Grab is talking to Ant Financial and PayPal about spinning out its financial services business

Grab is talking to Ant Financial and PayPal about spinning out its financial services business

Grab, the $16 billion-valued ride-hailing firm that acquired Uber’s Southeast Asia business last year, is in talks with Alibaba’s Ant Financial and PayPal as it considers spinning out of its financial services unit to double down on its non-transportation business, TechCrunch has learned. The seven-year-old company’s coming-of-age moment was a deal to buy Uber’s regional […]…

Alibaba hits the gas on mobility as its bike sharing service adds carpooling

Alibaba hits the gas on mobility as its bike sharing service adds carpooling

Carpooling is heralded to be environmentally friendly and money-saving, but in smog-stricken China, the transportation option became a source of public concerns after two female passengers got murdered during their lifts with Didi Chuxing drivers. The ride-hailing app has suspended its Hitch service to this date under government command, and its peers were also directed […]…

Alibaba’s Ant Financial buys UK currency exchange giant WorldFirst reportedly for around $700M

Alibaba’s Ant Financial buys UK currency exchange giant WorldFirst reportedly for around $700M

Ant Financial, the financial services behemoth affiliated with Chinese e-commerce giant Alibaba, has made its first big move into Europe. It’s acquired London-headquartered payments company WorldFirst in a deal that sources tell us is valued at around $700 million. (That price would also line up with multiple reports from December claiming the two were in […]…

Alibaba’s alternative to the app store reaches 230M daily users

Alibaba’s alternative to the app store reaches 230M daily users

WeChat isn’t the only one doubling down on lite apps. Ever since China’s messaging titan introduced “mini programs” two years ago, a handful of its peers including Alibaba and Baidu have followed with their own manifestations. Alipay, the payments solution affiliated with China’s ecommerce juggernaut Alibaba, today announced it surpassed 230 million daily active users and […]…

Momo, Vietnam’s top payment app, lands big Series C investment led by Warburg Pincus

Momo, Vietnam’s top payment app, lands big Series C investment led by Warburg Pincus

Fintech in Southeast Asia continues to pique the attention of global investors. Alibaba, Tencent and others have jumped into the region and deployed hundreds of millions of dollars, and now Warburg Pincus is joining them. The U.S-headquartered PE firm has led a Series C investment in Vietnam’s Momo, which claims to be the company’s largest mobile […]…

The next phase of WeChat

The next phase of WeChat

Thousands of people gathered Wednesday night in a southern Chinese city for Zhang Xiaolong, Tencent’s low-key executive who built WeChat eight years ago. It’s no longer adequate to call the app a messenger, for it now enables myriads of functions that infiltrate Chinese people’s private and public lives. It wasn’t just the tech circles tuning […]…

Alibaba-backed Hellobike bags new funds as it marches into ride-hailing

Alibaba-backed Hellobike bags new funds as it marches into ride-hailing

2018 has been a rough year for China’s bike-sharing giants. Alibaba-backed Ofo pulled out of dozens of international cities as it fought with a severe cash crunch. Tencent-backed Mobike puts a brake on expansion after it was sold to neighborhood services provider Meituan Dianping. But one newcomer is pedaling against the wind. Hellobike, currently the country’s […]…