Restaurant tech war simmers as Grab joins Foodpanda, others to launch dine in services

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- Written by Rachel Chitra Journalist Hello {NAME} Can dining out generate millions in revenue? Well, long before Grab’s foray into the dining space, there was another company that believed there were huge profits to be made if one made “dining out” effortless. That company was Diner’s Club. It started out in 1950 as the world’s first independent card firm, issuing travel and entertainment credit cards to make life easier for businessmen. Unsurprisingly, Diners Club founder Frank McNamara came up with the idea while he was dining out. As the story goes, he was entertaining his clients when he realized he’d left his wallet at home. To his embarrassment, his wife had to pay for the bill. But that actually spurred him to come up with the idea of a multipurpose charge card. Today, Diners Club earns more than US$150 million in revenue and is a unit of NYSE-listed Discover Financial Services (DFS, NYSE). Decades after McNamara conceptualized Diner’s Club, the basic premise of his idea is still so sound that Grab (GRAB, NDAQ) is betting on users getting hooked on its new “dine-in” feature, which is designed to give them an end-to-end restaurant experience. Do check out my colleague Melissa’s take on the super app’s latest offering in this week’s Big Story. — Rachel  ---------------------------------------------------------------  THE BIG STORY [Can Grab’s dine-in services reverse a fall in food delivery growth]( It joins food delivery platforms including Foodpanda, Swiggy, and Zomato, which have moved into the adjacent category in recent years. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Alibaba to expand in Europe: Alibaba (BABA, NYSE) will make the continent its [top priority]( as it aims to build local businesses outside China. Company president Michael Evans announced that Alibaba intends to launch TMall in Europe, serving homegrown brands and customers in local markets. The ecommerce titan has started a pilot project in Spain and will expand across the region. This comes as Shopee, Sea Group’s (SE, NYSE) ecommerce unit, had [exited all its European markets]( at the start of this year. With a saturated market in China, geopolitical concerns in the US and India, and fierce competition in Southeast Asia, it's no surprise that Alibaba is looking for other markets to grow. 2️⃣ Here today, gone tomorrow?: Patrick Walujo’s stint as CEO at GoTo will [reportedly]( be temporary. He is expected to join the Indonesian super app to improve its profitability and then resign. Walujo will continue managing Northstar Group, the private equity firm he co-founded. While it hasn’t been announced how long he will serve as CEO, reports indicate it will be less than the normal three-year term at GoTo. If this is true, it shows how the company is focusing on getting its financials into shape. That said, one cannot help but wonder whether a temporary CEO is what GoTo needs right now. Shareholders are scheduled to confirm Walujo’s appointment on June 30. 3️⃣ No country for crypto: After the Securities and Exchange Commission (SEC) filed [lawsuits]( against crypto exchanges Binance and Coinbase (COIN, NDAQ), Singapore-based Crypto.com has now [suspended]( its US institutional business due to apparent low demand. Could these companies now shift their focus from the West? Invitations to go elsewhere are aplenty. The latest was from a Hong Kong legislator, who [suggested]( that Coinbase and other platforms affected by the SEC’s actions head East, touting the potential for stock listings in the city and Shanghai. This comes amidst reports that the Hong Kong Monetary Authority is [pressuring]( major banks like HSBC (0005, HK) and Standard Chartered (2888, HK) to take on these crypto exchanges as clients. Could this be another manifestation of the battle between the US and China for global supremacy? 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [US$2.59 trillion]( Microsoft’s (MFST, NDAQ) market cap reached a record high as investors are optimistic over its adoption of AI tech and investment in OpenAI, the developer behind ChatGPT - [US$686,000]( The transaction value of illegal drugs allegedly sold by a rogue account on Shopee, which has cracked down on sellers engaged in such illegal trades THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Tesla vs. tobacco: Who is more “green”?: Twitter saw high drama this week, with Elon Musk [slamming ratings agencies]( for giving tobacco firms higher ESG scores than his electric vehicle firm, Tesla (TSLA, NDAQ). Tesla did badly against tobacco majors in indices of S&P Global, MorningStar’s Sustainalytics, and exchanges like the London Stock Exchange (LSE). S&P Global ESG rated Tesla a 37 out of 100, while Marlboro cigarette-maker Philip Morris (PM, NYSE) got a score of 84. Likewise, the LSE gave Tesla a 65, while British American Tobacco’s (BATS, LON) ESG score was 94. Tesla fared similarly at the hands of Sustainalytics, with tobacco giant Altria (MO, NYSE) beating the EV maker. Why is this happening? ESG scores are no longer about just being green, for one. Ratings agencies have started incorporating a wide breadth of social justice initiatives, including funding minority businesses, fair labor practices, and diversity in hiring. While carbon footprints and carbon pledges still matter, they’re not as relevant in the new scheme of things. Analysts also point out that ESG scoring systems give corporations numerous opportunities to rig the game in their favor, such as adopting seemingly “progressive” measures to inflate their rating. That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND 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. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. 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