SEA

94 percent of ASEAN+ Chief Investment Officers deem artificial intelligence (AI) critical for business in 2024, but only 11 percent invest in generative AI (GenAI), Lenovo study showed Tuesday.

Carro, Southeast Asia's largest online used car platform, has on Thursday announced its acquisition of Beyond Cars, one of the leading used car platforms in Hong Kong. With Hong Kong under its belt, the firm is now present in a total of seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.

UnaFinancial said Wednesday that the number of fintech companies per one million people in Southeast Asia may double by 2027, reaching 100. This is supported by the growing super-platform economy, conducive regulatory frameworks and favorable economic conditions.

Shein is said to be in the early stages of exploring the London option as the company has judged it unlikely that the US Securities and Exchange Commission will approve its IPO, the report added.

Southeast Asia superapp Grab Holdings Limited has posted a profit of $11 million in the fourth quarter ended December 31, 2023, compared to a net loss of $391 million in the prior year period. The achievement was primarily due to the improvement in group adjusted EBITDA, fair value changes in investments, and lowered share-based compensation expenses.

For global companies, rising economies represent an enormous growth opportunity, especially for digital businesses. Digital industries across the world have reached a plateau, with high levels of competition and user penetration.

Delivery Hero SE, Germay-based local delivery platform, has on Wednesday announced that it has terminated discussions with the main negotiating counterpart regarding a potential sale of its foodpanda business in selected Southeast Asian markets covering Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar and Laos.

By 2030, Thailand aims to convert 30 percent of its annual production of 2.5 million vehicles into EVs, according to a government plan.

Ngoo said he will continue to have full vested interests in the success of Carousell as a co-founder, board director and shareholder, and have full confidence in our business and leadership team.

Netherlands-based Orient Growth Ventures said Thursday it has completed final closing of second fund at $90 million for Southeast Asia and India.