⚖️💰 Abu Dhabi’s IPC and Aabar to Pay USD $1.8b to Settle 1MDB Dispute

GM. This is micro digest. The newsletter that helps you stay on top of Southeast Asian tech news.

We’re like the guy who always calls dibs on top bunks.

Here’s what we got for you:

• ⛵ SEAppets - Abu Dhabi’s IPC and Aabar to pay USD $1.8b to settle 1MDB dispute

• 💰 SEA Deals

• 🖼️ AI Image of the day

• 🐣 Tweet of the day

Markets 📈

SEAppets ⛵

1. Viu, a Hong Kong-based video streaming platform experienced a 45% year-on-year revenue increase to USD $206 million and 12 million paid subscribers in 2022. This growth was driven by its focus on Asian and local content, such as the series Reborn Rich, Again My Life and Law Cafe. The company plans to host events in 2023 to connect with users. However, its parent company, PCCW Media Group, reported losses of USD $86.2 million in 2022. Media Asia Partners data cited the firm as one of the top three video streaming platforms in Indonesia, Singapore, Thailand, Malaysia and the Philippines, in aggregate.

2. The Indonesian Battery Corporation (IBC) is aiming to reach a 30% market share of electric motorbikes by 2025, with the Indonesian government aiming to reach 2 million sales by that year. IBC acquired a majority stake in a scooter producer last year and is hoping to increase production capacity to 100,000 units. To incentivise sales, the government is contributing 7 million rupiah towards each scooter purchase. IBC is partnering with global battery makers to build major facilities in Indonesia and their own battery packs, which could lower electric bike prices by 15%.

3. IPIC and Aabar have agreed to pay Malaysia USD $1.8 billion to settle a legal dispute related to the 1MDB scandal. The settlement was negotiated during the former leadership of Najib Razak, who was convicted of corruption related to 1MDB and was procured by fraud. The settlement marks the end of a case that had been going on in London courts, and both Malaysia and Abu Dhabi are looking forward to continuing to work together. 1MDB is the subject of investigations in at least 6 countries relating to corruption and money laundering, with an estimated USD $4.5 billion misappropriated.

I don’t know about you but I have PTSD hearing the word “1MDB” 😨

4. The e-wallet market in Vietnam is booming and is predicted to have 50 million active users by July 2024. Currently, six service providers control 99% of the market, with Momo being the most popular with 56%. The number of users has grown 330% in the last four years and 57% of the adult population is now using e-wallets. The market is predicted to reach 100 million users by May 2026 and 150 million by July 2030.

SEA Deals 💰

1. Malaysian drone tech company Aerodyne Group has made a strategic investment in Italian drone service provider Aiviewgroup to enter the European market. This marks Aerodyne's 21st global M&A transaction and the acquisition will enable both companies to benefit from each other's expertise and access to new markets. Aerodyne has had previous investments and raised a total of USD $60 million from investors including Petronas Ventures, KWAP, InterVest, and Cyberhawk. They plan to raise an additional USD $100-200 million for global expansion.

2. Semaai, an agri-tech startup in Indonesia has raised USD $2.9 million in funding to provide rural MSMEs and farmers with customised consultancy, productivity tools, farming inputs and access to better markets. Semaai's digital marketplace currently serves 2.6 million farmers in the region. The funds will be used to expand their product offerings, including a new app that provides affordable agricultural inputs located nearby.

3. Banpu NEXT, a Thai energy firm has invested USD $70 million to increase its stake in Durapower Holdings, a Singapore-based lithium-ion battery manufacturer, to 65.1%. Durapower provides energy storage solutions for electric mobility and renewable energy applications and has a presence in Europe, China, India and Southeast Asia. Banpu NEXT has also acquired stakes in other tech startups and renewable energy firms to expand its energy management business.

4. In 2022, Southeast Asian venture capital firms closed 31 funds, raising USD $4.14 billion in total proceeds, surpassing their pre-pandemic performance. Data showed that fundraising momentum was higher in the first half of the year and declined in the second half. Global liquidity tightening, rising inflation, and increasing interest rates all contributed to a tougher fundraising environment. Despite this, Southeast Asia’s tech ecosystem is in a period of transition, with foreign funds likely to taper in 2023.

AI Image of The Day 🖼️

When doodle comes to life literally

Tweet of The Day 🐣

You don’t have to do ambitious stuff or be the boss, sometimes all you need is a job you’re content with.

That’s a wrap for today. See you all tomorrow! 👋

If you like micro digest and want to support our work: