Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
WeRide to Test Fully Autonomous Vehicles in Guangzhou
Trending in China: Why Are Chinese Netizens Saying Kanye West Could be ‘China’s First’ U.S. President?
Trending in China: Will Weibo’s Fight Against Porn Have Other Unintended Side Effects
Tencent Leads $40 Million Investment in Online Art Educator
Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024
Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
China High-Tech Seeks New Opportunities in Southeast Asia

By Zhang Erchi, Wen Simin, Wei Yiyang, Han Wei, and Yang Ge / Nov 18, 2019 11:27 AM / Business & Tech

Photo: VCG

Photo: VCG

China is taking its high-tech show on the road, looking to export its money and expertise to nearby Southeast Asia.

On the streets of Jakarta, more than 10,000 motorcycle drivers now provide ride-hailing, delivery and other services. They’re divided into two groups: those wearing mostly green jackets with black trim who work for Gojek; and those wearing mostly black jackets with green trim who work for Grab.

Jakarta-based Gojek and Singapore-headquartered Grab are the two most valuable tech startups in Southeast Asia. Competing in ride-hailing, food delivery, digital payment and other services, the two are engaged in cash-burning turf wars in Indonesia, Vietnam, Singapore, Thailand and beyond.

They are fighting to build a super app to dominate a Southeast Asia market of 600 million people.

Gojek’s investors include Chinese tech giants Tencent, Meituan Dianping and JD.com, alongside global giants like Google, Visa Inc. and KKR. Grab boasts an equally impressive list of backers, including ride services giant Didi Chuxing, sovereign wealth fund China Investment Corp. and equity investors Ping An Capital and Hillhouse Capital, alongside global backers Softbank, Toyota, Honda and Microsoft.

The Gojek-Grab rivalry shows how Southeast Asia is turning into an extended battlefield between tech startups under the influence of Chinese industry giants and capital. As China’s internet sector cools following years of white-hot growth, companies and investors are turning to Southeast Asia as the next frontier, analysts say.

Click here to read the full story published today on Caixin. 

Related: In Depth: Is the Sharing Economy Bubble Bursting?

Share this article
Open WeChat and scan the QR code