Company Briefs: Binance

Binance Holdings received in-principle approval from Bahrain's central bank to be a crypto-asset service provider in the kingdom, according to a statement from the company.

Binance, the world's largest cryptocurrency exchange by trading volume, still needs to complete a full application process, chief executive Zhao Changpeng wrote in an e-mail to Bloomberg News.

He said that would be completed "in due course".

If successful, this would mark the first regulatory approval for a Binance entity within the Middle East or North Africa.

BLOOMBERG

---

Kopi Kenangan

Kopi Kenangan has raised US$96 million (S$130 million) in its latest Series C round at a valuation above US$1 billion, propelling the Indonesian coffee chain to unicorn status. The funding round was led by Tybourne Capital Management and saw participation from new investor Falcon Edge Capital, as well as existing investors including Horizons Ventures, Kunlun, and B Capital.

According to Kopi Kenangan, the company has delivered top-line growth over the last 12 months, with sales more than doubling year on year.

THE BUSINESS TIMES

---

RBL Bank

RBL Bank fell by a record after a decision by India's central bank to appoint a new director to the board raised concerns about the outlook for the small lender. The stock tumbled as much as 25 per cent in Mumbai yesterday, the biggest decline since listing in 2016. Mr Yogesh Dayal, a career central banker, was appointed to RBL's board by the Reserve Bank of India (RBI) for two years from last Friday.

The RBI's action comes as RBL grapples with a surge in soured loans to consumers during the pandemic, prompting the lender to boost provisions that led to a first-quarter loss.

BLOOMBERG