Indonesia-focused venture capital firm, East Ventures, has raised a total of US$550 million in the final close of its latest funds to focus on Indonesia and Southeast Asia startups. The firm will allocate US$150 million for early-stage deals, and US$400 million for growth-stage deals.
Smaller telcos could be exempt from obligations under Australia’s consumer data right (CDR), if a proposal by Treasury is adopted. Federal Treasury and the Data Standards Body suggest the telecommunications sector follow the model used in the energy sector, where the CDR doesn’t apply to companies below a minimum number of customers.
Singapore-headquartered e-commerce and gaming giant Sea Ltd is said to be preparing a move into Indonesia’s insurance sector. The US-listed tech firm has prepared plans to acquire an insurance company in Indonesia, Financial Times reported. Such an acquisition would prepare Sea to better compete with rival super apps including Jakarta-headquartered GoTo and Singapore-based Grab, which are aiming to provide a one-stop-shop from ride-hailing, food delivery to financial services to their users across Southeast Asia.
The U.S. Senate has passed a bill that could potentially ban TikTok in the U.S. if its Chinese owner, ByteDance, does not sell its holdings within a year. The bill now goes to the President Biden, who has said he will sign it. Court challenges are likely to follow.