ComfortDelGro has received approval from shareholders of Australia’s A2B for its proposed acquisition, while the Philippines has banned crypto major Binance. Malaysi’s Soft Space, on the other hand, has formed a capital alliance with long-time partner GMO-FG.
ComfortDelGro gets nod to acquire Australia’s A2B
SGX-listed transportation firm ComfortDelGro Corporation announced that it has received approval to acquire Australian taxi network A2B Australia Limited (A2B).
ComfortDelGro and its Australian subsidiary Swan Taxis currently hold about 9.3% of A2B.
ComfortDelGro said eligible A2B shareholders have approved the proposed acquisition, which will see the Singapore-based company acquiring all remaining shares of A2B for about $123 million.
The acquisition, according to ComfortDelGro managing director and Group CEO Cheng Siak Kian, is in line with the transport company’s strategy to scale its point-to-point mobility business in key markets.
Following the completion of the acquisition, A2B will join ComfortDelGro’s growing 21,300-vehicle strong global taxi business, which includes operations in Singapore, China, Australia, and the UK.
The transaction is slated for completion in the first half of 2024 and is still subject to approval from the Australian court and clearance from the Australian Competition and Consumer Commission, among other conditions.
Philippines SEC bans Binance
The Philippine Securities and Exchange Commission (SEC) has initiated blocking the website and associated platform of crypto exchange Binance for lacking necessary permits, according to local reports.
Binance, known for its extensive range of financial instruments and investment products, has been offering services such as spot trading with leverage, futures contracts, and cryptocurrency staking without SEC approval.
SEC chairperson Emilio Aquino said the public’s continued access to Binance and other unauthorised websites and apps “poses a threat to the security of the funds” of investing Filipinos.
The SEC, however, said that Filipinos who have invested in Binance will have enough time to exit the platform and reposition their portfolio.
The latest move comes after the SEC issued an advisory on Nov 28, 2023, warning the public against investing in Binance. At that time, it said the removal of access to Binance would take effect within three months to give time for Filipino users to withdraw their investments.
Soft Space forms capital alliance with GMO-FG
Malaysia-based fintech company Soft Space has announced a capital alliance with Japanese payments major GMO Financial Gate (GMO-FG) ahead of its Series C funding round.
GMO-FG, a long-time partner of Soft Space, seeks to transform Japanese society into a cashless one through its alliance with Soft Space, per the announcement.
Through this capital alliance, Soft Space and GMO-FG intend to make cashless payments available for various industries, utilising the latter’s client network to allow Soft Space to identify additional opportunities in sectors traditionally reliant on cash transactions.
“With this capital alliance, we aim to further accelerate our cooperation and contribute to the growth of Japan’s face-to-face cashless payment market,” said Kentaro Sugiyama, CEO of GMO-FG.
Soft Space was founded in 2012 to simplify the complex financial infrastructure and allow for frictionless payments for customers. It raised $31.5 million in a funding round in April 2023 led by Singapore-based private equity firm Southern Capital.
