A deep dive into Aaqua’s troubles

More: Byju’s sees a dip in revenue and Sea’s top management is forgoing their salaries in a bid for financial stability. [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} In the previous newsletter I wrote, I talked about knowing how difficult the job search process is, especially on the mental front. Having to deal with rejections and countless interviews is tough. But what if you’re headhunted by a firm that says it’s backed by Apple and LVMH? Sounds like a dream? Well, for most of Aaqua’s staff, it was a nightmare instead. The Singapore-based firm laid off 175 employees overnight, and many are still owed their July and August salaries. Meanwhile, founder Robert Bonnier is dealing with fraud allegations from Candy Ventures, one of Aaqua’s key investors. It’s a heck of a story - dive into it with us. -- Winston P.S: In case you somehow missed it, [Tech in Asia’s annual conference]( will be here before you know it - it’s on from September 21 to September 22. We’ve got a hybrid version this year that will include in-person activities and sessions, among many other exciting things on the program. I remember my first TIA conference - the sheer energy and passion coursing through the event was irresistible, and I’m looking forward to experiencing that again. Hope to see you there!  ---------------------------------------------------------------  THE BIG STORY [Startup allegedly lied about Apple, LVMH investment; axed most of its staff]( The CEO of Singapore-based Aaqua also came under fire for berating an employee in a virtual forum.  --------------------------------------------------------------- TRENDING NEWS [Animoca Brands to buy developer of MotoGP racing game]( The deal will help Animoca Brands and WePlay Media integrate the Revv ecosystem of racing games with the latter’s products. [ByteDance eyes $3b share buyback amid halted IPO plan]( TikTok’s parent firm set a price of about US$177 per share, implying a valuation of around US$300 billion, Bloomberg reported. [Ant Group may see IPO comeback after Shanghai land purchase]( Ant said that after the purchase is completed, it will acquire more office space to bolster its presence in the city’s fintech and blockchain landscape. [AirAsia to launch car-hailing in Indonesia]( The firm will first roll out the new service in Bali. [Thailand SEC bars crypto firms from offering lending, staking services]( This follows crypto exchange Huobi exiting the country after getting its license revoked. [Temasek leads $55m round of Indian ecommerce enabler]( This pushes DotPe’s total funds raised to US$90.5 million. ---------------------------------------------------------------  TECH IN ASIA SCHOOL It’s said that 90% of startups fail. After over 1,000 hours of interviews with Southeast Asia's most successful founders to understand why, we created Tech in Asia School to nurture the next generation of great tech founders. The Aspiring Founders Program is a six-week online course for formidable folks who want to launch a tech startup in the region but don't know how. Weekly lectures will be led by successful founders who’ve been in the trenches themselves to give unfiltered and authentic insights into what it takes to turn ideas into reality. Additionally, to continuously support students outside of the classroom, attendees will be invited to weekly office hours and regular community networking events. They will also be given access to the Tech in Asia School Founders Community to connect with all previous Aspiring Founders, Growth, and Fundraising program students. Visit the [Tech in Asia School website]( to sign up for the program now. Applications close on October 1.  ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - *Event*  [Tech in Asia Conference 2022]( on September 21st - 22nd at Marina Bay Sands, Singapore Tech in Asia Conference 2022 hits Marina Bay Sands in Singapore this week! If you're looking to expand globally this year, our official remote work partner Globalization Partners wants to meet you there! Hit up the Globalization Partners booth at the Conference to learn how the company helps hybrid workplaces across the region's tech ecosystem. What's more, Globalization Partners is sponsoring 25 FREE General Pass tickets (U.P. US$38) that gives guests access to Tech in Asia Conference 2022 on September 21 and 22. Hurry - use "TIACONF22_1WEEKTOGO" in the ticketing form while tickets last!  - [AD] [TIA School Office Hours at Tech in Asia Conference 2022]( from September 21 to 22 Throughout the entirety of Tech in Asia Conference 2022, we're inviting founders of early-stage startups to join special Tech in Asia School Office Hours sessions to learn, ask questions, and get ideas on how to beat the odds. Register for these segments designed to target common challenges at key stages of the founder journey and meet us at the Tech in Asia booth! These in-person events are exclusively available to Tech in Asia Conference General Pass and Priority Pass holders.  ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [CPO (Chief Product officer)]( at Vict Pte. Ltd. Singapore, Singapore - [Digital Banking Division Head]( at JAC Recruitment Indonesia Jakarta, Indonesia - [Account Manager]( at Nera Telecommunications Bangkok, Thailand - [Project Manager]( at Pintar Ventura Group Jakarta, Indonesia - [Creative Director (SAC Indonesia)]( at PT Merah Cipta Media Jakarta, Indonesia - [Business Development Manager]( at PT Samala Serasi Unggul Jakarta, Indonesia --------------------------------------------------------------- [ADVERTISE]( | [SUBSCRIBE]( 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. Too many emails? 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