Southeast Asia e-commerce up 15 pct on year to $114.6B GMV in 2023

Total gross merchandise value (GMV) of Southeast Asia’s 8 leading ecommerce platforms rose to $114.6 billion in 2023, up 15 percent from 2022, according to Momentum Works “Ecommerce in Southeast Asia 2024” report released on Monday.

Report: Southeast Asia’s retailers bet big on social commerce despite economic climate

Southeast Asian retailers are placing big bets on social media as 68 percent plan to increase investment in social commerce over the next 12 months, Shopify Inc said Thursday.

Filipino startup Packworks secures $60,000 government funding to develop AI-powered precision marketing tool for ‘sari-sari’ stores

Filipino startup Packworks has secured PHP3.5 million ($60,000) from Philippine government to launch $85,000 artificial intelligence (AI)-powered precision marketing tool for ‘sari-sari’ stores (neighborhood mom-and-pop stores).

Pakistan’s DealCart raises $3M in seed funding round led by Shorooq Partners and Sturgeon Capital

DealCart, a Pakistan-based social e-commerce startup, has successfully raised $3 million seed in a funding round led by Shorooq Partners and Sturgeon Capital. The round also saw participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners.

Malaysia’s HOMA2u raises capital from Asia Fund X for regional expansion

HOMA Sdn Bhd (HOMA2u), a Malaysian marketplace for overstocked and new renovation and interior design materials, announced Friday that it has secured an additional $625,000 from Asia Fund X in its pre-series A funding round.

Carro gets $56M multi-currency loan from HSBC to fund fintech arm Genie Financial Services

Singapore-based online used car marketplace Carro has signed a SGD 75 million ($55.52 million) multi-currency loan with HSBC to fund its fintech arm, Genie Financial Services.

MATRADE partners Tiktok Shop enabling more cross-border opportunities for Malaysian firms

The Malaysia External Trade Development Corporation (MATRADE), has joined hands with TikTok Shop in the effort to intensify cross-border business opportunities through #ThisisMY Campaign.

MATRADE partners Amazon Global to boost Malaysian brand owners cross-border e-commerce transactions

The Malaysia External Trade Development Corporation (MATRADE) and Amazon has announced that they have entered into a memorandum of understanding (MoU) to bolster export capabilities of small and medium-sized enterprises (SMEs) in Malaysia.

Singapore’s AnyMind Group completes acquisition of Malaysia’s Arche Digital

AnyMind Group, a Singapore-based business process as a service (BPaaS) company for marketing, e-commerce and digital transformation, has on Wednesday announced the completion of its full acquisition of Malaysia-based e-commerce enabler, Arche Digital.

Alibaba partners LVMH to enhance luxury retail experience in China

LVMH Group, the world leader in luxury products, and Alibaba Group, the leading e-commerce and technology company in China, have on Thursday announced an extended partnership to enhance luxury experience in China, leveraging Alibaba’s cloud technologies, through artificial intelligence (AI)-powered innovations in retail and on-line with Tmall.