By Aastha Maheshwari
The Indonesia deal likely forms part of the firm’s global strategy of divesting from non-core services in its portfolio.
Passpod’s IPO this month will make it the fourth tech startup in Indonesia to go public after Kioson, M Cash and NFC Indonesia.
The Pacific Blockchain Research Institute is being set up in Indonesia while Facebook has launched its Startup Station initiative in Singapore.
DIVA is poised to become the third tech startup Kresna has taken to IPO in two years.
Indonesia’s state-owned pawn shop Pegadaian has announced the launch of a fintech unit, G5TAR.
Moka recently closed a $24-million Series B funding round led by Sequoia India and joined by SoftBank Ventures Korea, EDBI, EV Growth, Mandiri Capital, Convergence and Fenox.
Fear of foreign influence simmers in Indonesia (understandably so after decades of being colonized) and the pot gets stirred in election season.
Ellis said that the currency volatility and low household savings in SEA will push P2P lenders to collaborate with players with bigger pools of cash. In markets like Indonesia and the Philippines, these will be financial institutions and banks.
It is understood that Go-Jek filed its application for launching services in Philippines on August 13, oblivious of the memorandum that had been put in place just days earlier. The Philippines, along with Thailand and Singapore, are among the four Southeast Asian countries Go-Jek has identified as their target markets for expansion.
The stake sale, which could value the venture at between $250 million and $300 million, has also received second-round bids from insurer FWD Group, Singapore-listed Great Eastern Holdings, and Indonesia’s Sequis Life