Zilingo bids adieu to the Philippines as fate remains in limbo

More: A dick pic-powered app to detect STDs and the latest victims of the crypto mayhem. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} “Everyone in the team, in all countries, is just waiting for the final direction: Should we close or what?” a Zilingo Philippines senior executive told Tech in Asia last week on condition of anonymity. It seems that fashion ecommerce startup hasn’t made a lot of progress since receiving an [11th-hour buyout proposal]( from its founders last month to stay afloat. However, matters have worsened for its employees in the Philippines, who did [not receive their salaries]( for at least two months and have now been laid off. A host of controversies this year has brought the once high-flying soonicorn to its knees. The company needed to balance its precarious cash position and pay lenders while dealing with not only the fallout from harassment complaints but also the ​​messy ouster of Ankiti Bose, its co-founder and former CEO, over allegations of accounting irregularities. Zilingo’s sudden fall from grace sent shockwaves throughout startup ecosystems across Asia. Reportedly, Sequoia Capital, a major investor in the Singapore-based firm, [briefly delayed]( the close of its US$2.8 billion India and Southeast Asia fund as a result. With Zilingo’s fate hanging by a thread as the board contemplates a possible liquidation, Tech in Asia details the troubled startup’s decision to shut down its Philippine office and what it means for the unit, which once had up to 40 employees. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Zilingo Philippines lays off entire team (Updated)]( The remaining team in the country consists of 19 people, all of whom are affected, said a source.  --------------------------------------------------------------- TECH IN ASIA VIDEO [Making sense of Asia’s layoff outbreak]( Tech companies in Asia have been rocked by layoffs this year, as sectors across the industry face the biggest economic downturn in two decades. And yet hiring continues to grow in the same sectors, at a rate more than twice that of the layoffs. How do we make sense of this? What does it mean for startup founders and tech talents in the next quarter? In this episode of Deep Dive, our analysts Collin Furtado and Simon Huang break down the comprehensive data of layoffs and hires that they have collected across Asia, and explain what the patterns could suggest about the future.  --------------------------------------------------------------- TRENDING NEWS [Gojek-backed Bank Jago posts 3x jump in revenue to $24m for Q2 2022]( The Indonesia-based digibank recorded US$670,000 in net profit this quarter, which is around half of the Q1 figure. [Thai regulator quizzes SG’s Zipmex on withdrawal freeze]( Thailand’s Securities and Exchange Commission sought details of how much the crypto exchange held in customer assets under management, CoinDesk reported. [Carsome expands Malaysia HQ, earmarks country as talent hub]( The used-car marketplace will also double its local investment to develop talents across various specializations in the country. 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