Aspire has received in-principle approval for a Major Payment Institution licence from the Monetary Authority of Singapore (MAS), while Philippine cloud kitchen startup CloudEats is withdrawing from the Vietnamese market. Meanwhile, Vingroup is selling stakes in AI firms.
Aspire secures in-principle nod from MAS for MPI licence
Singapore-based B2B fintech firm Aspire announced that it received in-principle approval (IPA) for the Major Payment Institution (MPI) licence from the Monetary Authority Singapore (MAS).
The IPA is a validation of the fintech company’s commitment to building a robust and secure financial ecosystem for businesses across Asia, according to Aspire CEO Andrea Baronchelli.
The announcement also followed Aspire’s acquisition of the Money Service Operator licence in Hong Kong.
Founded in 2018, Aspire offers small businesses a unified suite of financial services, such as international payments, corporate cards, payable and receivable management, accessible via a single, user-friendly account.
Headquartered in Singapore, Aspire employs over 600 people across nine countries and is backed by venture capital firms, including Sequoia and Lightspeed.
PH cloud kitchen operator CloudEats to exit Vietnam
CloudEats, a Philippine-based operator of cloud kitchens, is reportedly withdrawing from the Vietnamese market from October 25, 2024, two years after it entered the market.
According to a report by Vietnam’s The Investor, CloudEats already sent notices to premise owners in Ho Chi Minh City, informing them to terminate lease agreements ahead of schedule.
In early 2022, CloudEats expanded into Vietnam and secured $7 million in Series A funding from Nordstar to enhance digitalization in Southeast Asia’s food service sector.
Founded in 2019, CloudEats pioneered the “cloud kitchen” model, providing virtual restaurant spaces for food businesses focused on delivery and takeout. At its peak, the company managed over 50 kitchens and served more than 2.5 million customers across both countries.
The company posted a 98.6% revenue growth in the whole of 2021 at $2.39 million. Its losses, however, ballooned to $5.15 million, a 453% increase from 2020.
Vingroup said to sell stakes in AI firms to global tech firms
Vingroup, Vietnam’s largest private conglomerate, is reportedly working towards selling its stakes in artificial intelligence firms VinBrain and VinAI to global tech companies, including Nvidia.
As of June, Vingroup held a 49.74% equity interest in VinBrain and a 65% stake in VinAI, its latest financial statement showed.
A report by The Business Times said Nvidia, the US AI chipmaker, is pushing related parties to finalise its acquisition of VinBrain, a Hanoi-based firm specialising in AI-powered healthcare solutions.
The report also said that Nvidia had previously considered acquiring VinBrain or VinAI. VinAI was initially established as Vingroup’s research institute and was converted into a subsidiary in 2021.
Vingroup, however, declined to comment on this development when contacted by DealStreetAsia.
“We have no comment on this information at the moment. We will provide further updates when available,” said a Vingroup spokesperson.
