Also in the news is Indonesian P2P lending platform Modalku’s partnership with with agritech startup TaniHub for a new fintech solution for SMEs

Uber in talks to raise a massive US$12 billion

Global ride-hailing giant Uber is in exclusive talks to raise as much as US$12 billion in funding from SoftBank, Chinese ride-hailing juggernaut Didi Chuxing, along with US equity firms Dragoneer Investment Group and General Atlantic, said a Bloomberg report citing unknown sources.

As per this report, Tencent Holdings has also explored contributing funds to the round.

Also Read: What is Uber up to in Asia?

The deal, which is currently in the due diligence period, however, hangs on the outcome of a courtroom battle between two of Uber’s Board members, the report added. There have been reports that VC firm Benchmark is suing Uber’s former CEO Travis Kalanick for defrauding investors and withholding information from directors when he sought to create three board seats last year. Kalanick, however, denied the allegations.

The deal could value San Francisco-headquartered Uber at US$70 billion.

Singapore introducing on-demand bus services

Singapore will introduce on-demand bus hailing services, on the lines of ride-hailing apps, according to a report by The Straits Times.

As per this report, the “on-demand, dynamically routed” bus mode will be put on trial in the second half of 2018 by the Land Transport Authority (LTA). This is to see if such customised bus services could lead to shorter waiting times and lower running costs.

The LTA is targeting routes which have low demand during off-peak hours, believing that the buses can better serve commuters by being on call.

Modalku joins hands with TaniHub to launch fintech solution for SMEs

Indonesian P2P lending platform Modalku has partnered with agritech startup TaniHub to launch a new fintech solution for small businesses operating in the areas of agriculture and supply chain financing.

The solution will be available as a feature on TaniHub’s online marketplace for agricultural products. Through the feature, Modalku will help farmers and fishermen to pay for supply and distribution fees.

The feature will complement TaniHub’s existing lending solution for farmers TaniFund.

Alipay partners Yelp to offer Chinese tourists localised content and payment solution in US

Alipay said on Tuesday that it is partnering with lifestyle recommendations service Yelp to offer millions of Chinese tourists localised content and a familiar and convenient payment option in four U.S. cities.

Alipay, a product of Alibaba affiliate company Ant Financial Services Group, said in a statement that any of its over 520 million users visiting New York, Los Angeles, Las Vegas, and San Francisco “can now easily discover, plan, make reservations and share authentic experiences at any local business using Yelp’s rich content.” Alipay customers can tap the information and services through their mobile app’s Discover tab and pay in Chinese yuan at retailers that accept Alipay.

Alipay is China’s most popular digital wallet. San Francisco-based Yelp is a leading provider and publisher of crowd-sourced reviews of local businesses and a top online reservation service.

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The post Captain’s Log, Aug 16: Uber in talks with SoftBank, Didi Chuxing, others for US$12B funding; Singapore to test on-demand bus services appeared first on e27.