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Captain’s Log, Aug 17: Tencent, Alibaba, Baidu buying US$11.7B stake in China Unicom

Captain’s Log, Aug 17: Tencent, Alibaba, Baidu buying US$11.7B stake in China Unicom

Also in the news are Singaporean blockchain startup Indorse’s funding and Simpl’s Series A investment from a US venture capital firm

Tencent, Alibaba, Baidu buying US$11.7B stake in China Unicom

Internet giant Tencent and e-commerce honcho Alibaba are buying stake worth US$11.7 billion in state-owned telecom company China Unicom, according to a Wall Street Journal report (pay-walled).

As per this report, China wants government-owned companies to open themselves to more private investment, with the goal of becoming more competitive and innovative. The telco plans to sell 10.9 billion shares to domestic companies, which also include China Life Insurance, ride-hailing company Didi Chuxing and online retailer JD.com.

The money raised would go to upgrade the company’s telecommunication networks and help it launch next-generation 5G technologies, according to China Unicom.

Blockchain-based startup Indorse raises funding

Indorse, a Singapore-based blockchain-powered social network for professionals, has secured US$257,000 in funding from blockchain accelerator Coinsilium Group.

The accelerator has previously infused US$73,000 into the startup.

Unlike other social networks, ad placements on Indorse can be bought by agencies at fixed rates, with large portions of the ad revenue being distributed directly to the users as a reward for sharing knowledge and expertise. In this way, users can monetise their activity.

Online payments startup Simpl raises Series A investment

Mumbai-based payments startup Simpl has raised an undisclosed amount in Series A round led by US-based venture fund Green Visor Capital, according to various reports.

IA Venture Strategies, Boillot Family Trust, Russell M Byrne, The Oliver R. Grace, Jr. Millennium Trust, SF Capital Investments LP and DIA Investments LLC have also co-invested.

Established in 2015 by Nitya Sharma and Chaitra Chidanand, Simpl is an e-financing platform that enables customers to make purchases online. The startup has partnered online platforms such as BookMyShow, Faasos, FreshMenu and Nykaa, among others.

Shopmatic joins hand with Singapore Productivity Centre

Singapore- and India-based e-commerce enabler Shopmatic has joined forces with Singapore Productivity Centre (SGPC) to roll out an ‘Enabling Digital Commerce Solution Package’ for retail SMEs.

The ‘Enabling Digital Commerce Package Solution’ is a one-stop solution to scale retail SMEs’ digital capability through an integrated approach of business consultancy with technology adoption. The solution enables retailers to embark on or catalyse their e-commerce business in a hassle-free manner.

The solution includes readiness assessment, mapping and redesign of the omni-channel customer journey, implementation of the Shopmatic e-commerce solution and transfer of digital know-how through application based training. Retailers interested to adopt this package Solution can apply for government assistance under the Capability Development Grant administered by SPRING Singapore.

The post Captain’s Log, Aug 17: Tencent, Alibaba, Baidu buying US$11.7B stake in China Unicom appeared first on e27.