Indonesian visa technology startup SPUN Global and travel company Panorama JTB Tours have formed a joint venture to provide visa services for Indonesian outbound travellers. In a separate development, Bank Permata has sold its entire stake in the local entity of credit card issuer startup Honest.
PermataBank sells entire stake in Honest unit for $4.33m
Bank Permata, the Indonesia-listed company controlled by Thailand’s Bangkok Bank, has sold its entire stake in credit card issuer startup Honest’s local entity PT Honest Financial Technologies for 77.6 billion rupiah ($4.33 million), marking its exit from the fintech firm.
PermataBank sold 57,379 shares, equivalent to a 15.07% stake in Honest, to an individual buyer, Tay Yao Nan, according to its filing with IDX on Sept. 29.
The transaction follows the Financial Services Authority’s acknowledgement of PermataBank’s divestment plan on Sept. 24. Once the transaction and all conditions are completed, the bank will no longer hold any shares in Honest, the filing said.
PermataBank did not disclose the reason for the sale. It said the transaction would have no material impact on its operations, financial condition, or business continuity. The bank also said the deal does not constitute a material or affiliated transaction under OJK rules.
PermataBank’s relationship with Honest dates back to the former GE finance business in Indonesia. PermataBank acquired PT Sahabat Finansial Keluarga (SFK) from GE-related entities in 2010. SFK was later brought under Honest’s control in 2021.
In December 2021, PermataBank completed the sale of a 63.64% stake in SFK to Honest Financial Technologies International. Following the transaction and a subsequent share issuance, Honest became the controlling shareholder with a 71.21% stake, while PermataBank retained 28.79%.
The transaction effectively marked Honest’s takeover of the Indonesian financing business. In April 2022, the OJK approved the change of SFK’s name to PT Honest Financial Technologies, under which the company continued to operate as a multifinance company.
Honest was founded by Peter Panas, a former Goldman Sachs executive who worked on Apple Card, and Will Ongkowidjaja, co-founder of Alpha JWC Ventures. The company operates a mobile-first credit and savings platform in Indonesia, including its Honest Card product.
In October 2025, Honest closed an equity funding round led by Japanese credit card issuer Orico, with DealStreetAsia’s DATA VANTAGE estimating the round at about $35 million. The financing brought Honest’s total equity funding to $100 million since inception, according to the company.
Orico has invested $40 million in Honest since first joining its cap table in 2023. Other backers include Village Global and XYZ Venture Capital.
SPUN, Panorama JTB Tours form JV to expand visa services
Indonesian visa technology startup SPUN Global and travel company Panorama JTB Tours have formed a joint venture to provide visa services for Indonesian outbound travellers.
The joint venture, PT Solutopia Untuk Panorama, will combine Panorama JTB Tours’ travel network with SPUN Global’s visa processing technology. The partnership initially covers outbound travel, with SPUN already supporting Panorama JTB Tours in receiving applications, checking documents, processing, and submissions.
The tie-up comes as international travel from Indonesia continues to recover. Indonesia recorded about 802,000 outbound trips in July 2026, up 4.68% from the previous month, according to Indonesia’s statistics agency.
For SPUN, the JV gives the startup access to Panorama’s established travel business alongside its direct-to-consumer operations. SPUN partners with travel platforms including Klook, Tiket.com, Traveloka, and Trip.com, as well as more than 200 travel agents and resellers.
The company raised $1.8 million in seed funding earlier this year in a round led by Genesia Ventures, with participation from Antler, Spiral Ventures, Iterative, Kopital Ventures, and other investors. The funding will support its Southeast Asian expansion and technology development.
