Eastly - Issue #16 | Two Superpowers At Loggerheads 🤜🤛

By Eastly.co | Asia Tech News • Issue #16

Eastly: Asia Tech News Direct From The Source

Welcome to Eastly, your weekly infusion of all the top tech stories from the world’s innovation powerhouse: East Asia!

Every Sunday we’ll bring you a short, sharp roundup of the biggest stories our team in China have spotted – the kind of stuff that takes a few weeks for the Western media to notice.

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The ongoing tech-trade feud between the US and China is full of twists and turns. While this may mean that fewer Chinese companies launch initial offerings in the US as they have done in the past, with a new Digital Yuan poised to launch, the hope (in China, at least) is that innovation can be self-funded. Will this leave the rest of the world in its innovation wake? Watch this space.

Chinese Crypto Eyes Imminent Shenzhen Launch

worm's eye-view photography of ceiling

10 million coin prize to test crypto - Digital Yuan

Date: 09 October, 2020

The launch of China's official cryptocurrency the Digital Yuan – aka Digital Currency Electronic Payment (DCEP) – is imminent.

Although DCEP has already been tested on a small scale, Shenzhen is to be the first city in China to pilot the rollout – and will issue some 10 million RMB’s worth of CNY to its residents in a prize draw.

The move is seen as one of the most important events in China's push towards digitising its currency – and reducing its reliance on the US dollar.

Source: https://en.pingwest.com/a/7888

Haro Travel Expands To Xinjiang

photo of red and white bike tire

Cycling to mainstream

Date: 09 October, 2020

Mobility provider, Haro Travel, has reached a deal with Xinjiang Province officials to rollout its bicycle and moped hire service to cities across the autonomous region – including Urumqi, Aksu, Altay, Changji, and Karamay – providing over 10,000 units.

Haro first launched in Ningbo, Zhejiang Province in September 2016. Since then, Haro has expanded operations to 400 Chinese cities in just four years – serving more than 400 million domestic users.

Source: https://tech.163.com/20/1009/14/FOGMB77E00097U7R.html

Chinese Fintech Unicorn Kickstarts IPO

white and gold ceramic unicorn figurine near coins

Growing wings to fly higher

Date: 10 October, 2020

One of China's largest fintech companies, Lufax, has unveiled plans for an initial public offering – despite concerns in China over consumer lending.

Rumoured to be the world’s fourth-largest unicorn, Lufax aims to list before the US election in November, to minimise any fallout from anticipated market volatility.

This will be the third time Lufax has attempted its IPO. Original efforts in 2017 and 2018 were thwarted by a peer-to-peer lending crackdown – which Lufax was renowned for several years ago.

Having shifted its focus to asset management products, including mutual funds and private investment fund; reports claim that the company now aims to raise at least USD$3 billion.

Source: https://en.pingwest.com/a/7889

New Mobile Browser Gets Around ‘Great Firewall’

Great Wall of China

Jumping over the fenc… firewall

Date: 10 October, 2020

A new browser service available to mobile users enables them to access otherwise ‘forbidden’ services made inaccessible to Chinese citizens.

The service, called Tuber, enables mobile users to use banned Western sites, including YouTube, Instagram, and Facebook.

Currently only available in China’s third-party Android stores, an iOS launch is said to be in the pipeline.

While some pundits celebrate Tuber as an ‘opening up’ of Chinese media, others are quick to point out the potential pitfalls. Users are required to sign up with a mobile number – which is tied to their real identity.

Source: http://m.cnmo.com/internet/event/693950.html

Payments Are Hot In India

closeup photo of purple and pink decors

The startup is now valued “a little more than $1 billion”

Date: 11 October, 2020

After a successful Series D round, Bangalore-headquartered fintech startup Razorpay has raised $100 million and became India’s newest unicorn.

The financial round was co-led by Singaporean fund FIC and Sequoia India. The payments processing startup has raised around $206.5 million so far.

Source: https://techcrunch.com/2020/10/11/razorpay-100-million-billion-valuation-unicorn/


  • Lufax: Founded in September 2011, Lufax (formally known as ‘Shanghai Lujiazui International Financial Asset Exchange Co., Ltd’) began life as a peer-to-peer lending platform. Ping An Insurance (Group) Co. bought 43% of the company in 2015.

Asia Markets

Covid-19 wipes out jobs for Asia’s youth

Markets Summary: https://www.bloomberg.com/markets/stocks/world-indexes/asia-pacific

Top Tweet

Nokia is back in the game.

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