Sea Ltd. and Gojek are snapping up Indonesian lenders, betting they can make headway into one of the world’s largest unbanked markets.
The buying spree is set to continue as financial technology firms set their sights on the nation’s more than 175 million Internet users, many of whom rely on online banking services. Sea has purchased PT Bank Kesejahteraan Ekonomi this year, while Gojek made its biggest fintech investment by spending about $160 million to boost its stake in PT Bank Jago in December.
While Indonesia is by far the largest fintech market in Southeast Asia, it’s one of the few that don’t license digital-only banks. The U.K., Hong Kong and Singapore have allowed virtual lenders, while neighboring Thailand and the Philippines are actively studying the matter. That means acquisitions are the only way into Indonesia and the Financial Services Authority is pushing for more consolidation among its more than 1,600 commercial and rural banks in lieu of issuing new licen
Indonesia hits 1 million coronavirus cases as health experts criticise Government s response
TueTuesday 26
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TueTuesday 26
Many in Indonesia fear the number of COVID-19 cases will continue to grow.
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Indonesia has recorded 1 million official COVID-19 cases, according to the country s health ministry, just a day after President Joko Widodo said the country had successfully handled the pandemic.
Key points:
Experts say Indonesia should have implemented stricter health protocols to contain the virus
They are criticising the Government for trying to prevent panic through positive messaging that does not have a scientific basis
Indonesia has only recently met the WHO s minimum daily testing requirements
Indonesia has recorded more than 1 million official COVID-19 cases, according to the country's health ministry, just a day after President Joko Widodo said the country had ""successfully"" handled the pandemic.
JAKARTA (The Jakarta Post/ANN): The government has unveiled a draft presidential regulation, derived from the recently passed Job Creation Law, that offers leeway for foreign investment in tech-based start-ups in special economic zones (SEZs).
The draft, which is available on the official website of the jobs law, stipulates that foreign investment in start-ups located in an SEZ will be exempted from the minimum requirement of more than Rp 10 billion (US$710,111) applied to other types of foreign investment.
This is expected to strengthen the tech start-up ecosystem, the article reads. The regulation will further ease the process for start-ups to hire foreign workers without being required to have a government-approved plan to use foreign employees, which is included in an article of the jobs law.
Jokowi replaces Indonesia s health minister as Covid deaths spike businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.