The millennial generation of Southeast Asia comprises of half of the region’s 644 million population. The region’s high internet penetration and growing middle class is driving the adoption of digital financial services.
SoftBank Group Corp., the Japanese technology giant, used its stake in online retailer Alibaba Group Holding Ltd. as collateral for an US$8 billion loan from a group of banks in what is one of the biggest deals of its kind, according to people familiar with the matter.Morgan Stanley, Citigroup Inc., Goldman Sachs Group Inc., Bank of America Corp. and JPMorgan Chase & Co.
Last week, Uber finally announced to nobody’s surprise that their Southeast Asian operations would be sold off to their biggest rival, ride-hailing giants, Grab. As part of the deal, Uber would get a 27.5% stake in Grab and its Chief Executive Officer (CEO), Dara Khosrowshahi will be given a seat on Grab’s board of directors. The announcement comes after months of speculation and rumours of the takeover.
The wait is finally over. After weeks of speculation that Uber’s Southeast Asia’s operations would be sold off to Southeast Asian ride-hailing giant Grab, the deal – the largest of its kind in the region – was officially announced earlier today.According to the media release from Grab, Uber’s ridesharing and food delivery business (UberEats) will be integrated into its existing multi-modal transportation and fintech platform.