Alibaba will build a new branch in Singapore in cooperation with Perennial Holdings. The skyscraper represents the airline’s outreach to the SEA region.
The building has a maximum approved height of 305 meters, which is 284 meters taller than Singapore’s current tallest building – Guoco Tower. A representative from the Singapore Urban Redevelopment Authority said that the new building is the tallest building issued by the authority for developments in the city-state.
Slated for completion in 2028, the building plans to include retail, restaurant, office, hotel and residential components, with a total floor space of 148,450 square meters. This is the workplace of many parts of the global e-commerce company, which also focuses on developing and publishing games to Southeast Asia.
Alibaba has added a new Game Lock feature to its Alipay mobile payment platform. The purpose is to prevent minors from loading “terrible” games. This function requires a person to perform facial verification in addition to entering a password before paying via Alipay. This procedure is intended to prevent underage players from spending money on video games without parental notice.
Alibaba recently announced its Q1 2022 financial results with revenue holding at US$30.4 billion due to the Covid-19 resurgence. This comes after the tech giant was labeled by the US Securities and Exchange Commission as having a delisting risk due to the Chinese company’s failure to comply with audit regulations.
Alibaba’s China commerce business, which accounts for more than 70% of the group’s revenue, fell 1% year-on-year. Meanwhile, the e-commerce company’s quarterly net profit attributable to common shareholders stood at $3.3 billion, down 50% year-on-year.
Operating income came in at $3.7 billion in the quarter, down 19% year-over-year. Alibaba Group Chairman and CEO Daniel Zhang said: “We are confident in our long-term growth opportunities with our high-quality consumer base and the resilience of a diversified business model that meets our needs. meet the different needs of customers”.
Profits of Ant Group, which owns e-wallet app Alipay, fell 20% to $1.6 billion in the quarter ended March 31, 2022. Notably, the fintech giant reported reported its earnings a quarter behind Alibaba, which owns a third of the shares in Ant.