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Singapore's ride-hailing industry faces a significant driver shortage, exacerbated by rising costs and diminishing incentives, leaving fewer drivers available during peak demand times. As tourism is set to increase, platforms like Grab and GoJek struggle to meet the growing need for rides, while drivers explore better employment options.
Shopee will discontinue standard and economy delivery services from J&T Express in Indonesia starting in April, while J&T Cargo will remain available for larger parcels. This decision, communicated to sellers since March, does not impact other markets, and Shopee continues to partner with ten other logistics providers.
Seabank Indonesia has reported a remarkable 57% growth in profits, showcasing its strong performance in the financial sector. This significant increase highlights the bank's effective strategies and resilience in a competitive market. The results reflect a positive outlook for the institution moving forward.
Morgan Stanley's recent report highlights strong net new money in HSBC HOLDINGS' wealth management sector, with optimism for defensive banks in Hong Kong and Singapore. CEO Georges Elhedery noted that corporate investment banking (CIB) is crucial for non-interest income, despite potential growth risks from policy uncertainty.
HSBC chair Sir Mark Tucker stated that "globalisation as we knew it may have now run its course," citing trade and geopolitical tensions that could reshape economic ties among regional groups and trade blocs. He emphasized that while the world won't regress into de-globalisation, new opportunities will arise, particularly among the expanding Brics group, which now includes additional countries like Iran and the UAE. Tucker noted that economic connectivity between Asia and the Middle East is expected to increase significantly in the coming years.
The prepaid card market is projected to grow from $24.91 billion in 2024 to $28.37 billion in 2025, driven by regulatory changes, consumer preferences, and financial inclusion initiatives. By 2029, the market is expected to reach $46.16 billion, with trends highlighting enhanced security, sustainability, and digital wallet integration. The increasing use of prepaid cards for online purchases and innovative products like Neokred are further fueling this growth.
Indonesia's new sovereign wealth fund, Danantara, has unveiled its advisory team, which includes notable figures such as former Presidents Joko Widodo and Susilo Bambang Yudhoyono, economist Jeffrey Sachs, hedge fund manager Ray Dalio, and former Thai Prime Minister Thaksin Shinawatra. Launched to support a US$900 billion asset management strategy, Danantara aims to drive 8% economic growth by 2029 through the consolidation of state-owned enterprise shares and reinvestment in key sectors like natural resources, AI, energy, and food security. CEO Rosan Roeslani expresses confidence that the high-profile advisory board will enhance market sentiment and job creation.
Fore Coffee has filed for an IPO amid a temporary trading halt on the local exchange due to a market dip. The company plans to use the funds for expansion, targeting 60 new stores this year, including a second location in Singapore.In other news, Grab is expanding its grocery segment in Malaysia, which has outpaced its food delivery growth for two consecutive quarters. The company is acquiring Everrise to enhance its presence in the grocery market, despite challenges in profit margins.
Indonesia's startup funding plummeted by 66% in 2024, the largest decline among six Southeast Asian nations, with total investments dropping to US$437.8 million and the number of deals falling by 34% to 85. The country's share of regional funding decreased to 9.6%, and for the first time in six years, no new unicorns were created.
Bank Jago reported a remarkable growth in 2024, reaching 15.3 million customers, including 12.1 million Jago App users, a 50% increase from the previous year. This surge contributed to a 56% rise in third-party funds, totaling 18.8 trillion rupiah, while net profit after tax soared by 78% to 129 billion rupiah.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
driver shortages challenge singapore's booming ride-hailing industry
10:30 25.03.2025
Shopee ends J&T Express delivery services in Indonesia starting April
08:48 25.03.2025
Seabank Indonesia reports impressive 57 percent profit growth
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Morgan Stanley highlights strong wealth management growth amid uncertain market outlook
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07:34 25.03.2025
globalisation may be ending as trade tensions reshape economic ties
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prepaid card market poised for rapid growth driven by consumer demand and innovation
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11:11 24.03.2025
Indonesia's Danantara unveils high-profile advisory team for asset management strategy
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10:40 24.03.2025
fore coffee plans ipo amid market volatility and expansion efforts
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08:00 24.03.2025
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