Alibaba acquires NetEase Kaola for US$2B – TechCrunch
Chinese internet giant Alibaba Group has acquired NetEase Kaola for US$2 billion, TechCrunch reported.
Tmall Import and Export General Manager Alvin Liu has been named as Kaola’s new CEO, replacing Zhang Lei.
Following the acquisition, Kaola will continue to operate independently under its own brand.
Citing a press statement made by the two companies, the report said that they will integrate Kaola into Tmall, creating what is said to be the largest cross-border e-commerce platform in the country.
Reports of the acquisition have circulated since weeks ago; it is said to had stalled in August after the companies reportedly disagreed on transaction details.
“We are pleased to have found a strategic fit for Kaola within Alibaba’s extensive ecosystem, where Kaola will continue to provide Chinese consumers with high-quality import products and services. At the same time, the completion of this strategic transaction will allow NetEase to focus on its growth strategy, investing in markets that allow us to best leverage our competitive advantages,” said NetEase CEO William Ding.
India’s Swiggy launches new on-demand services – SCMP
Indian online food ordering and delivery startup Swiggy has launched new on-demand services that included intracity courier service to send small packages, South China Morning Post wrote.
Called Swiggy Go, the service will operate in the company’s home base of Bangalore and expand to more than 300 cities by next year.
Swiggy also announced a “phased rollout” of its on-demand grocery delivery service Swiggy Stores in Bangalore and Hyderabad, which enables orders from both family-run stores and supermarkets.
theAsianparent names Susana Tsui as new CEO of Media – e27
Southeast Asian platform for parents theAsianparent today announced the appointment of Susana Tsui as new CEO of Media.
This appointment comes after theAsianparent’s recent announcement of its market expansion plans and e-commerce market foray, following its Series C funding round led by Fosun and JD.com.
Tsui’s previous notable stints include as Asia Pacific CEO of PHD, and Asia Pacific COO of OgilvyOne.
Before joining theAsianparent, she was the Group CEO of Dentsu Aegis Network China (DAN), managing over 22 agency brands across five cities in the country.
Siam Commercial Bank expands to digital lending, partners with Sea Group – Reuters
Thailand’s Siam Commercial Bank Pcl (SCB) announced a partnership with e-commerce and game developer Sea Ltd’s Thai operations to provide payments and lending services, Reuters wrote.
The bank will provide lending services to small businesses on Sea’s e-commerce platforms.
Sea’s AirPay customers will also be able to pay bills via SCB’s apps.
The tie-up is in line with the bank’s strategy to secure partnerships and expand its digital capacity, including payments and lending.