Other major story of the day is Paytm’s ongoing talks to raise US$1.5-2B from existing investors SoftBank Vision Fund and Ant Financial

Digital tech, food security among key areas to get more R&D funding [ChannelNewsAsia]

Following a mid-term review of its five-year science and technology plan, Singapore will pump in more money to boost research and development (R&D) efforts in three key areas, namely digital technologies, cell therapy manufacturing and food security.

“Our investment in R&D is a long-term endeavor. It is not just for the short run and we must continue our investments in basic sciences,” said Finance Minister Heng Swee Keat on Wednesday.

Heng, who is also the chairman of the National Research Foundation (NRF), was speaking alongside Prime Minister Lee Hsien Loong, Trade and Industry Minister Chan Chun Sing and National Development Minister Lawrence Wong at a press conference held at the end of the 11th Research, Innovation and Enterprise Council (RIEC) meeting.

Paytm raising up to US$2B; Valuation may touch US$18B [The Economic Times]

Online payments services company Paytm is in the midst of raising US$1.5-2 billion from existing investors SoftBank Vision Fund and Alibaba’s financial affiliate Ant Financial, said people with knowledge of the development.

The latest financing round at One97 Communications, the parent of Paytm, is likely to peg the company’s valuation at US$16-18 billion, these people said, adding that new investors may join the current round.

Grab Malaysia drivers defend new cancellation fee policy [The Star]

Grab drivers are defending Grab Malaysia’s move to charge users a fee for cancelling.

Arif Asyraf, the president of the 300-strong Grab Drivers Malaysia Association, said the new policy was something that has been requested by drivers for a long time.

“We feel good about the cancellation fee. It’s something that drivers have been asking for Grab Malaysia to implement,” he said when contacted.

According to Arif, 36, the cancellation fee is meant to discipline some riders who take advantage of the services that Grab drivers provide. He said riders only get charged a fee of RM3 to RM5 if they cancel five minutes after a booking has been made.

PH payments app Mynt mimics model of its 45% stake owner Ant Financial [DealStreetAsia]

Mynt, the Philippine payments app backed by billionaire Jack Ma’s Ant Financial, plans to roll out insurance products en route to becoming a sprawling financial services platform in its Chinese ally’s image.

The operator of GCash is now trying to become a conduit for insurance policies with the help of strategic partners that can help it expand a slate of products from banking and credit-scoring to financing and money market funds, Chief Executive Officer Anthony Thomas said in an interview.

E-sports startup GamingMonk attracts strategic investment from Japanese company GameWith [press release]

Gaming and esports platform GamingMonk has raised US$100,000 as strategic investment from Japanese gaming media GameWith.

The funding is being used for product development, team building and brand marketing. GamingMonk has grown its user base by 500% in the last six months.

The startup raised a seed round last year from Incubate Fund, Rajan Anandan, Stellaris Ventures, Smile Group, AdvantEdge Founders and Samir Khurana.

GamingMonk is a community whose mission is to build an ecosystem for gamers through prize tournaments, gaming content and many other engagement programs.

The company was founded in 2014 by Abhay Sharma and Ashwin Haryani.

Takuya Imaizumi, CEO of GameWith, said: “The gaming industry in India has strong growth potential and GamingMonk, led by a strong management team, is well-positioned to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.”

The post Today’s top tech stories, March 28: Digital tech, food security among key areas to get more R&D funding in Singapore appeared first on e27.