Indonesia
PAYFAZZ Invests US$30 Million in Xfers to Form New Entity Fazz Financial Group
Indonesian fintech startup PAYFAZZ announced that it has invested US$30 million in Xfers, Singapore-headquartered counterpart to form a new financial entity called Fazz Financial Group (FFG). PAYFAZZ said that both companies will retain their respective names whilst operating under the
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OVO’s CEO Provides an Insiders’ Look into Indonesia’s Thriving Fintech Scene
Indonesia is considered the crown jewel for many fintechs looking to expand to the ASEAN market. Over the past 15 years, Indonesia has made remarkable progress in reducing poverty which is now below 10%, according to the World Bank. During
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Indonesian E-Wallet OVO Rolls Out in-App Investment Product
Indonesian e-wallet unicorn OVO has tied up with Manulife Aset Manajemen Indonesia (MAMI) and its strategic partner Bareksa to roll out an instant redemption mutual fund. OVO claims that this offering is the first of its kind in Indonesia. The
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Investors Bullish on Indonesia’s Fintech Sector
Fintech continued to lead Indonesia’s startup funding landscape in 2020, making up for most of the money raised that year, ahead of software-as-a-service (SaaS) and e-commerce. 2020 marked the fourth year where fintech dominated the amount of funding in the
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Standard Chartered Partners Bukalapak to Launch Digital Banking Offerings
Standard Chartered has formed a strategic partnership with Bukalapak to launch digital banking offerings which will be hosted on the nexus platform which is a banking-as-a-service solution by SC Ventures. Through this partnership, Standard Chartered and Bukalapak aims to bring
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Indonesian Fintech BukuKas Raises US$ 10M in Sequoia Capital India Led Round
BukuKas, a digital platform and app for digitising SMEs in Indonesia, has raised USD 10 million during its Series A funding round led by Sequoia Capital India, bringing the total funds raised to USD 22 million. Existing investors Saison Capital,
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ZA Tech Forms Insurtech Joint Venture With Indonesian E-Wallet OVO
ZA Tech, the Hong Kong-based technology venture founded by insurance company ZhongAn Online and backed by Softbank’s Vision Fund, announced that it has formed a joint venture with the holding company of e-wallet OVO, to offer Indonesian insurance companies easy
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Gojek Makes Financial Push in Indonesia With 22% Stake Acquisition in Bank Jago
Gojek has acquired 22% of Indonesia’s Bank Jago as part of a strategic partnership to offer financial services in Indonesia. The investment, made through Gojek’s payments and financial services arm, will reportedly be worth 2.25 trillion Indonesian rupiah (US$159 million).
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Indonesia Fintech Report and Map 2020
Indonesia has the world’s 16th largest economy and is the world’s fourth most populous country with 274 million people, out of these 84% below the age of 54. With Internet penetration standing at 67% and financial inclusion remaining a key
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Grab Doubles Down in Indonesia With Investment in E-Wallet LinkAja and New Tech Center
Grab doubles down on Indonesia by leading a Series B funding round worth US$100 million in Indonesian e-wallet LinkAja and the establishment of a new Tech Center. The funding round includes investments from Telkomsel, BRI Ventura Investama, and Mandiri Capital
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