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Southeast Asia's payments landscape is rapidly evolving, with non-digital payment methods declining to just 13% of ecommerce transactions in 2023, projected to drop to 6% by 2028. The region's ecommerce market, valued at $137 billion, is expected to grow to $325 billion, driven by cross-border commerce and new payment methods like digital wallets and buy now, pay later options. However, merchants face challenges in navigating cross-border payments, including integration, fraud prevention, and transaction fees, necessitating the use of payment service providers for effective solutions.
GoTo Group reported a 93% increase in net revenue for 2024, achieving positive annual adjusted EBITDA for the first time, despite remaining loss-making. The fintech segment, including lending and GoPay, drove growth with a 95% revenue increase, while outstanding consumer loans surged 2.7 times. The company is in merger talks with Grab, aiming for greater market share amid Indonesia's economic challenges.
Indonesian agritech firm Elevarm has secured $4.25 million in a pre-series A funding round led by Intudo, with contributions from Insignia Ventures Partners and 500 Global. The funding will be used to develop new agricultural inputs, expand seedling options, and launch AI-driven digital tools to enhance farming practices. Founded in 2022, Elevarm specializes in horticulture and has supported over 15,000 farmers across West Java, Central Java, and Yogyakarta.
Indonesian agritech firm Elevarm has secured $4.25 million in a pre-series A funding round led by Intudo, with contributions from Insignia Ventures Partners and 500 Global. The funding will be used to develop new agricultural inputs, expand seedling options, and launch AI-driven digital tools to enhance farming practices. Founded in 2022, Elevarm specializes in horticulture and has supported over 15,000 farmers across West Java, Central Java, and Yogyakarta.
Southeast Asia's earned-wage access (EWA) sector sees its first exit as Kredivo acquires GajiGesa for about US$12 million, despite the latter's valuation drop. While this signals growing interest from major fintech firms, many EWA startups face challenges in achieving sustainable growth amid high operational costs and lengthy onboarding processes.
VinFast has partnered with Bank Negara Indonesia (BNI) to boost electric vehicle adoption in Indonesia. The memorandum of understanding, signed during the Vietnam-Indonesia High-Level Business Dialogue, includes financial solutions from BNI and special pricing for BNI employees from VinFast. Both organizations will also launch public awareness campaigns to promote EVs as VinFast expands its presence in the Indonesian market.
FlyOro, based in Singapore, is collaborating with airports to implement modular sustainable aviation fuel (SAF) blending systems, enabling producers to offer both standard and customized SAF without disrupting existing operations. Despite its potential to reduce emissions, SAF faces challenges such as high costs—2x to 4x more than conventional jet fuel—and varying regulatory support across regions, with Singapore's SAF mandate not starting until 2026. Startups in this sector must focus on efficient scaling and proving SAF's viability in a traditionally slow-moving industry.
FlyOro, based in Singapore, is collaborating with airports to implement modular sustainable aviation fuel (SAF) blending systems, enabling producers to offer both standard and customized SAF without disrupting existing operations. Despite its potential to reduce emissions, SAF faces challenges such as high costs—2x to 4x more than conventional jet fuel—and varying regulatory support across regions, with Singapore's SAF mandate not taking effect until 2026. Startups in this sector are focusing on efficient scaling and proving SAF's viability in a traditionally slow-moving industry.
Indonesia's President Prabowo Subianto announced a mandatory Eid holiday bonus for online motorcycle taxi and delivery drivers during a press conference on March 10. The bonuses, which will be determined by the Ministry of Manpower, are to be distributed in cash and reflect drivers' activity levels. This announcement comes amid discussions of a potential merger between Gojek and Grab.
The recent eFishery scandal raises concerns about the ability of VCs, including Temasek, to prevent future frauds. To mitigate risks, investors should involve local experts in due diligence, verify revenue through investigative audits, and establish whistleblower frameworks within portfolio firms.In other news, Israeli AI firm Alta has secured $7 million in seed funding to enhance its virtual agents, while Tencent's AI chatbot Yuanbao tops the charts in China's iOS App Store. Sea Group reports a 36.9% revenue increase for Q4 2024, reaching $4.95 billion.
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southeast asia's evolving payments landscape opportunities and challenges for merchants
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03:00 17.03.2025
GoTo reports strong revenue growth while navigating Indonesia's economic challenges
10:00 13.03.2025
Indonesian agritech firm Elevarm secures 4.25 million dollars in funding
03:48 13.03.2025
Indonesian agritech firm Elevarm secures 4.25 million dollars in funding
03:48 13.03.2025
Ewa startups face challenges as consolidation trends emerge in Southeast Asia
02:00 13.03.2025
VinFast and BNI partner to boost electric vehicle adoption in Indonesia
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sustainable aviation fuel adoption faces challenges in cost and regulation
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sustainable aviation fuel adoption faces challenges in cost and regulation
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08:00 11.03.2025
Indonesia mandates holiday bonuses for Gojek and Grab drivers ahead of Eid
14:23 10.03.2025
investors seek strategies to prevent future fraud scandals in startups
10:30 06.03.2025
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