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5 in 5 minutes - March 10

HK Startup News Round Up

HK-based VC invests US$1.7M in South Korea's Toss Lab

South Korean startup Toss Lab has raised US $1.7 million series A funding in a round led by Hong Kong-based VC Ascent Capital Advisors, and TicketMonster CEO Shin Hyun Sung. The funding will be used to expand its team as well as implementing new features on JANDI, the messaging platform of Toss Lab.

The startup has completed its Pre-Series A investment of US$2.5 million from Qualcomm Ventures and HnAP last year. Toss Lab also raised around US $2 million from  Softbank Ventures and Cherubic Ventures prior to this round of fund raising.

CoAssets invests in a Hong Kong-based FinTech startup

Singapore-based crowdfunding platform for real-estate and SMEs has agreed to invest in FinTech Pte Ltd, a Hong Kon-based FinTech company.

Fintech Pte Ltd is an online platform that provides users with investment products. CoAssets considers the partnership an opportunity to grow its market and start to convert more Chinese users.

Hong Kong's electric vehicle market to suffer from end of tax waiver

Hong Kong's Financial Secretary Paul Chan Mo-po announced in late February that the full waiver of first registration tax (FRT) for electric vehicles ends on March 31, 2017. Tax incentives offered to Electronic Vehicles in Hong Kong has been one of the big driving forces that motivate citizens to buy
EVs.

The end of the tax waiver would be a bad news especially for Tesla, who dominated the market due to the tax incentives. From April 1, a Tesla Model S, which costs HK$800,000 under the current tax waiver, will cost about HK$1.5 million. A BMW i3, currently HK$430,000, will cost HK$635,000.

Fave acquires Groupon Singapore

Fave, formerly KFit Group, an  O2O e-commerce company in Southeast Asia has acquired Groupon's Singapore business. Details of the deal have not been disclosed.

The acquisition of Groupon Singapore follows the similar acquisition of Groupon Indonesia and Groupon Malaysia last year. Groupon Malaysia has been completely integrated into Fave, Groupon Indonesia and Singapore will follow in 2017. Fave said in a statement that the deal is set to solidify the company’s efforts in helping consumers save while driving growth for local businesses across Southeast Asia.

Singapore and Abu Dhabi governments joints hands to promote FinTech

The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) announced that they will cooperate on projects designed to encourage the growth of FinTech in both Singapore and Abu Dhabi.

The two government aim to improve the regulatory environment for startups. Both parties with explore joint innovation projects in the fields of digital and mobile payments, blockchain, big data, and other technologies of the future.

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