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U.S. Targets Cyber Scam Networks in Myanmar and Cambodia with Sanctions

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The United States Treasury Department announced on Tuesday new sanctions against cyber scam operators in Myanmar and Cambodia, a rapidly growing industry that Washington says stole tens of billions of dollars from Americans in 2023.

Key Points of the Sanctions

  • The sanctions target nine companies and individuals in Shwe Kokko, Myanmar, and 10 entities in Cambodia, many linked to Chinese criminal networks.

  • The scams involve money laundering, illegal gambling, and fraudulent investment schemes.

  • The U.S. described the networks as relying on modern slavery practices, including debt bondage, confinement, violence, and threats of forced prostitution.

Victims and Operations

  • Hundreds of thousands of people, lured by fake job offers, were trafficked into scam compounds in Southeast Asia, especially along the Thai–Myanmar border.

  • Once inside, victims were forced to operate online scams targeting strangers globally.

  • In Cambodia, scam centers linked to crypto fraud often resembled prisons, according to Amnesty International.

Political and Security Context

  • Shwe Kokko, a hub for cyber scams, was created in 2017 by Hong Kong–registered Yatai International Holdings and the Karen National Army (KNA), an armed group allied with Myanmar’s military.

  • Both Yatai and the KNA have previously faced sanctions.

  • Following Myanmar’s 2021 military coup, scam compounds expanded from militia areas into zones under junta control.

U.S. Statement

John K. Hurley, Under Secretary for Terrorism and Financial Intelligence, emphasized:

“Southeast Asia’s cyber scam industry not only threatens the financial security of Americans, but also subjects thousands of people to modern slavery.”

Impact and Next Steps

  • The sanctions aim to cut off financial flows to these networks and raise global pressure on governments in Myanmar and Cambodia, which have been accused of turning a blind eye.

  • Both governments did not respond to Reuters’ requests for comment.

Singapore’s Carro Eyes US IPO with $3 Billion+ Valuation

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Singapore-based Carro, the largest used-car online marketplace in Southeast Asia, is preparing for a U.S. initial public offering as early as 2026, targeting a valuation exceeding $3 billion and potentially raising up to $500 million, sources familiar with the matter told Reuters.

If successful, Carro’s IPO would be the largest Southeast Asian U.S. listing since SEA’s $989.3 million debut in 2017 and rank as the third largest Southeast Asian tech IPO in the U.S., according to LSEG data. It would also mark the first major automotive tech and AI-driven commerce startup from Singapore to go public in the U.S.

Carro is on track to generate $100 million in annual EBITDA by its fiscal year ending March 2026, one source said. The IPO size remains subject to change based on market conditions.

Founded in 2015, Carro operates a digital platform facilitating vehicle buying and selling for consumers and dealers, while providing insurance, financing, and after-sales services. It has expanded across the Asia-Pacific region, including Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.

With a workforce of over 4,500 employees, Carro has raised more than $1 billion in combined debt and equity funding from investors like Temasek, SoftBank, and other sovereign funds.

A successful IPO could open doors for other Southeast Asian unicorns such as Carsome, Traveloka, and Xendit to pursue U.S. listings. Meanwhile, Chinese companies continue to seek U.S. public markets, attracted by potentially higher valuations despite geopolitical challenges.

Huawei Targets AI Chip Sales in Middle East and Southeast Asia Amid U.S. Competition

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Huawei Technologies is seeking to expand its AI chip footprint by attempting to export small quantities of its Ascend 910B AI chips to markets in the Middle East and Southeast Asia, according to a Bloomberg News report on Thursday. The Chinese telecommunications giant is reaching out to potential customers in the United Arab Emirates, Saudi Arabia, and Thailand as it aims to challenge the dominance of U.S. chip leader Nvidia in these regions.

Sources familiar with the matter told Bloomberg that Huawei is offering the older-generation Ascend 910B chips in the low thousands, although no deals have been finalized so far. Interest from parties in the UAE appears limited, while the status of discussions in Thailand remains unclear. Neither the Thai government nor Saudi Arabia’s media office responded to requests for comment, and Huawei did not immediately reply to Reuters’ inquiry.

In addition to the Ascend 910B, Huawei is promoting CloudMatrix 384, a China-based AI system powered by more advanced chips. However, due to supply constraints, the company is currently unable to export this system. The Middle East is becoming a hot market for AI chips, with several U.S. firms such as Nvidia announcing significant deals. Earlier this year, former U.S. President Donald Trump secured $600 billion in commitments for U.S. companies from Saudi Arabia during a regional tour.

Huawei is also focusing on selling its more advanced AI chip, the 910C, to Chinese customers who face restrictions accessing top-tier American chip technology. U.S. administrations have imposed export controls to limit China’s access to advanced semiconductor technologies, citing national security concerns related to military applications.

An Nvidia spokesperson noted that “With the current export controls, we are effectively out of the China datacenter market, which is now served only by competitors such as Huawei,” highlighting the competitive dynamics shaped by these restrictions.