Project Lorikeet, a joint trade initiative between the Australian Trade and Investment Commission (Austrade) and Singapore Fintech Association (SFA) established earlier this year, provided the basis for fintechs, Choco Up, Rhino Partners, Moneythor, and USER to enter and expand in the Australian market with investment estimated to be between A$26 million (US$17.5 million) over the next three years.
Having the dubious distinction of joining Uber, DoorDash, and Ticketek as big brands who’ve made headlines breaching Australian spam laws, Kmart Australia has now also drawn the ire of the Australian Communications and Media Authority (ACMA) – and received an AU$1,303,500 fine. ACMA flagged the company on several previous occasions and noted that consumers are ‘frustrated and angry’ that big brands continue to violate their privacy and ignore opt-out consent requests.
Malaysia-headquartered Axiata Group Bhd announced that Japan-based conglomerate Mitsui & Co., Ltd will invest US$58 million in Axiata Digital & Analytics Sdn Bhd (ADA), facilitated through ADA’s holding company, Axiata Digital Services Sdn Bhd (ADS). Mitsui’s additional investment has established a watermark valuation of US$550 million for ADA, the telecommunications group said in a statement. Following the investment, Mitsui’s stake in ADS will increase from 3.29% to 20%, resulting in an effective 12.69% stake in ADA.
Google is facing another antitrust lawsuit, this time in Canada, specifically focusing on anti-competitive practices in online advertising. The Competition Tribunal has been asked to order Google to sell two of its ad tech tools, prohibit future anti-competitive practices and fine the company billions of dollars. In response, Google points to a highly competitive market offering plenty of alternatives.