Grab leaves food delivery rivals in SEA eating dust

More: Ant Group’s latest Singaporean splurge and an Indonesian insurtech startup’s US$7.5 million fundraise. [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](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [The state of play in Southeast Asia’s food delivery race]( - Binance CEO’s response to a US regulator’s damning accusations - Other newsy highlights such as Ant Group’s latest Singaporean splurge and an Indonesian insurtech startup’s US$7.5 million fundraise --------------------------------------------------------------- Hello {NAME} Professional sport regulators go to great lengths to develop structures that enhance their competitions as unpredictability breeds excitement. Would the final of last year's soccer World Cup really have reached 1.5 billion global viewers if everyone had known Argentina was going to win? Somehow, I doubt that. Domestic leagues such as the NBA in the US or the football pyramid system in England are fine examples of how regulators can craft a structure that not only keeps the dough rolling but also improves its sporting standards through intense competition. Perhaps food delivery regulators in Southeast Asia should take some notes. Grab is so far ahead of the competition that realistically only second place is, well, up for grabs. For instance, the Singapore-based firm’s gross merchandise value (GMV) for the region last year in this segment was more than the combined total of its seven local competitors: Foodpanda, GoFood, ShopeeFood, Line Man Wongnai, Deliveroo, Robinhood, and Baemin. Today’s featured piece sheds light on how the region’s food delivery race turned out so one-sided and examines the shifting dynamics of the industry, including its newfound emphasis on efficiency. -- 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 [As Grab leads SEA’s food delivery race, challengers vie for 2nd spot]( Food delivery players have reduced their incentives and are focusing more on generating revenue and improving consumer loyalty. --------------------------------------------------------------- TRENDING NEWS [Ant Group pours $188m into Singapore digibank]( Anext Bank currently has around US$359 million in equity funding from Ant Singapore SME Services, which holds 100% of the bank’s shares. [CZ fights back at US agency’s accusations]( In response to the “disappointing” complaint, the Binance CEO said the Commodity Futures Trading Commission had an “incomplete recitation of facts.” [Qoala raises another $7.5m, targets profitability in 3 years]( The insurance marketplace said that it has a network of 8 million customers, 60,000 agents, and 75 insurers across Indonesia, Thailand, and Malaysia. [SG consortium names new CEO for Pakistani digibank]( Atyab Tahir was a former country head for Mastercard in Pakistan. [China ecommerce firm Vipshop launches in SEA (Update)]( The company said today that it had set up shop in Singapore on December 8. [Baidu cancels public press event for generative AI service]( It will instead hold closed-door meetings with potential enterprise customers, with the company seeing over 120,000 applications for testing the new service. --------------------------------------------------------------- TECH IN ASIA'S FOUNDERS MEETUP: PHILIPPINES Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in the Philippines, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on April 25 at Draper Startup House – 5048 P. Burgos St., Makati City – from 5:30 p.m. to 7:30 p.m. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Starting up doesn’t have to be a lonely journey. [Register]( for this exclusive event here today. Tickets are priced at US$12.50 per person, inclusive of light bites and one drink. 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