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Korean AI startup Upstage is set to expand globally, focusing on AI solutions that boost business productivity. Co-founder and CEO Sung Kim unveiled two key tools: Document Parse, which excels in document processing accuracy, and Solar, a language model for report generation. With $72 million in recent funding, Upstage aims to integrate its technologies into a multimodal AI model by June, while also developing sovereign AI solutions tailored to specific national needs.
Adobe has partnered with Antom to enhance payment accessibility in Asia by integrating localized payment options into its platform. This initiative will introduce eight alternative payment methods, including AlipayHK, GCash, and Kakao Pay, aimed at simplifying transactions and improving user experience in key Asian markets. The collaboration reflects Adobe's strategic evolution in the SaaS landscape, addressing the need for region-specific payment solutions amid the rapidly growing Asia-Pacific payments market.
[Source: Bloomberg]
GXS Bank has acquired Validus Investment's Singapore unit to enhance its business banking services, with the deal expected to finalize by April 15. This acquisition includes Validus' customer base, technology, and loan portfolio, which has provided over US$1 billion in financing to SMEs since 2015. GXS aims to grow its SME loan book significantly and plans a full launch of its business banking services by the third quarter of 2025, focusing on partnerships with fintechs in Singapore and Malaysia.
Love Bonito, the Singapore-based fashion platform, expanded into Southeast Asia in 2023, focusing on markets like Thailand and Vietnam, while many peers target Western audiences. Despite laying off 7% of its staff, the company aims for profitability this year, continuing to refresh its brand and offerings.
Taiwanese PCB manufacturers in Thailand may reduce production due to a steep 37% tariff imposed by the US, which could deter further investment in the region. This tariff, part of a broader trade strategy, threatens to undermine Thailand's role as a manufacturing hub for Taiwanese firms seeking to avoid US-China trade tensions. The situation highlights the complexities and uncertainties in global supply chains as companies navigate shifting tariff landscapes.
The inaugural GITEX ASIA x Ai Everything Singapore, set for April 23-25, 2025, at Marina Bay Sands, aims to unlock Southeast Asia's US$1 trillion digital economy potential by gathering over 700 global tech enterprises and 250 investors. The event will feature key programs like AI 100 and Singapore 100, showcasing groundbreaking innovations and promising startups, while also addressing cybersecurity challenges through GITEX Cyber Valley Asia. With a focus on collaboration and partnerships, it promises to be a pivotal moment for the region's tech landscape.
Indonesia's Finance Minister Sri Mulyani Indrawati warned that potential US tariffs could reduce the country's economic growth by 0.3 to 0.5 percentage points. To mitigate this impact, Indonesia plans to increase US imports, implement tax cuts, and ease import rules while emphasizing regional cooperation among ASEAN nations. Despite concerns, the overall effect is expected to be limited due to Indonesia's strong domestic market and lower export dependence on the US.
Luxshare is considering relocating more production outside China due to US tariffs, with potential investments in the US market. While the tariffs have limited profit impact, localizing production could benefit US customers. The company is also evaluating investments in Southeast Asia, though challenges remain in shifting production due to China's established supply chain and technical expertise.
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