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Green and Smart Mobility Joint Stock Company has launched the Philippines' first all-electric taxi service, operating in 10 cities of Metro Manila with a fleet of VinFast Nerio Green vehicles. This initiative aims to provide zero-emission transport for the region's 13 million residents, utilizing AI-driven tools for safety and efficiency. The competitive landscape is intensifying, with Grab also introducing electric taxi services, highlighting a significant shift towards electrification in the transport sector amid growing consumer awareness. Despite challenges like higher upfront costs and the need for charging infrastructure, electric taxis offer lower running costs and reduced maintenance, making them an attractive option for operators.
Erajaya, a family-owned retailer known for smartphones, is entering the electric vehicle market through a partnership with Chinese EV maker Xpeng, aiming to leverage its retail expertise and connections in Indonesia. Meanwhile, SCI Ecommerce has appointed Lazada co-founder Magnus Ekbom as CEO and acquired his AI startup, SEAI Technologies, to enhance its cross-border ecommerce strategy with AI and automation.
TikTok is defending its recent acquisition of Tokopedia amid allegations of monopolistic practices. The company asserts that the deal will enhance competition and benefit consumers, countering claims that it could dominate the market.
TikTok Shop defended its acquisition of a majority stake in Tokopedia against monopoly claims from Indonesia’s KPPU, emphasizing its commitment to user choice and fair practices. The company accepted conditional approvals to prevent tying and bundling practices, reflecting a broader trend of regulatory scrutiny in tech mergers globally. This approach aligns with Indonesia's mature competition policy, allowing for business growth while addressing competition concerns.
LG Group Chairman Koo Kwang-mo visited Indonesia to inspect the HLI Green Power battery plant, a joint venture with Hyundai Motor Group, emphasizing the need for enhanced global competitiveness in EV battery production. The facility, which began mass production in April 2023, currently produces enough batteries to power 150,000 EVs annually. LGES plans to invest an additional $1.7 billion to boost production capacity, reflecting Indonesia's strategic role as a key player in the global EV supply chain due to its significant nickel reserves.
Grab has denied reports of a potential $7 billion acquisition of Indonesian rival GoTo, stating no discussions or agreements are currently in place. Both companies have faced financial pressures, with Grab reporting a $158 million net loss in 2024 and GoTo a $331 million loss, amid ongoing speculation about a merger. Regulatory concerns in Indonesia highlight the government's focus on maintaining market competition and protecting its tech ecosystem.
Singapore's digital banks are now focused on retaining customers through improved products and services, as competitive interest rates decline. A recent analysis highlights their financial performance in 2024, showing progress towards profitability amid a crowded market. Meanwhile, TikTok's merger with Tokopedia faces challenges, impacting sellers on the platform.
Geely, China's second-largest carmaker, has paused new plant construction to address global overcapacity and intense price competition in the automotive sector. Despite a challenging market, the company reported a 32% increase in vehicle deliveries and a 52% rise in net profit, driven by a strategic focus on international sales and a multi-energy approach. As domestic competition intensifies, Geely's pivot towards exports and localized manufacturing aims to enhance profitability and mitigate risks.
AI-generated content is facing skepticism in Southeast Asia, with backlash against AI hosts in Indonesia and the Philippines highlighting concerns over job security in journalism. Despite this, Meta plans to launch AI tools for ad creation by 2026, targeting small businesses but risking further alienation of consumers who prefer human-generated content. A recent survey shows a majority of respondents want brands to limit AI adoption to preserve jobs, yet companies continue to integrate AI into their operations.
The global Islamic finance industry grew by 14.9% in 2024, reaching US$3.88 trillion in total assets, with significant contributions from Islamic banking, sukuk, and takaful. The sector is expanding into non-traditional markets, driven by fintech innovations and a positive outlook for growth, particularly in emerging economies. Projections indicate the Islamic fintech sector will exceed US$300 billion by 2027, with strong growth anticipated in sukuk and Islamic banking.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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