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Indosat Ooredoo Hutchison (IOH) has partnered with Bank Saqu to enhance digital financial inclusion in Indonesia by integrating banking services into IOH’s MyIM3 and Bima+ apps. This collaboration aims to serve the underbanked and unbanked populations, particularly solopreneurs, with tailored financial tools.A key feature is “Tabung Matic,” an automatic savings tool that rounds up daily transactions, allowing users to save spare change in a rewards pocket called Saku Booster, with interest rates of up to 10% per year, subject to terms and conditions.
Southeast Asian tech startups raised $909 million in Q1 2025, marking a 30.79% increase from Q4 2024 but a 9.10% decline from Q1 2024. Late-stage funding surged to $700 million, while seed and early-stage funding saw significant drops. Singapore led with $865 million, accounting for 95% of total funding.
GoTo has sold Tokopedia to TikTok, while other major e-commerce players like Shopee and Lazada remain in Indonesia. Grab is pursuing a merger with GoTo, which could streamline operations but may face regulatory scrutiny due to potential market monopoly concerns. Retaining the Gojek brand could enhance local appeal amid competition.
Manycore Tech Inc., a Chinese AI startup specializing in spatial design software, is expanding its global presence despite ongoing US-China tensions. With teams in over 10 countries and serving enterprise customers in 200 markets, the company reported 86.3 million monthly active visitors in 2024.Recognized as one of Hangzhou’s “Six Little Dragons,” Manycore filed for a Hong Kong IPO after abandoning US listing plans due to regulatory challenges. While focusing on affordability to grow its user base, the company reported a loss of 422.1 million yuan (US$58.3 million) in the first nine months of 2024.
The European Union's palm oil imports have significantly decreased, with purchases dropping to 1.872 million tons from 2.43 million tons the previous year. Key suppliers like Indonesia and Malaysia saw exports decline by 23% and 30%, respectively, while only Papua New Guinea increased its exports by 7%. The reduction is attributed to the Renewable Energy Directive (RED II), which phases out palm oil biofuels by 2030, alongside a rise in biodiesel supply from waste oils in Germany.
Citigroup's CEO Jane Fraser announced plans to allocate more global roles to India, citing the country's strong talent pool and economic growth potential. She emphasized India's competitive advantage, driven by a skilled workforce and government investments in digitization and infrastructure, positioning it as a key player in the global economy. Fraser also reassured that the rise of artificial intelligence will create new job opportunities rather than threaten existing global capability centers in India.
Asset managers are retreating from climate-related investments following the inauguration of President Trump, who has dismissed climate change and withdrawn the US from the Paris Agreement. Major firms like BlackRock and leading US banks have exited climate-focused alliances, impacting global financing for climate initiatives, particularly in vulnerable regions like Southeast Asia. This shift has led to a significant decline in support for climate resolutions and a notable withdrawal of funds from climate-focused investments, highlighting the challenges facing the sector.
RedDoorz achieved its first profitable year in 2024 by focusing on operations in Indonesia and the Philippines, withdrawing from Singapore and Vietnam, and diversifying its offerings to include upscale accommodations. Meanwhile, Indian startup Nivara secured $28 million in funding to enhance its tech platform and expand its market reach. In other news, Microsoft CEO Satya Nadella plans a visit to South Korea, and Zomato faces an insolvency petition over unpaid dues.
TikTok Shop, following its merger with Tokopedia, reported a 40% sales increase during Ramadan 2025, as shared by President Director Melissa Siska Juminto at a Jakarta event on March 17. The platform also saw a rise in local sellers and user engagement, with 72 million short videos uploaded in the first week of Ramadan, reflecting increased seller activity and promotional efforts.
The Competition and Consumer Commission of Singapore (CCCS) has not received any merger notification from Grab or GoTo, despite reports of discussions. The CCCS advised both companies to seek legal counsel to ensure compliance with competition laws, as a merger could dominate the ride-hailing market in Singapore and Indonesia. Grab has not commented, while GoTo has limited its statements to stock exchange disclosures.
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bank saqu partners with indosat to boost digital financial inclusion in indonesia
09:28 20.03.2025
southeast asian tech startups raise 909 million in first quarter of 2025
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