We also have updates from ZTE, KPMG, and Twitter
Flipkart approves US$15B stake sale to Walmart-led group – Bloomberg
The board of Indian e-commerce giant Flipkart has approved an agreement to sell about 75 per cent of the company to a group led by American retail giant Walmart for US$15 billion, according to Bloomberg.
Citing anonymous sources, the report said that SoftBank Group will all of its 20-plus per cent stake in Flipkart through an investment fund at a valuation of “roughly” US$20 billion.
Google’s parent company Alphabet Inc is also likely to participate in the investment, which is expected to close within 10 days. However, it is also said that the terms could still change and a deal is not certain yet.
The move is seen as a triumph for Walmart over Amazon, securing its leadership position in the market and giving it a chance to rebuild reputation online.
Amazon has also been bidding for Flipkart with a competing offer.
Twitter experiences glitch, urges users to change password – Reuters
Social media giant Twitter urged its users to change their passwords after a glitch that has caused some passwords to be stored in a readable text on its internal computer system, instead of being disguised by a process called “hashing”, Reuters reported.
On Thursday afternoon local time, the company said that it has resolved the problem and an internal investigation found no indication of thefts or misused.
Though the company did not reveal the number of accounts that were affected, an anonymous source claimed that the number was “substantial” and that they were exposed for “several” months.
The incident happened as tech giants such as Facebook and Uber faced scrutiny over how they handled users’ data.
SoundHound raises US$100M in strategic funding from Tencent – Dealstreet Asia
AI startup SoundHound announced that it has raised a US$100 million funding from a group of strategic investors that include Tencent Holdings and Hyundai Motor Company, Dealstreet Asia reported.
Daimler AG, Midea Group, and Orange S.A also participated in the current round.
The funding will be used to drive adoption and distribution of its Houndify voice AI platform across verticals including automotive, Internet of Things, consumer products, and enterprise apps and services. Houndify is a platform that enables developers and businesses to deploy a conversational interface while maintaining control of their brand and users.
SoundHound will also use the funding to accelerate global expansion. It plans to launch new offices in China, France and Germany in addition to continue expansion in the US, Japan, and South Korea.
KPMG opens registration for the 2018 Global Fintech Hackcelerator opens – Press Release
KPMG announced that registration for the 2018 Global Fintech Hackcelerator has opened on Thursday.
Set to be held in in Singapore’s Digital Village and KPMG’s Matchi fintech matchmaking platform, the programme will peak in a demo day event at the Singapore Fintech Festival, November 12-16.
Up to 20 global startups will be shortlisted and matched with industry players and sponsors for mentoring and guidance, with 12 weeks to refine and tailor their market-ready solutions into customised use cases.
Selected start-ups will receive guidance and mentoring for product development, proof-of-concept, commercialisation, and even subsequent fundraising from KPMG
Shortlisted startups will also each receive a cash stipend of up to S$20,000 (US$14,900); the top three startups that emerge from the demo day event will receive additional cash prize of S$50,000 (US$37,000).
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