Betty Ho, Analyst
[22 Mar] Grab (Uber’s rival worth US$3 billion) launched a trial of taxi hailing service in Myanmar. The trial will scale up depending on market feedback. Grab’s spokesperson said, “As a start, we will focus on improving driver service and safety standards for taxis in Yangon. We have deep experience in using data analytics to better match taxi drivers to passengers, and have robust driver screening and training processes to ensure that our driver partners provide a safe and quality service.” Financial Times reported that.
[21 Mar] Indonesia will wind up the tax amnesties with more than 700,000 tax payers declaring more than US$ 330 billion worth of assets. Indonesia will continue to improve tax collection ratio (currently below peers). Tribune reported that.
[22 Mar] Mobike (Tencent banked Beijing bike sharing firm) launched its services in Singapore, rivalling Ofo. Mobike is charging users S$0.50 for 30 minutes and a S$49 (US$35) deposit for its launch promotion in the city-state. Ofo is offering free rides and no deposit in Singapore this month. Financial Times reported that.
[22 Mar] The Philippines is looking to sign agreements with two more countries as early as April as part of the banking integration framework for the ASEAN. Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said the Philippines will sign agreements with two more ASEAN countries under the ASEAN Banking Integration Framework. The BSP governor did not specify the countries involved. ABS-CBN News reported that.
[22 Mar] Airbnb will tackle the China market under a different name “Aibiying”. This is said to be an easier name for Chinese travellers to pronounce. Financial Times reported that.
[22 Mar] Ant Financial will partner Standard Chartered Bank in Hong Kong to extend Alipay services. SCB’s Hong Kong clients will now be able to use Alipay services (which) without incurring fees. South China Morning Post reported that.
[22 Mar] Ping An Insurance (Group) Co. of China Ltd. reported a 15.1% year-over-year increase in net profit for the 2016 full year as premiums surged. The insurer’s consolidated profit attributable to owners rose to RMB 62.39 billion (US$9.06 billion) from RMB54.20 billion (US$7.87 billion) for 2015. EPS rose to RMB3.49 from RMB2.98. South China Morning Post reported that.
China’s growth from 1990 to 2015 has been tremendous. The size of its economy measured by nominal GDP is 2nd largest.
Source: World Bank
Although the second largest economy, China remains one of the poorest (on the average) relative to the top 20 economies of the world.