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Indonesia's economic challenges are highlighted by a 6% plunge in the IDX composite index, raising concerns about market stability and investor confidence. Despite this, tech firms like GoTo and Bukalapak showed resilience, while the weakening rupiah may affect valuations for startups. Meanwhile, SkyeChip in Malaysia secured funding for semiconductor development, and notable developments include Meesho's profitability and Chagee's IPO plans in the US.
Blibli, an Indonesian omnichannel commerce platform, reported a 14% year-on-year revenue growth for 2024, with a remarkable 41% increase in Q4. Direct sales surged by 66% to 859 billion rupiah, while marketplace sales rose 26%, driven by heightened customer demand. The company enhanced its logistics with a new warehouse for two-hour delivery in 48 cities and reduced operating losses by 34%, showcasing its commitment to efficiency and innovation.
Grab Indonesia has introduced Bayarin, a new feature enabling users to pay digital bills for others via a single payment link, marking the country's first Request to Pay (RTP) service. This feature supports various payments, including mobile top-ups, electricity, and health insurance, and allows users to send payment requests through messaging platforms like WhatsApp. Hadi Koe, Head of Marketing Platform at Grab Indonesia, noted that half of Grab’s digital transactions are made for others, underscoring Bayarin's potential to simplify family bill payments.
WeLab Bank, based in Hong Kong, is set to expand into the Philippines, Malaysia, and Vietnam after achieving monthly breakeven in December 2024. The bank aims for profitability in Indonesia and Thailand within three to five years, targeting the larger Southeast Asian market despite its lower affluence.Meanwhile, Bank Jago, Indonesia's first fully digital bank, reported a 78% increase in net profits to US$7.8 million and a customer base of 15.3 million by the end of 2024. The bank is leveraging partnerships and AI to enhance customer experience and grow its loan portfolio, despite facing stock price challenges.
Since President Prabowo Subianto took office in October, Indonesia's stock market has declined, and the rupiah has reached its lowest point since the 1997-1998 financial crisis. Despite his promises to boost economic growth to 8%, investors are worried about the country's fiscal health and signs of democratic regression.
Shareholders of XL Axiata, Smartfren Telecom, and Smart Telcom have approved their merger, creating a new entity named XLSmart, which will serve over 94.3 million subscribers. The merger, backed by regulatory approvals, is expected to generate annual revenue of 45.8 trillion rupiah (US$2.76 billion) and an EBITDA of 22.5 trillion rupiah (US$1.35 billion). Axiata Group and Sinar Mas will each hold a 34.8% stake, with Rajeev Sethi appointed as President Director and CEO.
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.
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.
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.
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.
Indonesian Rupiah
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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