Lala World

LaLa World announces partnership with Rebit.ph – [Press release]

Singapore’s LaLa World has announced in a press release its partnership with Philippine-based Rebit.ph to expand its payment networks.

Lala World uses blockchain technology to created a connected financial ecosystem for the unbanked. Rebit.ph, a product of Satoshi Citadel Industries (SCI), is a blockchain-powered remittance service startups in the Philippines. The country is the third largest recipient of remittances in the world.

“Rebit started off as a remittance platform with the aim of providing universal access to vital financial services,” said Miguel Cuneta, Co-Founder and Chief Community Officer of SCI. “Our blockchain infrastructure, coupled with LaLa World’s expertise and established financial products and services, could be the key in enabling easy access to financial services for those in the Philippines. We look forward to working closely with them through the partnership.”

“With two billion unbanked around the world, LaLa World wants to create a financial ecosystem that would cater to their needs and improve their lives. We are delighted to have a partner in Rebit that shares the same beliefs. With each new partner on board, we are inching closer towards our goal of global financial inclusion and becoming the go-to digital bank for those who do not have access to banking services,” said Sankalp Shangari, Founder and Chief Executive Officer of LaLa World.

The partnership between Lala World and Rebit.ph aims to remove technological barriers and enable greater access to financial services in the Philippines.

Vietnam considers ban on cryptocurrency mining rigs import – [VN Express]

Vietnam’s Finance Ministry wants a complete ban on the import of cryptocurrency mining rigs according to this report by VN Express.

The ministry is saying that the rigs are difficult to regulate and that many of them are used to create new cryptocurrencies. Cryptocurrency is illegal in Vietnam.

As of April 2018, Vietnam had imported more than 6,300 crypto currency mining rigs.

Bigo raises US$272M – [e27]

Video-based social media platform Bigo has raised US$272 million in Series D funding. The round was led by China’s YY Inc., a Nasdaq-listed live-streaming social media platform in China.

Bigo is a Singapore-based media platform that focusses on global video broadcast and VoIP-related product and services.

Facebook granted data access to Chinese electronic firms – [Reuters]

Facebook has confirmed that at least four Chinese companies were granted private access to user data, according to a report by Reuters.

This confirmation comes in the wake of concerns from some United States officials about Facebook’s partnerships and how data is already being shared with Chinese firms similar to previous incidents involving the Russian government and Cambridge Analytica.

The partnerships date back to 2010 and gave Facebook the opportunity to promote their platform to mobile users in exchange for access to detailed data.

Indonesia access to 4G service improves – [The Jakarta Post]

Access to 4G services in Indonesia continues to improve, according to this report by The Jakarta Post.

A study conducted by OpenSignal showed that four out of the five telecom operators in Indonesia had improved their 4G availability, resulting in better access to 4G connections for users.

In 2017, Indonesia’s mobile penetration is at 28.78 per cent and is expected to grow to 38 per cent this year.