Malaysia threatens to fine grab US$21M – Bloomberg
The Malaysia Competition Commission announced that it could impose an MYR86.8 million (US$21 million) fine against ride-hailing giant Grab, Bloomberg wrote.
According to the report, the regulator provisionally found that Grab prevented drivers from providing ad services for its peers during rides, distorting competition in the market.
The investigation itself has started in 2018, as a response to multiple complaints accusing Grab of monopolistic practices, following its acquisition of Uber in Southeast Asian.
In a press statement, Grab said that it was “surprised” by the proposed decision.
“We believe that it is common practice for businesses to decide upon the availability and type of third-party advertising on their respective platforms,” wrote a spokesperson.
Hillstone Networks conducts IPO in Shanghai – Press Release
Vickers Venture Partners today announced that its portfolio company Hillstone Networks has been listed on the Shanghai Stock Exchange’s sci-tech innovation board (STAR market) as of 30 September 2019.
The Silicon Valley-based network security solutions provider raised CNY949 million (US$132 million) from the IPO. Its stock price also rose by 112 per cent after the first day of trading, with a market cap of CNY8.1 billion (US$1.1 billion).
“Network security plays a critical role in China, especially in cloud computing, 5G development and IoT. Back in 2009 when we were looking to opportunities to invest in the field, Hillstone stood out as a startup with the best technology and most experienced team. We are delighted to be one of the early backers of the company and supporting their growth to this day. Listing on STAR is a major milestone for Hillstone as it recognises the quality of its solutions, in addition to cementing its market-leading position,” said Linda Li, Vickers Venture Partners’ Managing Director.
Also Read: Today’s top tech news: Grab faces anti-monopoly investigation from Malaysia
President Barack Obama to speak at The Growth Faculty – Press Release
President Barack Obama is set to speak at The Growth Faculty event in Singapore on December 16.
The former president will discuss his time in office and his thoughts on leadership in the world.
The Growth Faculty is a platform that provides business communities with access to speakers through events and online programmes in the areas of business, politics and personal development. Previous events presented by The Growth Faculty have featured Hillary Rodham Clinton, Malala Yousafzai, Indra Nooyi, Simon Sinek, Malcolm Gladwell, Jim Collins and George Clooney as headline speakers.
Bukalapak, Qiscus team up to launch chatbot on the online marketplace – DailySocial
Indonesian chatbot developer Qiscus announced a partnership with e-commerce giant Bukalapak to launch a chatbot service on the online marketplace platform, DailySocial wrote.
Through the partnership, Bukalapak expects to maximise server usage by four times, bandwidth use by 20 times, and be more cost-effective.
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