Company briefs: Ascend Money

South-east Asian fintech firm Ascend Money has raised US$150 million (S$203.5 million) in its latest funding round, bringing its total valuation to US$1.5 billion. This makes the company Thailand's first fintech unicorn, it said on Monday.

US-based investment firm Bow Wave Capital Management contributed to the latest round, alongside Thai conglomerate Charoen Pokphand Group and Alibaba's Ant Group. Funds raised will be used to grow the user base of Ascend Money's e-wallet application TrueMoney Wallet.

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Lian Beng Group

Building contractor Lian Beng Group has said that government grants received to help defray additional operating costs due to the Covid-19 pandemic had factored into higher remuneration payable to its key executives for the FY2021 ended May.

"The remuneration payable to the key executives... includes a bonus component which is calculated based on the overall general profitability of the group. Both the additional operating costs incurred due to the pandemic and government grants received to help defray such costs were included in the computation," the group said on Monday.

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Zhejiang Geely Holding

Chinese automaker Zhejiang Geely Holding said yesterday that its founder, Mr Eric Li (left), has launched a new company dedicated to making smartphones.

Called Hubei Xingji Shidai Technology, the new company has signed a strategic cooperation agreement with the Wuhan Economic and Technological Development Zone to set up its headquarters in the central Chinese city, where it will develop smart devices including smartphones, according to Geely. Public records show that Mr Li owns 55 per cent of the company.

REUTERS