Home / Tag Archives: china

Tag Archives: china

Singapore is the crypto sandbox that Asia needs

Singapore Blockchain Week happened this past week. While there have been a few announcements from companies, some of the most interesting updates have come from regulators, and specifically, the Monetary Authority of Singapore (MAS). The financial regulator openly discussed its views on cryptocurrency and plans to develop blockchain technology locally. For those who are unfamiliar, Singapore historically has been a financial hub in Southeast Asia, but now has also gradually become the crypto hub of Asia. Compared to the rest of Asia and the rest of the world, the regulators in Singapore are well-informed and more transparent about their views on blockchain and cryptocurrency. While regulatory uncertainties still loom over Korea and Japan, in Southeast Asia, the MAS has already released its opinion “ A Guide to Digital Token Offering ” that illustrates the application of securities laws to digital token offerings and issuances. Singaporean regulators have arguably been pioneering economic and regulatory standards in Asia since the early days of the country’s founding by Lee Kuan Yew in 1965 . Singapore is the first stop for foreign companies in crypto In the past,  I’ve said that Thailand is one of the most interesting countries in crypto in Southeast Asia.  Nonetheless, for any Western or foreign company looking to establish a footing in Asia, or even for any local company in any Asian country looking to establish a presence outside of their own country, Singapore should be the first stop. It has become the go-to crypto sandbox of Asia. There are a number of companies all over Asia, as well as in the West, that have already made moves into the country. And the types of cryptocurrency projects and exchanges that go to Singapore vary widely. A few months ago, a Korean team called MVL introduced Tada, or the equivalent of  “Uber” on the blockchain, in Singapore . Tada is an on-demand car sharing service that utilizes MVL’s technology. The Tada app is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry, adjacent service industries, and their customers. In this case, MVL was looking to test out its blockchain projects in a progressive, friendly jurisdiction outside of Korea, but still close enough to its headquarters. Singapore fulfilled most of these requirements. Relatedly, Didi, China’s ride-sharing company, has also looked to build out its own blockchain-based ride-sharing program , called VVgo. VVgo’s launch is pending, and its home is intended to be in Toronto, Singapore, Hong Kong or San Francisco. Given Singapore’s geographic proximity and the transparency of its regulators, it would likely be a good testing ground for Didi as well.

Read More »

Luxury fashion marketplace Farfetch closes at $28.45, up 42% on its first day of trading on NYSE

It’s been a strong year for tech IPOs so far, and it looks like today’s debut of Farfetch — a UK-based shopping site for luxury fashion — is on trend, so to speak. The company opened trading today — on NYSE under the ticker FTCH — at $27, making for a decent pop of 35 percent. The opening followed the company announcing late Thursday evening that it had priced its IPO at $20/share to raise $885 million from the sale of 44,243,749 Class A shares. This was above the expected range of $17 to $19, and gives the company a market cap of $5.8 billion . The stock went as high as $30.58/share  during the day before closing at the end of the day at $28.45. This is generally a strong showing for Farfetch, for e-commerce, and also for those who are working in the area of online sales focused not on bargains and the middle-to-lower end of the market, but the higher-priced end aimed at luxury goods — a market that was estimated to be worth $307 billion in 2017 and projected to reach $446 billion by 2025 (according to Bain, and cited in the original IPO filing ). Notably, in that filing, the company had put in a provisional marker for raising $100 million, which in the end was much lower than what it raised. At the time it was speculated that Farfetch would reach a valuation of anywhere between $6 billion and $8.37 billion — but it fell short of that. As we have noted before , Farfetch was an early mover in the area of building e-commerce marketplaces specifically catering to the luxury fashion and other luxury goods industries. This end of the market was somewhat slow to embrace digital shopping: the belief was that for higher-end goods, you needed higher-end, more personalised and in-person service at beautiful boutiques. With that backdrop, Farfetch started out by working with boutiques and fashion houses that had yet to establish any kind of online commerce profile of their own. “These sellers have been cautious in their adoption of emerging commerce technologies,” as Farfetch puts it in their IPO filing. By pooling them together, Farfetch was able to create a high-end experience that was bolstered by its scale and reach. In the meantime, the average shopper for luxury goods has come a long way: at the younger end they are digital natives and expect to buy online (some even bypass sites altogether and only do so through messaging platforms ), and there are a lot more of them, coming from cities far from fashion centers like London, Paris and New York. They may not always be able to fly instantly to buy pieces, but they can always click a mouse or tap their smartphone screens

Read More »

Nintendo Switch Online Service Blocked In China – Ubergizmo

Ubergizmo Nintendo Switch Online Service Blocked In China Ubergizmo If you are traveling to China and plan on bringing your Nintendo Switch with you, you might want to take note that the console's recently launched online service is blocked in the country. While China doesn't seem to have issue with Nintendo or the ... and more »

Read More »

Social Capital CEO Chamath Palihapitiya appears unconcerned about the string of exits from the firm and says it will no longer raise outside capital…

Sara Salinas / CNBC : Social Capital CEO Chamath Palihapitiya appears unconcerned about the string of exits from the firm and says it will no longer raise outside capital   —  - Chamath Palihapitiya told his employees he would be diverting much of the “carry” — the portion of investment returns traditionally given …

Read More »

China-based Huazhu Hotels Group says hacker who was selling 1.415GB data on millions of its guests and tried to blackmail the chain, has been arrested…

Catalin Cimpanu / ZDNet : China-based Huazhu Hotels Group says hacker who was selling 1.415GB data on millions of its guests and tried to blackmail the chain, has been arrested   —  Hacker was selling 141.5GB of data from Huazhu Hotels Group.  He also attempted to blackmail the hotel chain to pay for its own data.

Read More »

Twitch Appears To Have Been Blocked In China – Ubergizmo

Ubergizmo Twitch Appears To Have Been Blocked In China Ubergizmo China's internet censorship laws and practices are pretty well-known, and it looks like Amazon's Twitch live streaming platform is its latest victim. In a report from Abacus, it appears that Twitch has been blocked from China, and its mobile app has ... and more »

Read More »

Playstation Now announces subscribers can download PS4 and remastered PS2 games, as the service becomes more like Xbox Game Pass (Timothy J….

Timothy J. Seppala / Engadget : Playstation Now announces subscribers can download PS4 and remastered PS2 games, as the service becomes more like Xbox Game Pass   —  The biggest hindrance to Sony's PlayStation Now streaming service is lag.  Because the game isn't stored locally, whatever device you're playing on has to send …

Read More »

RIAA: revenues from streaming up 28% YoY to $3.4B in H1 2018, accounting for 75% of recorded music revenue; 75% of streaming revenue comes from…

Patricia Hernandez / The Verge : RIAA: revenues from streaming up 28% YoY to $3.4B in H1 2018, accounting for 75% of recorded music revenue; 75% of streaming revenue comes from subscriptions   —  Music sale revenues largely come from the same place now  —  The Recording Industry Association of America released a report today …

Read More »

Twitch is reportedly blocked in China

Last month, Twitch became the third most popular free app on China's App Store as users wanting to watch the Asian Games flocked to the app. But now, Abacus reports, residents in China are finding that Twitch is no longer accessible and that the Twit...

Read More »

Facebook says it is reviewing its policies on white supremacy, white nationalism, and white separatism after a backlash from civil rights groups…

Motherboard : Facebook says it is reviewing its policies on white supremacy, white nationalism, and white separatism after a backlash from civil rights groups   —  “Facebook ignores centuries of history, legal precedent, and expert scholarship that all establish that white nationalism and white separatism are white supremacy."

Read More »