Top Stories: US Lawmakers Set to Vote on a Potential TikTok Ban
The top stories we are following today, March 13, 2024, include a potential U.S ban of TikTok, Xiaomi's EV deliveries, and Xendit's expansion to Thailand.
- US Lawmakers Set to Vote on a Potential Tiktok Ban
- China's Xiaomi to Commence EV Deliveries This Month
- Fintech Unicorn, Xendit Expands Operations to Thailand
US Lawmakers Set to Vote on a Potential TikTok Ban
Lawmakers in the US House of Congress are preparing to vote on a bill that requires TikTok to dissociate itself from ByteDance, its Beijijng owner, or face a nationwide ban. This measure was passed last Thursday by the House Committee on Energy and Commerce, with the leader of the House Majority currently making efforts to bring it to a vote on Wednesday.
Emmanuel Oyedeji
The US Republicans believe that TikTok poses a threat to the country’s national security due to its Chinese ownership, and they warn that TikTok could influence US public opinion or harness user data to spy on Americans.
Should this bill become law, over 170 million Americans could lose access to the platform valued at $75 billion, with over 1 billion active monthly users across the globe. This could also ruin many businesses and destroy the livelihood of content creators in the country.
China's Xiaomi to Commence EV Deliveries This Month
China’s Xiaomi has announced plans to begin the delivery of their first electric vehicles this month. This would make Xiaomi a new competitor in a market currently facing strong price competition.
The fifth-largest smartphone maker in China which has more than 600 million people using its devices has said that 59 of its stores in 29 cities will take orders of the new electric vehicles with a launch set to be scheduled for March 28, where the EVs sticker tag will be made public.
With China having witnessed an 18% increase in EV sales early this year, the CEO of Xiaomi, Lei Jun is convinced that their electric vehicles can outperform the likes of Tesla and Porsche with the potential to make them one of the world's top five automakers in the future.
Fintech Unicorn, Xendit Expands Operations to Thailand
Indonesian Fintech Xendit has expanded its operations to Thailand to foster comprehensive digital payment solutions and embedded finance that would significantly boost Thailand’s digital economy.
The company which is valued at nearly $3 billion and has over 2700 SMEs using its products and services across Indonesia and beyond believes that there is a bright future ahead for a digital economy which is why it decided to venture into the Southeast Asian fintech market.
Before Xendit’s expansion to Thailand, it had previously expanded into Malaysia and the Philippines and had achieved massive success in these countries.
Its recent expansion towards Thailand showcases its determination to replicate the same level of success by empowering businesses and improving financial technology in the country.
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