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Hi readers,

Everybody and their mothers are on TikTok, so it’s not surprising that we wrote about the short-video app’s massive revenue growth last year.

I also wouldn’t be surprised if we’ll be writing a similar story about TikTok Shop soon. While the company’s financial results from ecommerce in 2022 might seem relatively small, TikTok has been investing heavily in social commerce.

It’s gotten to the point where TikTok Shop is emerging as a legitimate competitor to household names like Shopee and Lazada.

However, this growth also rang alarm bells in Indonesia. The country has just banned all ecommerce transactions on social media platforms, a move aimed at slowing down TikTok Shop.

It’s going to be interesting to see where TikTok Shop goes from here in Indonesia. But TikTok has also faced intense opposition in the US, and the company has proven to be resilient so far.

Whatever happens, we’ll be sure to let you know.

— Miguel Cordon, journalist at Tech in Asia

Top stories this week

1️. TikTok’s Asia business logs rapid revenue growth to reach $5.4b in 2022
TikTok’s Singapore-incorporated entity also posted a total loss of US$2.7 billion for the year.

2. Uncertain future: TikTok Shop faces first regulatory headwinds in Indonesia
TikTok’s blend of social media and ecommerce has sparked fears among government officials. Is a ban on the cards?

3. Malaysia’s national carmakers are joining the EV wagon, but hurdles remain
The lack of charging ports in rural areas is among the problems hindering EV adoption in Malaysia.

4. Legal troubles cast doubts on Nasdaq-listed Society Pass’ future
The company has just US$10.9 million in cash reserves, and concerns are growing on the impact that its mounting legal battles will have on its operations.

5. Chope’s revenue surpasses pre-pandemic figure, but loss grows 64% in 2022
Vouchers and gift cards remained as Chope’s biggest money-makers for the year.

6. Foreign VC investment in China plummets 68% in 2022
Firms in the Greater China region closed 765 deals from non-Chinese investors for the year, a 32% drop from 2021, according to a PitchBook report.

7. Singapore D2C firm thinks global to build profitable $28m business
Truegenics CEO Alvin Huang attributes the firm’s success to a combination of astute marketing and, believe it or not, 50-minute infomercials.

8. GetGo profitable for second straight year, revenue surges by over 300%
The car-sharing platform operates around 2,700 vehicles across more than 1,600 locations in Singapore.

9. Alipay+ kicks off major expansion around Asian Games, betting on inbound tourists
The expansion is Alipay+’s single largest push to grow its cross-border solution since its launch in 2020.

10. SG consumer spending fuels CapCut’s rise in Southeast Asia
The ByteDance-owned video-editing platform’s global consumer spend surpassed US$100 million as of September 11.