Indonesia’s GoTo ropes in former OneConnect executive as CFO

GoTo Group, the holding entity formed from the merger of Indonesia’s most valuable tech companies Gojek and Tokopedia, has appointed OneConnect former executive Jacky Lo as its chief financial officer, the company said in a release.

At Ping An-affiliated OneConnect, too, Lo was the CFO, leading the company to its New York Stock Exchange (NYSE) listing in 2019. Prior to that, he was the CFO and treasurer of Yum China Holdings Inc, one of the largest restaurant companies in China, where he managed a finance team of over 600 employees and led the company’s NYSE listing in 2016.

Following his appointment, Lo will be based in Jakarta where he will lead the company’s finance function and teams across all areas including tax, treasury, financial planning, accounting, and procurement. He will report to GoTo Group CEO Andre Soelistyo.

“Jacky’s proven track record in strategic thinking and building financial functions for high-growth companies, makes him the ideal partner to join our leadership team as we look to execute our next phase of development and accelerate growth on our path to becoming a listed company,” said Soelistyo in the statement.

Other than Soelistyo who leads as group CEO, GoTo’s leadership group also comprises Tokopedia president Patrick Cao serving as GoTo Group President, Kevin Aluwi as CEO of Gojek, and William Tanuwijaya as CEO of Tokopedia.

GoTo Group was formed on May 17, 2021 through the combination of Gojek, Southeast Asia’s leading mobile on-demand services and payments platform, and Tokopedia, the leading online marketplace in Indonesia.

The transaction, which follows months of negotiations and comes ahead of a planned dual listing, in Indonesia and the US, is the largest between two Asia-based internet media and services companies to date, according to a joint statement. 

Based on independent valuations of Gojek (valued at $10.5 billion) and Tokopedia ($7.5 billion) before the merger, GoTo is worth at least $18 billion.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.