Daily Briefing: Singapore panel mulls regulation of tech firms amidst fake news; SGX leads US$53m funding for US trading startup

And hundreds line up in Orchard Road Apple Store a day before iPhone XS launch.

From Reuters:

A Singapore parliamentary committee recommended for the regulation of tech firms as Facebook, Google, and Twitter ‘have a policy of generally not acting’ against content known to be false.

Singapore says it is vulnerable to fake news because of its position as a global financial hub, its mixed ethnic and religious population and widespread internet access.

“I think there is increasing recognition on all sides that there has to be responsibility on the part of tech companies and that governments have to intervene to ensure that responsibility,” Law Minister K. Shanmugam, a member of the panel, told reporters.

In an emailed statement, Google said it took “the issue of false information seriously” and looked forward continuing to work with the Singapore government to address the issue.

Read more here.

From Deal Street Asia:

The Singapore Exchange (SGX) led a $53m funding round for New York-based electronic trading platform Trumid.

The startup, backed by venture capitalist Peter Thiel and hedge fund pioneer George Soros, said it is further scaling up its US corporate bond business with the latest fundraising.

The fresh funds will also support the expansion of protocols, products, and geographies. The round was joined by Deutsche Borse Group, the German stock exchange operator.

Trumid president Mike Sobel said the partnership with SGX will allow Trumid to gain access to the Asian market, leveraging the Singapore bourse’s regional expertise and footprint.

Read more here.

From Channel News Asia:

Apple mania hits Singapore as hundreds fall in line outside the Apple store along Orchard Road a day earlier before the launch of the iPhone XS as well as XS Max.

Those in line were issued with numbered wristbands which indicated their place in the queue. Security personnel were also present to direct the crowd along the barricades, often instructing them to sit down.

According to security personnel, those in the queue are allowed to leave for one-hour meal breaks and 15-minute toilet breaks during their wait. Their wristbands are scanned when they leave and when they return to the line.

Unlike the pushing and shoving seen last year when the iPhone X was launched, the queue this year was so far nothing short of orderly, civil and surprisingly quiet.

Read more here.