partnership will aim to develop data centers in Saudi Arabia and across the Gulf Cooperation Council (GCC).

Tencent Cloud, the cloud business of global tech company, Tencent, announced its collaboration with Allo Bank, Indonesia’s largest digital banking platform, to enhance digital banking in the country.

Former Fave Execs Joel Neoh and Audra Pakalnyte have launched First Move, a founder-led early-stage fund, to empower consumer-focused startups across Southeast Asia. First Move said that the fund sets the bar high with its commitment to accelerate the success of early-stage consumer ventures. The fund provides vital pre-seed funding of up to US$100,000 and has a current portfolio of seven companies spanning Singapore, Malaysia, and Indonesia.