5 in 5 mins - June 17th

1. Hong Kong: Most competitive place to do business

According to IMD, Hong Kong is the new winner of most competitive place to do business, while Singapore has dropped from third to fourth place.

Hong Kong and Singapore both boast low taxes, great infrastructure, and simple process to start a business, but what sets them apart is Hong Kong's competitive labor market, productivity, and management practices, according to IMD.

Bonus: Startup Job Fair Expectation vs Reality

According to data we collected from the recent HK Tech & Startups Job Fair, there is a skill mismatch in the job market in Hong Kong. Lots of talents are looking for job opportunities related to strategy & planning while startups are looking for web developers and engineers in the job market. 

2. CapitaLand launched C31 Ventures, the $74M venture capital fund

The Singaporean real estate group just launched its new C31 Ventures, committed US$74 million to the fund. US$11 million will be set aside for startups in Singapore, with the remaining US$63 million for global investments. The Singapore government will co-invest in Singapore startups, contributing US$7.3 million.

3. Golden Gate Ventures closes a $60 million fund for Southeast Asia

Singapore-based Golden Gate Ventures just closed a US$60 million fund for the Southeast Asia startup ecosystem. Golden Gate Ventures announced its new fund last summer, it had closed an initial $35 million in capital from Facebook co-founder Eduardo Saverin, Temasek, and Naver. It has now surpassed its initial target of $50 million with its new backers.

4. Fintech Centre of Korea signs MOU with Singapore FinTech Consortium

Under the MOU, the two institutions will provide proper aid to fintech companies from the partner country. Fintech Centre of Korea held a demo day in aims to promote cooperation between Korea and Singapore in the fintech industry as well as to motivate globalization of fintech innovation.

5. Microsoft acquires LinkedIn with $26 billion

Microsoft just made its largest tech acquisition ever, buying LinkedIn with $26 billion in cash. LinkedeIn founded in 2002 in the early days of social media, it has more than 106 million active users by 2016. LinkedIn makes two-third of its income from talents solutions.