Why Alibaba is going into gaming

More: Tencent’s investment into an ex-exec’s startup and TikTok’s continued woes in the US. [Read from your browser]( Daily Newsletter Hello {NAME} When Singapore went into a “circuit breaker” earlier this year to mitigate the spread of Covid-19, I had a brief and intense affair with a puzzle game called Best Fiends. I spent hours on the app, and it helped me pass time when I was cooped up at home. Mobile games have seen a surge in downloads as a result of the pandemic, but they’ve been a lucrative venture for years. It’s no surprise then that Alibaba, better known for its success as an ecommerce titan, is making a pretty determined attempt at entering the space. Today we look at, - Alibaba’s [latest shot at online games]( - A fintech company that’s focused on women - Other newsy highlights such as Tencent’s newest investment into a former executive’s startup and Beamstart’s digital accelerator  ---------------------------------------------------------------  PREMIUM SUMMARY  Alibaba’s gaming ambition Jack Ma, co-founder of Alibaba, once famously said that he’d rather “starve to death than live on games.” But the pull of the lucrative gaming market has proven too hard to resist, and Alibaba has the potential to be a serious contender in the space. - Going into games: Gaming is a strategic vertical for tech companies in China, being a key way to generate additional revenue from a large audience. The business is also arguably easier to scale abroad, due to lower cultural and language barriers compared to other entertainment verticals such as video and music streaming. - A new approach: Alibaba’s first foray into games was in 2014, but it struggled to crack the gaming market due to its focus on distribution. In 2017, it acquired game developer Ejoy, bringing the firm into its Lingxi Games unit. The company began focusing on developing its own titles, leading to its first big breakthrough in September 2019 when its Three Kingdoms: Strategy Edition mobile game became a smash hit in China. This was followed closely by the success of Three Kingdoms: Fantasy Land in June this year. - The road ahead: The online gaming industry can still be thought of as an equal playing field when compared to other entertainment verticals, and Alibaba’s recent success - which has been fuelled by heavy acquisitions and promotion efforts - is no accident. The company’s next challenge is to produce a string of big hits and crack the challenge of distribution, which is currently dominated by archrival Tencent. Read more: [Alibaba takes another shot at online games: genius move or a bad call?](  ---------------------------------------------------------------  STARTUP SPOTLIGHT Ladies first Lucy, a fintech company that supports women entrepreneurs, announced that it has [raised S$500,000 (US$365,787)]( from 18 women investors in its pre-seed round, bringing the total capital it has raised to over S$1 million (US$731,575). - Set to launch in 2021, Lucy will provide users with financial services and integrated peer/mentor support networks. Leveraging machine learning and data analytics, Lucy aims to enable donors and investors to distribute and track grants and loans and help female entrepreneurs access financial solutions easily. - Over 60% of women-led firms have been “strongly affected” by Covid-19, according to research from the International Trade Center. The World Bank has also reported how women-owned small and medium-sized enterprises are 6% more likely to close their businesses than male-owned ones. - Relevant and affordable financial services are needed now more than ever to prevent the gender gap from widening even further, says Lucy CEO Debbie Watkins. Women entrepreneurs face various challenges in terms of financing. For example, one of the reasons that women-owned firms are smaller than those owned by men is that they lack collateral, which means they often get turned down for credit.  ---------------------------------------------------------------  IN PARTNERSHIP WITH Making a pitch that gets you funding Want to know what an investor is actually looking for during a pitch? Wait no more. We’re holding an [interactive workshop]( with Gavin Teo (general partner of Altara Ventures) where he will share the ins and outs of pitching to venture capitalists. You will learn sweet secrets from how to nail an online pitch to VC financing for all funding stages. Bonus: We’re also giving you a downloadable sheet so you will always have the most important information in your hands. Join us at [Pitching to VCs in a virtual world]( which is happening this Friday, November 6, so you can level up your next pitch game. *Free for Core and Live subscribers.  ---------------------------------------------------------------  QUICK BITES  1️⃣ Tencent backs former executive’s startup Tencent has [led a US$50 million investment]( in real-time communications software developer Zego. The company was co-founded in 2015 by Lin Youyao, who had spent 13 years at Tencent. Lin was last the head of Tencent’s QQ messaging app.  2️⃣ Future Retail says dispute order is not binding Future Retail, the retail arm of Future Group, has said that a Singapore arbitrator’s order over its dispute with Amazon is [not binding](. The dispute, which is over Future Group’s plans to sell its retail assets to Reliance Industries, is [part of the battle]( that is raging in India’s ecommerce sector.  3️⃣ More trouble for TikTok The US Commerce Department has said that it [would “vigorously defend”]( an executive order to bar transactions with TikTok, after the order was halted by a federal judge on Friday. The order would have effectively barred TikTok from operating in the US after November 12. Talks are still being finalized for a preliminary deal for Walmart and Oracle to take stakes in a new entity, TikTok Global, which would oversee the platform’s US operations.  4️⃣ Beamstart’s digital accelerator venture Beamstart, the company behind entrepreneurial platform and resource database Beamstart.com, announced that it will be launching a [US$10 million digital accelerator fund]( for Southeast Asia. The accelerator will enable startups to apply for funding and receive support virtually by leveraging on its network of news and media platforms, business resources, technologies, and investment and talent partners.  5️⃣ Angel investment for this fintech startup Hong Kong-based digital payment services platform Statrys [has raised US$5 million]( in a funding round from an angel investor. The company provides payment solutions for SMEs, startups, and entrepreneurs, and is looking to expand into the Asian market.  6️⃣ Fresh funding for social commerce startup GlowRoad The India-based firm has [raised US$7 million]( of fresh funding from existing investors Accel, Vertex Ventures, and IND Fund. This latest round takes GlowRoad’s valuation to around US$75 million.   ---------------------------------------------------------------  EVENTS HAPPENING - The Best Practices in Fintech Security and Compliance That You Can’t Ignore on Thursday, November 5 Are you on top of current fintech regulations and compliance rules? To learn how to navigate this challenging landscape, join experts from Amazon Web Services and leading fintech company 2C2P in a guided panel discussion on November 5. [RSVP today]( - ** Live Event ** Pitching to VCs in a virtual world on Friday, November 6 In today’s landscape, we will see more meetings, events and VC pitches going online. How do you nail that pitch when you’re actually talking to a screen? [Join us]( to learn about the Art of Pitching in this digital world, by Gavin Teo, General Partner of Altara Ventures. - 2021 and Beyond: A Digital Transformation Action Plan for SMEs on Thursday, November 12 The pandemic has been tough on small and medium-sized enterprises. How can these companies future-proof their businesses for the post-pandemic economy in 2021 and beyond? Learn how the SME community can accelerate its digital transformation and thrive on its road to recovery in [this webinar](. - APAC AI Conclave from November 25 to 26 It’s official, we’re holding a conference for the AI/ML leaders and practitioners around the region. So whether you’re in the early exploration phase or a super-user, [join us]( and upgrade your AI/ML game for free! ---------------------------------------------------------------  WHO'S HIRING - [Senior Product Manager]( at Doctor Anywhere (Singapore, Singapore) - [Account Manager]( at Funded.jobs (Sydney, Australia ) - [Product Owner]( at Cartenz (Jakarta, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND Don’t leave your co-workers behind! Share this with them so that they can keep up with what’s going on in the region’s tech scene. [ADVERTISE]( | [PREMIUM]( | [JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Was this forwarded to you? You can read this everyday when you sign up [here](. Love us or hate us? [Drop us a feedback]( and let us know. Don't want to receive these emails anymore? [Unsubscribe](.  ---------------------------------------------------------------  Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Today’s edition is written by Stefanie Yeo, with contributions from Nicole Jao and Doris Yu. It’s edited by Jaclyn Teng. Copyright © 2020 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554