Singapore-based Skyform has made a strategic investment in Enouvo Singapore, which has major development operations in Vietnam. Separately, Vietnam’s National Competition Commission has fined Recess, the local operator of e-commerce platform Lazada, for inaccurate information about its services that could mislead consumers.
SeaTown-backed Skyform backs tech firm Enouvo
Singapore-based digital and AI transformation group Skyform has made a strategic investment to acquire Enouvo Singapore, a technology, AI and engineering services company with major operations in Da Nang, Vietnam.
Financial details of the transaction were not disclosed.
The investment will add Enouvo’s AI-focused development team to Skyform’s capabilities, while combining the former’s engineering expertise with Skyform’s technology platform capabilities to develop solutions and products for enterprises across Asia Pacific, according to a statement.
Enouvo provides AI-enabled software engineering, data solutions and digital product development, and serves enterprise clients based in Australia and Singapore.
Following the investment, founder Trang Tran will continue to lead Enouvo as CEO, supported by the company’s existing leadership team. Co-founder Nguyen (Ethan) Pham will remain with the company as senior adviser.
Enouvo will also gain access to Skyform’s regional resources and relationships as well as those of the broader SeaTown network.
Founded in 2024 and headquartered in Singapore, Skyform focuses on advising, implementing and developing technology solutions for enterprises across Asia Pacific. The company is backed by SeaTown Private Capital Master Fund, a private equity fund managed by Singapore-based SeaTown Holdings International. SeaTown is owned by Seviora Holdings, the asset management group of Singapore state investor Temasek.
Lazada’s Vietnam operator fined
Vietnam’s National Competition Commission has fined Recess Co., Ltd, the operator of e-commerce platform Lazada in the country, 350 million dong ($13,300) for providing inaccurate information about its services that could mislead consumers, local media reported.
The regulator said it launched a review of Recess’s operations after compiling and assessing consumer complaints, and found that the company had violated consumer protection regulations. The regulator also ordered the company to promptly remedy the violations and review the information it provides to consumers to ensure that it is accurate, complete and compliant with consumer protection laws.
The commission said Recess cooperated during the review by providing requested information and documents and implementing recommendations from the regulator.
The latest penalties follow enforcement action against Grab, which was previously fined more than 1.3 billion dong for six violations. The commission found that Grab had failed to give consumers the option to consent to the sharing, disclosure or transfer of their information to third parties. Other violations included incorporating prohibited provisions into its general terms and conditions, failing to disclose sponsorship of influencers promoting products and services, and failing to fully and accurately display consumer feedback and ratings.
The regulator also found that Grab had not fully disclosed its policies for vulnerable consumers, while its general terms and conditions did not clearly specify when they would take effect.
Grab was subsequently ordered to cease the violations and review its policies, and has paid the fine.
