By Rieka Rahadiana
Indonesia has 115 conventional and Shariah banks and almost 1,800 rural lenders, catering to the archipelago’s more than 260 million people, data from the Financial Services Authority show.
The wave of predominantly Chinese fintech lenders, who often do not register and employ aggressive debt collection practices, is now alarming regulators.
The startup, which started its operations in August this year, marks the third project incubated within East Ventures after EV Hive and Warung Pintar.
According to the country’s Finance Minister Sri Mulyani Indrawati, the discussion with Amazon has been about the terms related to its planned investment, including matters of tax and regulations.
Rajamobil.com is owned and operated by PT King Car Media, an online media company based in Jakarta.
The Australian lender has made attempts to offload the stake at least since 2013, when new regulations made it more expensive to hold minority overseas investments.
Bukalapak, which counts Singapore’s GIC and China’s Ant Financial among its investors, trails only Alibaba-backed PT Tokopedia, according to iPrice Group.
The Hong Kong listing will allow Geo Energy to tap a wider investor base and enhance its proximity to Mainland China and Hong Kong.
The only viable way for the Chinese to make money in Indonesia is perhaps through industry consolidation. After all, Indonesia has already seen some high-profile mergers, such as Grab’s takeover of Uber’s entire Southeast Asian business this year.
The acquisition comes two months after Grab launched GrabAds to help brands build presence across its vehicle fleet and mobile app.