Asia’s tech news, weekly: October 5th

In this edition: Cross-border e-wallets in South Korea; India’s NavIC vs GPS; Japan’s Web3 policy office; new digital yuan test-run; Malaysia’s Digital Penang and Microsoft…

• China: Nio electric car firm moves on Europe’s growing EVs market, launching network of battery leasing and swapping stations, seeing opportunities in swapping vs on-site charging

• Vietnam: Gov’t reportedly preparing new rules to limit which accounts can post news-related content to social media as authorities tighten control over information sources in the country

• India: Gov’t reportedly pressuring Apple, Xiaomi, Samsung et al with mandate to support home-grown NavIC satellite navigation system in new devices sold in India from 2023

“We can learn from the Optus Data Breach whether it was criminal or state actor…Australia should consider establishing an ‘Office of Future Threats’ to deal with national-level risks from stolen data.”

• South Korea: Over 120,000 merchants so far added cross-border e-wallets as payment method, spanning Hong Kong’s AlipayHK, the Philippines’ GCash, Malaysia’s Touch ‘n Go eWallet and Thailand’s TrueMoney

• Vietnam ICT major, FPT Software, unveils new subsidiary, FPT Semiconductor, entering the semiconductor industry with circuits designed in Vietnam and manufactured in South Korea

• Australia: Reserve Bank and Digital Finance Cooperative Research Centre release white paper seeking submissions on possible Australian central bank digital currency

“From carrying medical data to streamlining royalty payments, NFTs serve a variety of important technological purposes. Bored Apes are a demeaning distraction.”

• China: Central bank completes digital yuan trial, handling 160+ cross-border payments and for-ex transactions totalling over $21M, with Hong Kong, Thailand and UAE taking part

• Australia: Gov’t opens consultations for Startup Year program for 2000 HECS-style loans for final-year undergrads and post-grads to enter a higher ed-based incubator or accelerator

• India: Binocs crypto tax reporting platform raises $4M, aiding investors track across more than 300 exchanges, 50 wallets, NFTS and smart contracts

• China: TechCrunch takes a brief look at aspects of the country’s semiconductor and chip manufacturing moves

The metaverse and monetization: “When the focus is on user retention and maximizing revenue, can we really expect a worthwhile place to spend our time or money?”

• The race is on to build Australia’s first 3D-printed house…Dubbo councillor Matthew Wright is leading the push for a trial of four 3D-printed houses in coming months

• Japan: Binance, world’s biggest crypto exchange, seeks license to operate in Japan, seeing substantial potential for user growth in the country’s easing approach to crypto

AI, DALL-E & fakery: “Once the line between truth and fake is eroded, everything will become fake. We will not be able to believe anything.”

• Turtle Venture startup ecosystem development and consultancy opens Singapore venture studio to aid Bangladeshi entrepreneurs launch in the city-state

• Malaysia: Digital Penang inks MoU with Microsoft to boost digital skills in Penang startups and SMEs, implementing Microsoft initiatives, platforms and certification

• Thailand to extend Smart Visa scheme in bid to attract more overseas workers, covering 18 key industries

• A look at the moonshot startups from the recent 500 Global Fall 2022 Demo Day, including Taiwan’s RosettaAI e-commerce startup

• Binance crypto exchange launches dedicated program to ‘help law enforcement detect financial and cyber crimes’ an industry first to combat crypto crimes and an aid to the firm’s navigation of regulation and compliance

• Australia: Livewire raises $4.7M Series A with gaming-based marketing and advertising solutions, providing a single entry point with services including strategy, creative, content and media

Autonomous car operating systems: “In the future, your choice of smartphone ecosystem — Android or iPhone — could determine which make and model of car you choose…”

• China: Henan province, home of world’s largest iPhone manufacturing compound, sets the metaverse as its next central industry, with sights on a possible $14BN industry by 2025

• Philippines: CloudEats ‘cloud kitchens’ startup in the Philippines and Vietnam, raises $7M Series A extension with digitization of food services, looking at Thailand, Malaysia and Indonesia entry in 2023

• A quick intro to Japan’s BugMo, a Kyoto startup reducing greenhouse emissions with non-animal meat, creating cricket-protein burgers and projecting $1.4M in sales by 2025

• Malaysia: Insurtech Hackathon virtual event ran Oct 1–3, seeking innovators and teams for solutions in Conventional Insurance and Shariah-compliant Takaful alternatives

• Japan’s Ministry of Economy launched a Web3 policy office, bringing together financial regulators and creative industries to formulate metaverse-related policies

• India: Ministry of Defence looks to add quantum-based commercial cybersecurity solutions to communications with commercial request for proposal to QNu Labs, focusing on quantum key distribution

Korean Startup Showcase 2022 StartTour heads to Singapore from October 24–28, boosting visibility of Korean firms and solutions with sights on market expansion and investment

• Vietnam: Metastrike blockchain-based role-playing gaming startup raises $3.3M, with game featuring tradeable NFTs and play-to-earn components

Satellites & the growing space debris risk: There are “almost 5,500 active satellites in orbit as of spring 2022, and one estimate predicts the launch of an additional 58,000 by 2030.”

• Australia: Amazon Web Services launches ‘Prove What’s Possible’ campaign, showcasing the resilience of Australia’s tech startups

• Malaysia: Hack-A-Tech 2022 3-day fintech hackathon registrations closed October 1st, seeking startups, technopreneurs, developers, coders and beyond for Malaysia-focused fintech solutions

• Singapore’s Buy2Sell B2B platform partnered by Mastercard for cross-border payment solutions in Vietnam

• AUKUS & new tech: “Web3…and the technologies that enable it…are developing systems that are increasingly decentralised, permissionless and not reliant on governments and organisations to facilitate trust.”

ICYMI: Wider-world tech news with Asia-Pac / Indo-Pac relevance, useful points of reference and food for thought.

» SWIFT interbank system partners Chainlink cryptocurrency data provider for cross-chain protocol proof-of-concept, enabling SWIFT messages to instruct on-chain token transfers

» Metaverse myths & realities: “A majority of consumers know and engage with some form of the metaverse, and many expect it to become a significant part of their lives.”

» Why ITU global standards-setting is important: “If the Russian-supported candidate wins the vote, it will be seen as a de facto endorsement of the Russian (and Chinese) vision of the internet.”

» US Space Force ‘Tactically Responsive Space’ experiment to feature bid to develop operational capability to launch a satellite within 24 hours of receiving ‘go’ order

» Borrowing and Renting in the Metaverse: The Disputes Are Yet to Come


App / Substack / Twitter / Facebook / LinkedIn / Connect / Web



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
WK Wright

All things tech, startup & funding: Short form for the time-poor at Startup News Asia