Also, Chinese government cracks down on content on social media platforms, and more

Singapore cryptocurrency startups forced to shut down bank accounts

Just weeks after Singapore-based bitcoin wallet CoinHako was forced to close down its Singapore bank account, Bloomberg has reported that a few other cryptocurrency companies in the country were ordered to follow suit.

Anson Zeall, Chairman of ACCESS, Singapore’s Cryptocurrency and Blockchain Industry Association, said that the association encountered at least 10 such companies which experienced difficulties with banks. President of the Singapore Fintech Association, Chia Hock Lai. also said that some members of his organisations were forced to close bank accounts.

A statement from Singapore’s central bank Monetary Authority of Singapore (MAS) said that while it is not directly involve with banks’ business decisions, they have to regulations set out by MAS, which cover customer relationships and transactions.

These actions highlight the murky territory that cryptocurrency firms continue to operate in — not only in Singapore, but around the world. Last month, MAS issued a press release clarifying its stance on Initial Coin Offerings (ICOs).

Chinese fine three Chinese social media platforms over offensive content

The Chinese government is clamping down hard on offensive online content. Yesterday, the Wall Street Journal reported that the authorities have issued the maximum fine of RMB 500,000 (US$75,000) to three of China’s largest social media operators — Alibaba, Tencent and Baidu — for failing to curb illegal content — or content that could disrupt public order.

The fines were issued by China’s Cyberspace Administration of China. Tencent said it would accept the punishment sincerely and work on improving its management of damaging content on social media platform WeChat.

Baidu’s message board Teibu and microblogging service Weibo, which is partly owned by Alibaba, were flagged for similar reasons.

Baidu’s online TV platform eyeing IPO

Baidu’s online video service, iQiyi, is eyeing an IPO in the US by 2018, according to a report by Bloomberg. It is aiming for a valuation of about US$10 billion.

Founded in 2010, iQiyi has received investments from Xiaomi (US$300 million) and Baidu (US$1.5 billion), as well as other notable investors like Sequoia Capital, Shunwei, Capital, IDG Capital Partners, and Hillhouse Partners.

Also Read: In Photos, the cool Singapore office where Netflix Asia resides

The bulk iQiyi’s content consists of popular entertainment programmes from China, Taiwan and South Korea. This year, however, iQiyi secured a licensing deal from global streaming giant Netflix to bring onboard its original content.

In June last year, iQiyi recorded about 20 million subscribers.

Didi invests in car marketplace

Chinese ride-hailing giant Didi has made a US$200 million investment in Chinese p2p car marketplace RenRenChe, according to a report by Techcrunch. Didi plans to integrate the marketplace into its vehicle-sharing and hailing services, which include taxi, bus, and bikes. It will also help to grow RenCheChe’s tech.

In April this year, Didi raised an earth-shattering US$5.5 billion funding to charge up its international expansion efforts and also advance its driverless technology.

Singapore farming startup raises US$1.5M

Packet Greens is a Singapore-based urban farming startup that relies hydroponics (a method that allows plants to absorb nutrients without soil) and artificial LED lighting to grow its produce.

Also Read: How green entrepreneurs are using WeChat to tackle China’s trash trouble

Today, it raised a US$1.5 million in funding from SPRING Seeds Capital and Trirec, a cleantech-focussed fund, according to a report by Tech in Asia.

Packet Greens grows 20 -30 kilograms of crops in a 1,500 sq ft farm everyday, by stacking them like shelves in a method called vertical farming. The company says it does not use any pesticide.

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Image Credit: arrow / 123RF Stock Photo

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