Asia

Cambodia is set to become the newest battlefield for Uber and Grab’s ride on-demand battle after both companies expanded into the Southeast Asian country’s capital city Phnom Penh this week. Word that Grab, which recently raised $2 billion from SoftBank and Didi, is preparing to launch in the city slipped out this week. A spokesperson
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Ant Financial, the Alibaba affiliate that operates payment service Alipay and other digital finance products, has continued its Asia expansion with a move into Hong Kong. Alipay and Alibaba’s MyBank digital bank dominate in China, where they are used by over 450 million consumers, and this year Ant has broadened its presence with deals in Southeast Asia,
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Alibaba is getting serious about logistics after it agreed to invest RMB 5.3 billion ($807 million) in order to take majority ownership in subsidiary company Cainiao. Cainiao was created four years ago alongside eight other backers to bring organization in Chinese logistics, particularly around e-commerce deliveries. The company raised its first outside funding in March 2016 — reportedly
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