SINGAPORE: Asian-origin mobile applications LINE, YAY and WeChat are posing challenges to technology giants Apple, Facebook, Google and other telecoms carriers, cutting into their market shares, according to a Singapore -based firm.

These social messaging services have become alternatives and offer more options for product advertisers, providers of goods and services and mobile apps, said Nakul Gupta, the Chief Technology Officer at Clone Algo group.

New inventions allow Tencent Holdings' WeChat users to book taxis, top up phone credit, while Clone Algo's YAY App users are able to talk and chat free besides being able to apply for online for micro loans and use Clone Algo trading algorithms.

Highlighting some of the latest achievements of these applications, Gupta said that in Thailand, Naver Corp's LINE broke all records recently through a "flash sales via its app" with more than five million users signing up to buy lipsticks and other products.

Companies marketing these services are further strengthening their product lines and marketing through acquisitions and raising funds for more research and development work, he said.

Rakuten Inc has acquired messaging company Viber for USD 900 million to gain further ground in the market place.

To support its market and R&D work, Singapore-based Clone Algo is raising USD 250 Million at a valuation of USD 11 billion while Line has similar placement plans, according to banking sources.

Recently launched YAY had difficulties in penetrating some of the smaller emerging markets because of the lack of scale or distribution infrastructure.

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