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FINANCIAL SERVICES, FOOD & BEVERAGE, MARKETS & INVESTING | Staff Reporter, Singapore
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Daily Briefing: GIC mulls bid for Brussels settlements firm Euroclear; Smart City Kitchens files complaint against Deliveroo and GrabFood

And Thai accelerator Rise forays into Singapore with its corporate AI programme.

From Bloomberg:

Singapore’s sovereign wealth fund GIC is one of many firms considering bids for a stake in the $8.71b (US$6.4b) European settlements giant Euroclear, which is mulling whether to pursue a stake sale or an initial public offering (IPO) of the business.

Some of the existing owners are willing to offload up to 40% of the business in a sale or IPO, people said. The company is also open to selling smaller stakes of about 5% to 15% at a time to individual bidders, they said.

If Euroclear decides to pursue a listing, it will be one of the largest initial offerings from a financial services provider in Europe this year. The company is an essential piece of market infrastructure, providing a platform to deliver securities to buyers and payments to sellers when stocks or other financial assets are traded.

Read more here.

From Deal Street Asia:

Shared kitchen operator Smart City Kitchens (SCK) has filed a complaint against Delivery and GrabFood for engaging in anti-competitive practices.

According to a statement by SCK, Deliveroo and GrabFood have shut out its tenant restaurants from their respective delivery platforms. It alleged that this anti-competitive behaviour has affected at least seven restaurants working with it.

Deliveroo and GrabFood occupy about 60% of Singapore’s online food delivery market. Deliveroo currently operates three shared kitchens in Singapore, whilst Grab has announced plans to foray into the area.

“We appeal to GrabFood and Deliveroo to contribute to the growth of the Singapore F&B sector by maintaining an open and level playing field that will enable our F&B entrepreneurs to operate from shared facilities that enhance their business viability,” Warren Tseng, general manager of SCK, said.

Read more here.

From Tech in Asia:

Thailand-based accelerator Rise is expanding into Singapore, through a partnership with Enterprise Singapore (ESG), to help startups from both countries plug into the others’ innovation ecosystems and work with local partners.

The partnership also gives more than 1,000 growth-stage startups in Rise’s network a chance to make Singapore the first Southeast Asian country to expand outside of Thailand.

Rise and Enterprise Singapore also announced Rise.AI, a corporate AI accelerator program that will bring 30 AI startups from across the globe to Southeast Asia. Participating startups will work with the region’s top corporates for nine weeks.

Ten startups will fly to the city-state for the program’s Singapore leg, which will run from July to September.

Read more here.

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