GoTyme Indonesia has partnered with Danabijak and Olsera to introduce a Merchant Cash Advance (MCA) program, aimed at providing quick and flexible financing to MSMEs. This is said to be the first such MCA offering in Indonesia, following similar initiatives by GoTyme in South Africa, the Philippines, and Vietnam. The program allows eligible merchants using the Olsera point-of-sale platform to access business loans without needing collateral. The application process is fully digital and can reportedly be completed in under 10 minutes. The MCA offers flexible loan amounts and repayment terms that adjust based on weekly sales and business seasonality, rather…

East Ventures, an Indonesian venture capital firm, and South Korea’s SV Investment have announced the first closing of their joint fund. The “East Ventures South Korea fund in partnership with SV Investment” will invest in tech startups across Southeast Asia and South Korea. The fund has secured anchor capital from the Korea Development Bank (KDB), South Korea’s state-owned development bank, and a strategic commitment from one of the world’s leading neobanks. The fund will primarily target revenue-generating companies seeking Series A or B funding, with investments ranging from US$1 million to US$3 million. East Ventures and SV Investment will jointly…

Ula, the Indonesian warung-tech startup, has announced its decision to wind down operations and return approximately 30% of the total capital raised to its investors. The company’s co-founder and CEO, Nipun Mehra, along with the founding team, is set to embark on a new venture unrelated to warung-tech or the B2B marketplace. Since its inception, Ula has raised over US$141 million from prominent investors, including Bezos Expeditions, Prosus Ventures, Tencent, Peak XV (formerly Sequoia India), Lightspeed Venture Partners, B Capital, Northstar, and AC Ventures. As of late 2022, Ula held US$74.26 million in cash and cash equivalents, a figure that…

additiv, a Swiss-based fintech firm specialising in embedded finance solutions, has opened a new office in Jakarta, Indonesia, as part of its Asia-Pacific expansion. The Jakarta office is located in District 8, a prominent mixed-use development that includes premium office spaces. It will serve as a hub for additiv’s Indonesian operations, strengthening support for existing clients and partners while exploring new opportunities in Southeast Asia’s largest economy. Anurag Pandey, General Manager and Head of Asia Pacific at additiv, stated: “Our new office in Jakarta demonstrates our commitment to this dynamic market and our confidence in its continued growth. We look…

Databricks announced significant milestones, marking both its expansion into the Indonesian market and the closing of its Series J funding round. The company has experienced over 70% annualised growth in the ASEAN region over the past three years, driven by the rising demand for data intelligence. To meet the growing demand for data, AI, and governance in Indonesia, Databricks will launch its Data Intelligence Platform on AWS in the Asia Pacific (Jakarta) Region in early 2025. Indonesian organisations will be able to leverage this platform to drive digital transformation, enhance operational efficiencies, and unlock new business opportunities. Databricks has already…

The Financial Services Authority (OJK) of Indonesia has issued a new regulation to govern Alternative Credit Ratings (PKA), also known as Innovative Credit Scoring (ICS). This move aims to promote financial innovation and inclusion in the country while ensuring the OJK maintains a strong supervisory role over these new providers. The new regulation responds to the growing use of technology in financial services. It recognises the potential of PKA to enhance credit scoring by incorporating alternative data sources like telecommunications, utilities, and e-commerce records. This is expected to benefit individuals and small businesses with limited traditional credit histories. The regulation…

State-owned lender PT Bank Tabungan Negara (BTN) is set to acquire Islamic commercial bank PT Bank Victoria Syariah (BVIS). A conditional sales purchase agreement was signed, paving the way for BTN to acquire 100% of BVIS shares from its existing shareholders – PT Victoria Investama Tbk (80.18%), PT Bank Victoria International Tbk (19.80%), and Balai Harta Peninggalan (BHP) Jakarta (0.0016%). This acquisition will see BTN merge its Islamic Business Unit (BTN Syariah) with BVIS to establish a new, independent Islamic bank. This move aligns with regulations which mandate the separation of Islamic business units from conventional banks if their assets…

Superbank, an Indonesian digital banking venture backed by Indonesian conglomerate Emtek and ride-hailing giant Grab, is exploring the possibility of an initial public offering (IPO) in Jakarta later this year. Sources familiar with the matter, who requested anonymity, told Bloomberg that the company is in the process of selecting banks to assist with the potential share sale. The IPO could potentially raise between US$200 million and US$300 million for Superbank, with a target valuation estimated between US$1.5 billion and US$2 billion. In addition to Emtek and Grab, Superbank’s investors include Singaporean telecommunications company Singtel and South Korean digital bank KakaoBank.…

Indonesia’s Bappebti has officially handed over regulatory and supervisory responsibilities for digital financial assets, including cryptocurrencies and financial derivatives, to the Financial Services Authority (OJK) and Bank Indonesia (BI). This move aims to provide greater legal certainty and stability within the country’s evolving digital finance sector. The transfer, mandated by Law No. 4 of 2023 and Government Regulation No. 49 of 2024, will see the OJK oversee crypto assets and capital market derivatives. Meanwhile, BI will supervise derivatives related to the money and foreign exchange markets. This transition will be fully completed within 24 months. To ensure a smooth handover,…

Superbank, the Indonesian digital bank owned by Emtek Group, is set to expand its ecosystem by integrating with OVO, a digital wallet backed by Grab. By collaborating with OVO, Superbank aims to broaden its financial service offerings. OVO’s digital wallet services complement Superbank’s digital banking products, providing a more comprehensive suite of financial tools for customers. The digital bank has raised over 5 trillion rupiah (US$308 million) from investors, including a recent 1.2 trillion rupiah (US$74 million) investment from Grab, Singtel, and KakaoBank in July 2024. President director Tigor Siahaan told DealStreetAsia that Superbank plans to prioritise deepening its relationship…

Indonesian digital ecosystem GoTo has announced that CEO Patrick Sugito Walujo will remain in his role until 2029. The decision comes as GoTo reports notable financial improvements and positive adjusted EBITDA under Patrick’s leadership. In the third quarter of 2024, group core gross transaction value (GTV) rose 74% year-on-year to Rp 72.0 trillion, while gross revenue increased by 34% to Rp 4.7 trillion. Monthly Transacting Users (MTUs) also grew by 21% during the same period. GoTo’s Board of Commissioners has approved a performance-based retention package as part of the arrangement for Patrick to extend his tenure. The company achieved positive…

The Financial Services Authority of Indonesia (OJK) has announced new regulations for digital financial assets, including cryptos, as part of its transition to overseeing the sector. This move follows the mandate outlined in Law Number 4 of 2023 on Financial Sector Development and Strengthening (P2SK Law). This requires the transition of regulatory duties to OJK to be completed within 24 months of its enactment by 12 January 2025. The OJK has outlined a three-phase transition plan to ensure a smooth transfer of responsibilities from the Commodity Futures Trading Regulatory Agency (CoFTRA/Bappebti). The first phase focuses on adopting existing CoFTRA regulations,…

Bank Jago, an Indonesian digital bank, has announced a multi-year collaboration with Google Cloud to enhance its operations, products, and services through advanced data analytics and artificial intelligence (AI). The partnership involves Bank Jago and its technology partner, DKatalis, utilising Google Cloud’s BigQuery and Vertex AI platforms to improve customer experiences, streamline operations, and deliver innovative financial solutions tailored to evolving customer needs. Bank Jago reportedly serves over 14 million customers as of the third quarter of 2024. The collaboration leverages Google Cloud’s secure-by-design infrastructure, enabling the bank to scale its digital services efficiently to meet the demands of its…

Bank Indonesia has announced the successful completion of the Proof of Concept (PoC) for the wholesale Rupiah Digital under its Garuda Project. This marks a critical milestone in the central bank’s exploration of a Central Bank Digital Currency (CBDC). This phase, part of the Immediate State of Project Garuda, focused on testing a distributed ledger technology (DLT)-based wholesale cash ledger system to assess its feasibility, security, and compatibility with Indonesia’s financial ecosystem. The PoC tested two DLT platforms—Corda by R3 and Hyperledger Besu by Kaleido—evaluating their ability to support key processes such as issuance, redemption, and fund transfers. Both platforms…

Several major Southeast Asian lenders eyeing the controlling stake in Bank Pan Indonesia (Panin Bank). OCBC and CIMB have emerged as key contenders, having already submitted non-binding offers. Malaysia’s Maybank is also reportedly in the running, currently working with an advisor to evaluate a potential bid. In addition to that, two prominent Japanese banks, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp, have also expressed interest in the stake. The controlling stake is currently held by Australia’s ANZ and the founding Gunawan family of Indonesia. Reuters reports the combined holdings are valued at approximately US$2.4 billion. Indonesia’s robust economic…

Indonesian fintech company JULO has launched a new feature to ensure quick loan disbursement, introducing the “Instant Disbursement Guarantee.” With this new feature, users receive their loans within 10 minutes of approval. If delays occur, customers are compensated with a cashback of IDR 25,000. JULO reports a nearly 99% on-time disbursement rate, with cashback claims reportedly resolved promptly in rare cases of delays. The company has also introduced other services, such as Protect Plus, which offers insurance coverage for smartphone damage. Since its launch in October 2024, Protect Plus has covered over 51,000 customers and processed more than 65,000 insured…

Indonesian peer-to-peer (P2P) lending platform Amartha has completed the acquisition of PT Bosowa Multi Finance, a leasing company previously part of the Bosowa Group conglomerate, according to DealStreetAsia. The deal was carried out through PT Amartha Nusantara Raya (ANR), the holding company that oversees Amartha’s operations, including its P2P lending platform and credit scoring unit, Ascore. The acquisition reflects Amartha’s dual focus on expanding its market presence and enhancing its ability to deliver customer-focused financial solutions. According to CEO Andi Taufan Garuda Putra, the company aims to develop products that cater directly to the needs of customers and partners, leveraging…

Indonesia’s Financial Services Authority (OJK) has increased its supervision of PT Lunaria Annua Teknologi following reports of payment delays to some lenders. The company is a subsidiary of peer-to-peer lending platform KoinWorks operating as KoinP2P. The OJK has summoned KoinP2P’s management team to explain the situation and outline steps to resolve the issue, which arose from the misuse of funds by a borrower. KoinP2P management has committed to finding a resolution with lenders through rational and fair mutual agreements, in line with regulatory compliance, and to comply with all regulations. The OJK has also secured a commitment from KoinP2P’s controlling…

Indonesia’s GoTo Group has joined forces with Tencent Cloud and Alibaba Cloud in an agreement aimed at accelerating Indonesia’s digital transformation. The agreement, witnessed by Indonesian President Prabowo Subianto at the Indonesia-China Business Forum, includes major investments in cloud infrastructure and digital talent development. Tencent Cloud will establish its third Internet Data Center (IDC) in Indonesia, committing US$ 500 million to infrastructure and investment in the country by 2030. Alibaba Cloud, which already operates three data centers in Indonesia, plans to train 800,000 individuals in cloud computing and AI by 2033 and establish a skills centre at Universitas Indonesia. These…

BCA Syariah, the Islamic banking arm of Bank Central Asia (BCA), has partnered with Thought Machine to modernise its services in Indonesia. Using Thought Machine’s cloud-based platform, Vault Core, BCA Syariah has launched new products like Wadiah savings accounts, e-wallet top-up, and a Hajj Fee Deposit service. The bank also plans to introduce term deposit products and gold financing in the near future. This partnership allows the bank to offer faster and more reliable services while adapting quickly to market changes. Thought Machine is headquartered in London with operations in Singapore, New York, and is a registered entity in Indonesia.…