Jury’s still out on SGX’s SPAC play a year later

More: Y Combinator shifts focus after downsizing late-stage investing team. [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](. --------------------------------------------------------------- SUMMARY In today's newsletter, we look at: - [The current state of SGX’s SPAC experiment]( - The US$10 million pre-series A funding round of an Indonesian auto-financing startup - Other newsy highlights such as Y Combinator’s shifting priorities after downsizing its late-stage investing team --------------------------------------------------------------- Hello {NAME} Today’s featured piece describes the frenzy of special purpose acquisition companies (SPAC) in the US as starting in 2021 with “explosive growth” in new listings, followed by “a rapid cool-off in the second half of the year.” This description reminds me of a concept recently touched upon by Tech in Asia’s Daily Newsletter: fads. While it may be harsh to label SPAC plays by businesses as a fleeting trend, there are at least eight companies in the US that probably wished they hadn’t hopped on the blank-check bandwagon. They all eventually went bust after entering public markets via the SPAC route. While matters aren’t so dire in Singapore, that’s likely because these blank-check firms are yet to get off the ground. None of the Singapore Exchange's (SGX) three listed SPACs have acquired any target firm yet, but they still have about two years to finish the job. Each of the three SPACs hit the city-state’s mainboard exchange under a new SPAC listing framework, which sought to provide Southeast Asian startups with a credible alternative to IPOs. However, with no new SPACs following in the footsteps of these three listings - which took place in January last year - the jury is still out on the success of SGX’s regime for SPACs. Read on to delve into the finer details on why it's too soon to write off SGX’s SPAC initiative despite its promising start quickly losing steam. -- Shravanth P.S.: If you’re an entrepreneur looking for funding, [fill out this form]( to get your company featured on our list of fundraising startups.  ---------------------------------------------------------------  THE BIG STORY [SPAC boom to bust: SGX’s experiment one year on]( SGX has not attracted new SPAC listings after the initial three in January 2022, but it's too soon to write off the initiative. --------------------------------------------------------------- TRENDING NEWS [Chinese robotaxi firm files for $500m US listing]( WeRide develops driverless solutions for public transport and was last valued at US$4.4 billion, Bloomberg noted. [Y Combinator cuts 17 jobs in late-stage investing unit]( This announcement comes amid the downfall of Silicon Valley Bank (SVB), with about 30% of Y Combinator’s portfolio being exposed to SVB. [Indonesian auto financing firm bags $10m to reorganize used-car selling]( Broom provides used-car dealers in Indonesia with access to short-term working capital. [Binance moves $1b from FTX recovery fund amid SVB collapse]( In a tweet, Binance CEO and co-founder Changpeng Zhao said the move comes amid “changes in stablecoins and banks.” [VCs see SG as ‘stronger haven’ for startup capital after SVB fallout]( The US bank’s downfall may allow countries with strong financial standing like Singapore to swoop in and win startups’ trust. [Richard Li’s FWD to file for IPO for third time: report]( The insurance firm’s IPO is expected to be held in the second quarter of 2023, Bloomberg reported. ---------------------------------------------------------------  IN PARTNERSHIP WITH Security and communications go hand in hand Brands connect with customers across multiple touchpoints throughout the user journey. Whether it’s text messages, voice calls, or chat apps, it can get pretty complex. 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