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<ul><li><keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword> has invested $62.8 million in Indian e-commerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, according to filings sourced by paper.vc. </li><li>The investment from Tencent comes at a time when Chinese investments in India have been under fire.</li><li>Tencent had recently announced that it was setting up an office in Singapore.</li></ul>Chinese tech conglomerate Tencent is <a href="https://www.businessinsider.in/tech/apps/news/tencent-joins-alibaba-and-bytedance-in-making-singapore-its-new-headquarters-after-india-ban-and-tensions-in-the-us/articleshow/78125459.cms">reportedly</a> building its presence in Singapore and there seems to be a reason. At a time when Chinese investments are under fire in India, Tencent has invested $62.8 million in Indian e-commerce giant Flipkart, according to filings sourced by<a href="https://paper.vc/tencent-marks-singapore-landing-with-flipkart-investment"> paper.vc. </a> The Flipkart investment could be a part of the $1.2 billion investment round led by its parent company <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>. “There is the possibility though that Tencent’s investment is the first money in as part of this larger round involving Walmart and other shareholders,” said the paper.vc report. With its latest investment, Walmart had increased its stake to about 82%, while Tencent <a href="https://entrackr.com/2020/07/exclusive-tencent-and-tiger-global-still-own-1-bn-worth-stake-each-in-flipkart/">reportedly </a>continues to hold its 5% stake in Flipkart through its Singapore registered subsidiary Aceville. Flipkart had earlier said the $1.2 billion funding would come in two tranches. Flipkart has not yet responded to Business Insider’s queries. The story will be updated as and when the response is received. However, the investment from Tencent (which is unclear whether it's through its Singaporean subsidiary) comes at a time when the Chinese tech company and its investments in India are being decried. There were even <a href="https://indianexpress.com/article/business/companies/dream11-set-for-next-funding-round-tencent-share-to-come-down-6563532/">reports</a> that in one of its unicorn investments in India, Dream11, Tencent was looking at selling its stake. The Chinese conglomerate has had a tough month with bans and resentment coming its way from two of its big investment countries – India and the US. While India has banned over 150 Chinese apps including Tencent-backed PUBG due to the rising tensions along the border with China, in the US the Trump government has come down heavily on Tencent-owned WeChat. And that’s why the tech giant might believe the Singapore-holding could make things easier. Singapore has been a safe haven for many Indian companies including Flipkart who are registered there to overcome tax hurdles, and the country is also increasingly becoming a gateway for Chinese companies into the South East Asian region. "The new office is a strategic addition to our current offices in Malaysia, Indonesia and Thailand. The Singapore office will also enable us to capture potential from the rapid pace of digitisation and meet the demand for Internet-based services and solutions in Singapore,” Tencent told the Singapore-based <a href="https://www.channelnewsasia.com/news/business/tencent-singapore-new-office-south-east-asia-13111558">Channel News Asia</a>. Apart from Tencent, other Chinese companies like Alibaba and ByteDance too have been looking at setting up Singapore offices. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/airmeet-indias-alternative-to-zoom-raises-12-million-from-sequoia/articleshow/78126391.cms">‘Had to say no to investors now,’ says the founder of Airmeet, India's alternative to Zoom, after raising $12 million from Sequoia</a> <a href="https://www.businessinsider.in/business/startups/news/dream11-gets-225-million-in-fresh-funds-valuation-could-hit-2-5-billion-for-the-gaming-unicorn/articleshow/78101706.cms">Dream11's parent firm gets $225 million in fresh funds – valuation could hit $2.5 billion for the gaming unicorn</a>

Amid India-China standoff, Tencent is back with an investment in Flipkart

<ul><li><keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword> is reportedly looking to set up a new regional hub in Singapore. </li><li>The Chinese company’s hiring site has over 70 open positions for its operations in the island-nation as it follows in the footsteps of <keyword id="3749909" type="PERSON" weightage="20" keywordseo="Bytedance">Bytedance</keyword> and <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>. </li><li>The appeal of shifting to Singapore has increased for Chinese technology giants as China tightens its grip on Hong Kong. </li></ul>The Chinese app developer behemoth Tencent Holdings has had a rough month. But, it hopes to turn things around by setting up a new headquarters in Singapore, following in the footsteps of TikTok-parent Bytedance and e-commerce giant Alibaba. <div type="Article" hostid="261" msid="77890776" title="India bans PUBG, Ludo World, and 116 other Chinese mobile applications" mstype="2" mssubtype="0"></div> <a href="https://www.bloombergquint.com/business/tencent-picks-singapore-as-asia-hub-after-india-u-s-bans">Bloomberg</a> reports that the island nation will be the company’s new regional hub and geopolitical tensions continue to bear down on its operations. The appeal of Singapore for Chinese companies has increased in recent months as Beijing tightens its grip on Hong Kong. On Tencent’s <a href="https://careers.tencent.com/en-us/search.html?query=co_11&amp;sc=11">hiring site</a>, there has been a surge in the number of postings in Singapore — over 70 different vacancies — covering sales, technology development, human resources, product development, legal and policy affairs, and finance. Tencent is yet to respond to Business Insider’s request for comment. Tencent joins other Chinese technology giants Tencent isn’t the only Chinese company looking to Singapore to undercut the anti-China narrative. <keyword id="6762469" type="UNKNOWN" weightage="20" keywordseo="TikTok">TikTok</keyword>’s owner <a href="https://www.straitstimes.com/asia/east-asia/tiktok-parent-plans-to-invest-billions-in-spore-add-hundreds-of-jobs">Bytedance</a> is also planning to set up in Singapore along with <a href="https://www.straitstimes.com/business/companies-markets/alibaba-in-talks-to-invest-us3-billion-in-grab">Alibaba</a>. Bytedance is <a href="https://www.aljazeera.com/ajimpact/bytedance-faces-exit-tiktok-singapore-beckons-report-200911083458622.html">reportedly</a> leading the consortium of Chinese companies that have applied for a digital bank license from Singapore apex banking institution, the Monetary Authority of Singapore (MAS). It comes as it looks to invest billions and add hundreds of jobs in the country over the next three years. Alibaba has already invested $4 billion to take control over Singapore’s homegrown e-commerce platform Lazada in 2016. And now, <a href="https://www.straitstimes.com/business/companies-markets/alibaba-in-talks-to-invest-us3-billion-in-grab">another investment of $4 billion</a> is reportedly in the works for Grab — a ride-hailing, food delivery and payment solution platform backed by Uber Technologies. The e-commerce giant’s Singapore ambitions are only highlighted by its <a href="https://www.channelnewsasia.com/news/business/alibaba-50-percent-stake-axa-tower-perennial-12709398">$1.2 billion deal</a> in May to buy out half of the 50-storey AXA Tower. Tencent looks to get back on top The compounded effect of India taking Tencent’s apps off its shelves — including the battle royale game PlayerUnknown’s Battlegrounds (PUBG) Mobile in India — and US President Trump’s executive order to prohibit WeChat led to the company <a href="https://www.businessinsider.in/business/news/pubg-ban-india-makes-chinese-company-tencent-loses-34-billion-in-2-days/articleshow/77924912.cms">losing $34 billion within two days.</a> Even South Korea’s PUBG Corporation announced that it would be <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-will-no-longer-be-developed-by-tencent-in-india/articleshow/77993013.cms">ending its publishing partnership with Tencent</a>. <div type="Article" hostid="261" msid="77993013" title="PUBG Mobile will no longer be developed by Tencent in India but experts say that may not be enough" mstype="2" mssubtype="0"></div> Lawyers <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-will-no-longer-be-developed-by-tencent-in-india/articleshow/77993013.cms">point out</a> that even though India’s ban on mobile apps exclusively targets Chinese companies, the order itself doesn’t say anything about China. It instead points to issues in data sharing that violate the rights of Indian users and the sovereignty of the country. Just disengagement from Tencent may not be of any particular benefit to PUBG Mobile, and Tencent shifting its base to Singapore may not solve the problem of Section 69 (A) of the Information Technology (IT) Act. SEE ALSO: <a href="https://www.businessinsider.in/policy/society/news/for-facebook-and-twitter-the-changes-to-indias-it-amendment-act-is-what-the-doctor-ordered-or-not/articleshow/78121530.cms">For Facebook and Twitter, the changes to India's IT (Amendment) Act is just what the doctor ordered — or not</a> <a href="https://www.businessinsider.in/defense/news/the-border-issue-with-china-remains-unresolved-indias-defence-minister-rajnath-singh-tells-parliament/articleshow/78124549.cms">The border issue with China remains unresolved, India's Defence Minister Rajnath Singh tells Parliament</a> <a href="https://www.businessinsider.in/business/ecommerce/news/snapdeal-says-it-has-just-tested-deliveries-using-robots-and-it-was-successful/articleshow/78120511.cms">Snapdeal says it has just tested deliveries using robots and it was successful</a>

Tencent joins Alibaba and Bytedance in making Singapore its new headquarters after India ban and tensions in the US

<ul><li><keyword id="3851366" type="PERSON" weightage="20" keywordseo="Anthill-Ventures">Anthill Ventures</keyword>, a ‘speed-scaling’ platform, has tied up with Singapore government’s <keyword id="7388424" type="UNKNOWN" weightage="20" keywordseo="enterprise-singapore">Enterprise Singapore</keyword> to give <keyword id="1146406" type="COMPANY" weightage="20" keywordseo="market-access">market access</keyword> to startups from both countries. </li><li>The program will benefit 18 startups every year. </li><li>India has been a rising market for Southeast Asian investors, with many of them setting up shop in the country.</li></ul>Anthill Ventures, an Indian ‘speed-scaling’ platform that funds startups and then helps them scale just got a big thumbs up from the Singapore government. It has partnered with Enterprise Singapore, the government agency responsible for developing enterprises and fostering Singapore’s startup ecosystem. The platform then announced the launch of <keyword id="7421002" type="UNKNOWN" weightage="20" keywordseo="A-scale">A-Scale</keyword>: an Asian market access programme for healthtech, mediatech and urbantech startups based in Singapore. The six-month speed-scaling programme is targeted to benefit 18 startups every year, giving them the required capital as well as access to business scaling use cases. The Asian startup ecosystem has fast evolved to be on that has attracted funds and consumers both. According to a <a href="https://www2.deloitte.com/jp/en/pages/strategy/articles/vs/asian-investment-trends.html">Deloitte</a> report, the number of Asian startups that have raised funds has tripled and the investment amount has gone up five-fold in the last few years. Many <keyword id="982553" type="PERSON" weightage="20" keywordseo="Indian-startups">Indian startups</keyword> are looking at South East Asia as a prime market and vice versa. “Being a startup hub, Singapore was an easy choice to be the gateway to Anthill’s ecosystem. I envision A-Scale as the mothership of all our programs - to bring startups from HealthTech, UrbanTech &amp; MediaTech in, and help then Scale with Speed through market access in Asia,” Prasad Vanga, founder and CEO of Anthill Ventures told Business Insider. But how did a speed scaling platform manage to gain a partnership with the Singaporean government? “In itself, Singapore may not provide the mass market opportunity that India and other Southeast Asian countries are. Anthill is able to provide these startups with market access connections in their target markets to help them scale,” said Vanga. Under the partnership, Anthill has received a grant from Enterprise Singapore, which allows them to fund the necessary events &amp; facilitate the right opportunities for the selected startups in the program. India as a market has also <a href="https://economictimes.indiatimes.com/small-biz/startups/features/for-indian-startups-a-new-surge-of-asian-investors-means-rethinking-everything/articleshow/64991175.cms">attracted investors </a>from South East Asia. While Softbank, Tencent, Temasek and others are the big ones that have entered the Indian market by investing in big startups, many others like Incubate Fund have also built an India office to take on the opportunity that Indian companies present. See Also: <a href="https://www.businessinsider.in/google-will-groom-these-10-indian-startups-that-use-ai-and-machine-learning/articleshow/68384856.cms">Google will groom these 10 Indian startups that use AI and machine learning</a> <a href="https://www.businessinsider.in/large-ticket-deals-drive-rise-in-private-equity-investments-in-india-this-year/articleshow/68296615.cms">Large ticket deals drive rise in private equity investments in India this year</a>

The Singapore government is backing this Indian accelerator that promises to be a gateway for startups in the two countries

TikTok/Business InsiderTikTok lets users upload short videos.<ul class="summary-list"><li>TikTok has been hit with a class-action lawsuit by a California student who claims the company surreptitiously amassed her data and then sent it to servers in China.</li><li>She claims that she downloaded the app, but didn't create the account. She alleges that TikTok then created an account for her without her permission using her personal data.</li><li>TikTok has recently been under intense scrutiny from US officials because it is a Chinese company, and is currently subject to an army investigation over how it handles US user data.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>TikTok's woes in the US are getting worse.A <a href="https://www.courthousenews.com/wp-content/uploads/2019/12/Tiktok.pdf">class-action lawsuit</a> was filed against the company in a California court last week, alleging that the company surreptitiously hoovers up user data and sends it to Chinese servers.The shortform video app has exploded in popularity with American users - teens in particular - but in recent months the company has been under intense scrutiny from US lawmakers and officials. The US Army announced last week that it was <a href="https://www.businessinsider.com/army-examines-tiktok-security-concerns-after-schumers-data-warning-2019-11?r=US&amp;IR=T">investigating the company at the request of Sen. Chuck Schumer</a> over how it handles user data.This fresh legal challenge was not filed by a government entity however, but by a student in California. Misty Hong claims to have downloaded the TikTok app around March or April 2019. According to the suit, she played around with the app but never made an account, making a few draft videos but never uploading them publicly.It is possible in the TikTok app to start making video before signing up for an account, but the app prompts you to create an account before you can actually post anything.Hong claims to she discovered months later that the app had created an account for her, with the username "user" followed by a string of characters, and using her phone number as the account's password.She also claims that TikTok took the videos she had drafted but never posted along with a mass of other private user data, and that that data was then passed along to servers in China.TikTok was not immediately available for comment when contacted by Business Insider.The suit identifies a number of Chinese servers by name, and claims they are operated by Chinese tech giants Tencent and Alibaba (neither company were immediately available for comment). The suit alleges that by storing US citizens' data in China, TikTok could be compelled by the government to hand it over. TikTok has <a href="https://newsroom.tiktok.com/en-us/statement-on-tiktoks-content-moderation-and-data-security-practices">affirmed in the past</a> that data belonging to its US users is stored on US servers, with a backup in Singapore.Do you work at TikTok? Contact this reporter via email at <a href="mailto:ihamilton@businessinsider.com">ihamilton@businessinsider.com</a> or <a href="mailto:iahamilton@protonmail.com">iahamilton@protonmail.com</a>. You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.<a href="https://www.businessinsider.com/intelligence/top-10-trends-in-digital-media?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=tiktok&amp;itm_campaign=top-10-trends-in-digital-media"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/cooked-entire-thanksgiving-dinner-using-google-home-hub-2018-11">I tried cooking an entire Thanksgiving dinner using Google Home Hub and found there are 2 major flaws with it</a></h3>

A California student is suing TikTok, alleging that it surreptitiously hoovered up her data and sent it to China

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Kim Kyung-HoonA journalist takes a picture of a screen showing real-time data of transactions at Alibaba Group's 11.11 Global shopping festival in Beijing, China, November 11, 2015.</div></div></div>What do the following things have in common: time travel paintings, a wake-up call from US President Barack Obama, owl vomit and flame retardant suit of armor?Stumped?These are just a few of the goods and services you can buy online in China, justifying the new Chinese proverb, "anything you think of, you can buy it on internet."The speed and willingness with which Chinese consumers have adopted online shopping is nothing short of astonishing.Just a few years ago, e-commerce was the preserve of youngsters purchasing low-end electronics and apparel from Alibaba's marketplace (the dominating force in e-commerce in China).<h2>Alibaba</h2>Back then e-commerce users accounted for less than 15% of China's1 total population. Today that figure has increased to near 40%, overtaking the United States to become the world's largest e-Commerce market.This trend is still gaining momentum. The range of products and the clientele has evolved. Services such as home delivery, beauty and spa, renovations and maintenance and financial services including insurance, wealth management, and peer-to-peer lending are the latest sectors to join the trend.Additionally, we're witnessing a snowballing effect as technology evolves. The launch of mobile payments in China has accelerated the online purchasing trend at a rapid pace. In China, 55% of internet users have made at least one mobile payment versus only 19% in the US.In China, the digital wallet is no longer just a concept but a widely used reality and it's changing consumption habits across generations.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Thomson ReutersMan uses a mobile phone in front of a logo of Tencent at the Global Mobile Internet Conference (GMIC) 2015 in Beijing</div></div></div>Chinese firm Tencent has transformed its social media platform WeChat from an instant messenger service into a digital wallet and mobile shopping platform, where its 1.1 billion registered users can pay for everything from groceries to clothes, from movie tickets to taxis, even take out an insurance policy.The smart use of social media is also allowing companies like Three Squirrels, a pure online nuts retailer, and Mogujie, a social shopping platform, to thrive as their focus on social interaction and user experience provide strong appeal to the Millennials, whose consumption behavior patterns differ drastically from older generations.New technology concepts, such as those described above, leverage speed, convenience and entertainment incentivize Chinese consumers to spend ever increasing amounts online.While it's important to note that companies in China can be more volatile, harder to price, and less liquid than US securities, the latest official data shows China's services sector has grown to more than 50% of gross domestic product (GDP) and consistently delivering more than 10% growth.The actual consumption growth may be even stronger than the data suggests as it may not capture sales from an explosion of start-up platforms and social media, which allow private retailers or service providers to undertake unreported transactions.Headline numbers traditionally focus on industrial and manufacture outputs but neglect the fragmented service sector due to the difficulty in data collection - particularly data established via e-commerce.What's more, the removal of costly distribution hubs from the value chain reduces costs for the supplier. This benefit is no longer limited only to traditional consumer goods (and services) anymore. The agriculture sector is getting in on the action. Of particular note in China is the adoption of Alibaba's distribution network by rural farmers to access urban consumers, placing high value on fresh, quality produce.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersU.S. President Barack Obama and Alibaba Chairman Jack Ma take part in a dialogue at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Manila </div></div></div>Value for both suppliers and consumers is realised through the elimination of suboptimal supply chains.While this optimization may translate into a net deflationary impact in the short term, this should not be confused with weakening consumer demand. On the contrary, higher producer profit and lower prices are strong fundamental indicators of a sustainable reshaping of the supply chain.<h2>Job creation</h2>Importantly for China, this trend brings with it the creation of jobs. Logistics is the most obviously impacted sector in this respect with growth of over 30% since 2014. Meanwhile, financial services, IT, and residential services are all reporting double-digit job growth figures.Additionally, these levels of growth don't take into account the tremendous benefit that e-commerce is having on self-employment. In the absence of formal legal obligations to incorporate, official employment data cannot capture this subset; however this sector's growth is supported by overwhelming anecdotal evidence.Aunty's Kitchen, for example, specializes in the delivery of home cooked meals by a virtual restaurant. It provides a housewife a viable income stream from the comfort of her own kitchen. China's consumer sector is undergoing a change for the better, and evolving consumer behaviors are the driving force.From home-cooked meals and movie tickets to an insurance policy, the Chinese proverb is being made a reality: you truly can buy anything on the internet. The result is a flourishing consumer sector, driven by innovation, enabled by e-commerce.Carol Yuan is a credit research analyst based in Singapore at Aberdeen Asset Management. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hillary-clinton-challenges-controversial-drug-pharmaceuticals-valeant-schiller-martin-shkreli-2016-1">Watch Hillary Clinton threaten to 'go after' one of the most controversial drug companies in America</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="M5MWpqMDE6BWUuurkAIDLJxBwpkX9xlv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Amid India-China standoff, Tencent is back with an investment in Flipkart

Sanchita Dash

Tencent joins Alibaba and Bytedance in making Singapore its new headquarters after India ban and tensions in the US

Prabhjote Gill

The Singapore government is backing this Indian accelerator that promises to be a gateway for startups in the two countries

Sanchita Dash

A California student is suing TikTok, alleging that it surreptitiously hoovered up her data and sent it to China

Isobel Asher Hamilton

A new Chinese proverb is having a dramatic impact on the economy

Carol Yuan, Aberdeen Asset Ma…

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