By Kristie Neo
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
Indonesia has had more IPOs this year than any other country in Southeast Asia, with Malaysia a distant second. And some 24 other companies are planning to list their shares before the end of December.
PAYFAZZ is likely to secure the funding from Insignia Ventures Partners and DST Global, the Yuri Milner-owned investor in internet companies, as smaller investors, and an undisclosed lead investor.
Go-Jek has launched a new payment feature called PayLater that enables customers wanting to purchase laptops, smartphones and other goods to pay in interest-free instalments for up to a certain limit.
The sale brings Freeport close to ending more than nine years of often fractious negotiations with Indonesia over ownership rights to Grasberg.
The fund plans to invest in 30-40 startups over the next four years with check sizes ranging from $200,000 – $500,000.
Zurich Insurance is acquiring 80% stake in the Indonesian insurer from PT Bank Danamon and a minority investor.
Go-Jek co-founder Kevin Aluwi discusses an array of milestones in the Indonesian firm’s journey.