Indonesia

Indonesian P2P Lender Modal Rakyat Being Sued Over Loan Default Allegations

Indonesian peer-to-peer lending platform Modal Rakyat is facing a lawsuit filed in the South Jakarta district court on 20 February. According to a DealStreetAsia report, the P2P lender has been accused of defaulting on loans, putting the spotlight on its

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Indonesia’s Ajaib Kripto Witnesses Tenfold Surge in Bitcoin Trading Volume

Ajaib Kripto, the crypto trading application developed by Indonesian investment technology unicorn Ajaib, has announced a significant surge in its Bitcoin trading volume, marking a tenfold increase since the beginning of Q4 2023. According to the company, this development coincides

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AwanTunai Exceeds Series B Target, Raises US$27.5M Led by Norfund, MUIP

Indonesian fintech startup AwanTunai has successfully closed its Series B funding round, amassing US$27.5 million. The Jakarta-based company, known for its point-of-sale financing solutions aimed at digitising the nation’s predominant cash economy, has surpassed its initial target of US$25 million

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Indonesia’s Booming Digital Payments Drive Demand for Robust Mobile App Security

In the dynamic landscape of Indonesia’s digital revolution, the exponential growth of digital payments has generated an increased demand for robust mobile app security solutions. As financial institutions navigate the challenges of securing sensitive financial information and user data, a

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OJK Greenlights Sunday’s Acquisition of KSK Insurance Indonesia

Thailand-based insurtech startup Sunday has successfully acquired a 99% stake in PT KSK Insurance Indonesia, a general insurer, according to DealStreetAsia. This strategic acquisition has been greenlit by Indonesia’s Financial Services Authority (OJK), though the financial specifics of the deal

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Aspire Offers Access to Google Workspace Tools for Singapore and Indonesia SMEs

Singapore-based B2B fintech firm Aspire has announced a collaboration with Google Cloud aimed at supporting startups and small and medium-sized enterprises (SMEs) in their growth efforts. This partnership will grant these businesses access to Google Workspace tools, known for their

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Bukalapak Pulls Plug on In-House BNPL Offering

Indonesian e-commerce leader Bukalapak has phased out its buy now, pay later (BNPL) service, BukaCicilan, as of 29 February 2024. This decision reflects the broader challenges facing the BNPL sector, which has seen several service discontinuations and exits in recent

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Wise to Discontinue E-Wallet Holdings in Indonesia Amid Licensing Challenges

Online money transfer service Wise announced that its users in Indonesia will no longer be able to store funds within the app’s e-wallet, effective 23 May 2024. The Daily Social reported that this change stems from regulatory requirements as Wise

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OJK Lifts Ban on Akulaku’s BNPL Service in Indonesia

Indonesia’s Financial Services Authority (OJK) has lifted restrictions on the buy now, pay later (BNPL) service offered by fintech firm Akulaku, according to a statement from the company to Tech in Asia. This decision marks a major turnaround for Akulaku,

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wagely Raises US$23M to Boost Earned Wage Access in Indonesia and Bangladesh

wagely, an Indonesian earned wage access (EWA) firm, has raised US$23 million in a funding round comprising both equity and debt financing. The round was led by Capria Ventures with contributions from existing investors and a private debt fund. The

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