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Tag: Indonesia

  • Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesian e-commerce firm Bukalapak is keen to raise as much as US$800 million in an initial public offering (IPO) in August, two people with knowledge of the matter said, the first of two big tech listings in Jakarta this year that will add long-sought luster to the local bourse.

    A mid-year debut could see it become Indonesia’s biggest listing in 10 years and the largest ever for the country by a startup. But those milestones will likely later be overtaken by the planned listing of GoTo – a new company to be formed by the merger of e-commerce rival Tokopedia and ride-hailing and payments firm Gojek.

    Tapping a sharp pick-up in investor interest in Southeast Asia’s rapidly expanding technology sector, Bukalapak, the country’s No 4 e-commerce firm, is aiming to sell 10 to 15 percent of the company and wants a valuation of between US$4-5 billion, the people said.

    A confidential listing prospectus has been submitted to the Indonesia stock exchange, one of the sources said.

    Proceeds from the offering could range between US$500 million and US$800 million depending on investor demand and market conditions, said the sources who were not authorized to speak on the matter and declined to be identified.

    Bukalapak, which said in 2019 it was valued at more than US$2.5 billion, declined to comment.

    The 11-year-old startup which claims to have more than 100 million users has a plethora of big-name investors backing it including Microsoft, Singapore sovereign wealth fund GIC, local media conglomerate Emtek, the investment arm of Standard Chartered, and South Korean web portal Naver Corp.

    Bukalapak was originally aiming to raise US$300 million from its domestic listing before looking to merge with a special purpose acquisition company (SPAC) in the United States, but it is now focusing solely on its IPO, one of the sources said.

    The listing, which sources say is set to take place mid-August, is a victory for Indonesia’s bourse which has been conducting an extensive charm offensive to convince the country’s thriving startups to list locally instead of heading to the US.

    Stagnant for many years, Indonesia’s total IPO deal value took a further hit during the coronavirus pandemic, more than halving in 2020 to US$470 million, Refinitiv data showed. So far this year, 15 companies have raised a combined US$125 million via IPOs.

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  • Bank Jago Partners Mambu and Google Cloud for Digital Bank

    Bank Jago Partners Mambu and Google Cloud for Digital Bank

    The strategic partnership allows the bank to operate in the cloud in Indonesia, where banking data must remain in-country, according to an announcement this week.

    The digital bank will use Mambu’s SaaS banking platform and Google Cloud to offer new services to meet the needs and demands of Indonesian customers.

    Bank Jago launched its smartphone app in April 2021 in Indonesia, home to the fourth-largest unbanked population globally.

    Its service offerings include everyday transactions and payments, and the bank has plans to branch out into SME lending.

    Bank Jago believes that technology is not only providing new experiences to its customers, but it also enables the bank to operate efficiently, and to constantly create innovative breakthroughs, Kharim Siregar, Bank Jago president director, said in the announcement

    Formerly known as Bank Arto, Bank Jago is backed by the likes of super app Gojek, which recently increased its stake in the lender, as well as Singapore state investor GIC.

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  • Indonesia Tech Giants Complete Merger

    Indonesia Tech Giants Complete Merger

    Indonesia headquartered on-demand multi-service platform and digital payment technology group Gojek and e-commerce platform Tokopedia have completed Indonesia’s largest-ever deal to create GoTo, Southeast Asia’s largest privately held technology firm.

    Amid growing competition among e-commerce platforms and super-apps, Gojek and Tokopedia giants have merged to form a multi-billion dollar company that will span e-commerce, e-payments, courier services, ride-hailing, food delivery, and other services.

    The merger will increase financial inclusion in an emerging region with untapped growth potential, Gojek co-CEO Andre Soelistyo, who will become CEO of GoTo, said in an announcement on Monday.

    The deal was backed by investors including Alibaba, SoftBank, Singapore sovereign wealth fund GIC, Alphabet’s Google, and Tencent. Gojek’s shareholders will own 58 percent of the holding company with the balance held by Tokopedia’s investors, Reuters reported, citing sources.

    Gojek and Tokopedia plan to remain separate but work together on payments, logistics, and food deliveries, they said in the announcement. Tokopedia president Patrick Cao will become GoTo’s president, while Kevin Aluwi will continue as CEO of Gojek, and William Tanuwijaya will remain CEO of Tokopedia.

    The two sides have considered a potential merger since 2018, but talks accelerated after plans for Gojek to merge with regional rival Grab fell through. The group, which is estimated to have a combined worth of $40 billion, plans to list in Indonesia and the United States later this year.

    The group’s payments arm currently owns 22 percent of Indonesia’s Bank Jago, and acquired mobile payments startup Moka in 2020. The group also has partnership deals with more than 20 banks and financial institutions.

    Indonesia’s digital economy expected to grow to $124 billion by 2025, according to a study by Google, Bain, and Temasek. About half its population of 270 million are currently unbanked.

    However, competition remains the form of Grab, which has also set its sights on the digital economy of the world’s fourth most populous nation.

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  • Indonesia retail sales down 14.6 percent in March

    Indonesia retail sales down 14.6 percent in March

    Retail sales in Indonesia fell at a slower pace of 14.6per cent on annual basis in March, compared with an 18.1per cent fall in February, a central bank survey showed on Tuesday.

    Stronger fuel sales were supportive, although sales of clothes and recreational amenities continued to show drops during the month, the survey showed.

    Bank Indonesia, which had forecast a 17.1per cent drop in sales in March, is predicting a 9.8per cent increase in April.

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  • OCBC Posts Record High Quarterly Net Profit

    OCBC Posts Record High Quarterly Net Profit

    The quarter’s earnings were driven by broad-based income growth and lower allowances. OCBC Bank recorded a net profit of S$1.5 billion ($1.13 billion) for the January-March period, a jump of 115 percent from the same period last year (S$698 million), and 33 percent higher than the preceding quarter (S$1.13 billion), according to financial results posted on Friday.

    The bank said the record quarterly profit was driven by broad-based income growth and lower allowances. OCBC hit a new high in fee income (S$585 million), while making a far smaller allowance compared with the year-ago period (S$161 million vs. $657 million). Performance was also boosted by its insurance arm Great Eastern, which reported a twelvefold increase in profits this quarter.

    Income from wealth management, comprising insurance, premier and private banking, asset management and stockbroking, rose 40 percent to S$1.21 billion – 41 percent of the group’s total income.

    Assets under management at Bank of Singapore, its private banking arm, rose 1 percent from the previous quarter to reach $123 billion as at 31 March 2021.

    OCBC highlighted growing momentum from renewed market optimism across its businesses, as well as improved quarterly earnings from its overseas banking subsidiaries.

    While we remain watchful of the prevailing risks in the operating environment, our strong balance sheet and capital position will enable us to capitalize on opportunities arising from improved economic conditions, particularly in ASEAN and Greater China,» OCBC chief Helen Wong said.

    Earnings at Singapore’s «big three» local banks all beat analyst estimates (DBS: S$1.44 billion, OCBC: S$1.13 billion, UOB: S$891.4 million, according to Refinitiv).

    DBS, which announced its first-quarter results last week, also experienced a strong quarter, doubling its income from the quarter before to reach S$2.01 billion and posting record wealth management fees.

    UOB’s earnings grew to S$1 billion for the same period – up 46 percent on the back of strong fees, trading and investment income.

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  • Gojek Vietnam drives past a driver milestone

    Gojek Vietnam drives past a driver milestone

    The number of motorbike taxi drivers riding for ride-hailing firm Gojek Vietnam has crossed the 200,000 mark with millions of commuters using its app.

    Competitor Be said last month it had 100,000 motorbike and car drivers.

    Singapore’s Grab, the market leader, has not released its driver figures for the two years. It had reported in May 2019 that it had 195,000 driver associates in Vietnam.

    But Gojek and Grab have different interpretations of their figures. Gojek’s 200,000 drivers are “registered and active,” meaning they have recently turned on their apps, but it does not necessarily mean they have necessarily served a customer.

    Grab drivers are categorized as “transacting users,” or those who have served a customer in a recent period of time.

    Gojek is currently focused on three services – motorbike rides and delivery of goods and food. Grab and Be have all of these three services plus car rides.

    Gojek entered Vietnam in August 2018 as GoViet. The company became Gojek Vietnam last year.

    Vietnam’s transport and food Internet market grew by 50 percent year-on-year to $1.6 billion last year, according to a study by Google, Temasek and Bain & Company.

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  • Citigroup to exit consumer banking in Vietnam

    Citigroup to exit consumer banking in Vietnam

    America’s Citigroup will exit 13 international consumer banking markets, including Vietnam, to shift its focus to four wealth centers.

    The move is part of the bank’s strategic decision to direct investments and resources to businesses with the greatest scale and growth potential, it stated, adding its main markets will include Singapore, Hong Kong, the United Arab Emirates and London.

    Apart from Vietnam, 12 other markets to be affected are Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand.

    “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”

    The bank has not specified when it would leave Vietnam.

    Citigroup in 1994 became the first U.S. financial institution licensed to open a branch in Hanoi. It opened its second branch in Ho Chi Minh City in 1998.

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  • Ooredoo Group Announces USD750 million Deal for Sale of More Than 4,200 Telecoms Towers in Indonesia

    Ooredoo Group Announces USD750 million Deal for Sale of More Than 4,200 Telecoms Towers in Indonesia

    Ooredoo  today announced that its Indonesian operating company, PT Indosat Tbk. (“Indosat Ooredoo”), has signed a sale and leaseback agreement with PT EPID Menara AssetCo (“Edge Point Indonesia”) for more than 4,200 telecommunications towers.

    PT EPID Menara AssetCo is an Indonesian subsidiary of Edge Point Singapore, which is wholly owned by Digital Colony, a leading global digital infrastructure investor with extensive experience owning and operating cellular towers.

    Indosat Ooredoo has agreed to sell this portfolio of towers in a transaction valued at USD 750 million, including a supplementary offer, making it one of the largest deals of its kind in Asia. The sale will unlock capital to create value for shareholders and continue to build Indosat Ooredoo’s strong growth momentum through improvements to network performance and the launch of innovative new digital solutions to enhance the customer experience.

    The sale is part of Ooredoo Group’s strategy to move to a more efficient and flexible asset light model and unlock the trapped value of its infrastructure portfolio. Prior to this deal, Ooredoo had a global portfolio of approximately 27,000 owned towers, representing an infrastructure portfolio of significant value for the Group. Monetising these assets to create more value for both shareholders and customers is a key focus of Ooredoo’s current strategy.

    Aziz Aluthman Fakhroo, Managing Director of Ooredoo Group, said: “Congratulations to Indosat Ooredoo on this sale and leaseback agreement with Edge Point Indonesia, which aligns perfectly with our new strategy and its focus on creating more value for shareholders and customers. This strategy incorporates a shift towards an asset-light model that will help us unlock significant capital and enable us to focus on our core mission of delivering outstanding digital and enterprise services to our customer base. I extend our gratitude to the Government of Indonesia for its progressive policies that leave a positive impact on the industry, its operators and its people.”

    Edge Point Indonesia was declared the winning bidder of a competitive tender process conducted by Indosat Ooredoo. The transaction is expected to close in Q2 2021 subject to customary conditions, including shareholder approval by Indosat Ooredoo at an EGM, which is planned to be held on May 6th. Indosat Ooredoo will lease back space on the towers for a period of 10-years to meet its ongoing requirements.

    President Director and Chief Executive Officer of Indosat Ooredoo, Ahmad Al Neama, added: “I am delighted that Indosat Ooredoo has agreed this deal, which furthers our strategy to create more value from our infrastructure assets. The deal marks the third and final sale of assets from our high-quality tower portfolio and continues our transition into a leading digital telecoms company. We are confident the leaseback agreement, with its attractive terms, will continue to meet our ongoing tower needs, while the capital that we have unlocked will provide further fuel to power our growth momentum. Indosat Ooredoo and Edge Point Indonesia will work closely together going forward and build a strong and long-lasting strategic partnership.”

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  • New Levi’s store in Indonesia is its largest in SEA

    New Levi’s store in Indonesia is its largest in SEA

    The store represents the brand’s largest store yet in Southeast Asia, and features the brand’s new ‘Next Gen’ design concept.

    The new store is located in Grand Indonesia East Mall and features a range of technology features including Levi’s first associate ordering system, which is part of a broader omni-channel shopping experience. The new store also features a Tailor Shop where customers are able to customize their own items; options available include embroidery, hemming and alterations. Customers can also create their own t-shirt at the store’s print bar.

    Sameer Koul, Country Manager at Levi Strauss Indonesia, commented: “We are focused on bringing a highly personalized shopping experience to consumers and in a large format. This store can embody a bold brand image and vision for Indonesia. Levi’s Next Gen Store offers the most diverse products and brings our brand story to life with the feeling of being in a theatre.”

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  • Validus’ Indonesia Arm Wins Lending License

    Validus’ Indonesia Arm Wins Lending License

    The platform, which caters to the financing needs of micro, small, and medium enterprises (MSMEs) in the country, experienced strong growth in 2020.

    Batumbu, a subsidiary of Singapore-based Validus, has received regulatory approval to operate as a licensed digital financing platform in Indonesia, it announced in a statement.

    With the license, the startup will ramp up efforts to improve financing access and financial literacy within business ecosystems across provinces in Indonesia, Jenny Wiriyanto, CEO of Batumbu said.

    Batumbu has disbursed over S$207 million ($153.76 million) to MSMEs since starting its operations in April 2019. In the past year, it has grown by some 650 percent as MSMEs pivoted their businesses amid the COVID-19 pandemic.

    The strong performance is expected to continue as economic recovery and activity picks up, Validus said.

    Our “glocal” structure gives us a strategic advantage in implementing best practices, strong credit models and governance framework across our markets, Ajit Raikar, Validus’ co-founder and executive chairman, said in the announcement.

    Launched in 2015, Validus has since facilitated over S$775 million in SME financing through its entities in Singapore, Indonesia, Vietnam, and most recently, Thailand.

    Validus is backed by the likes of Netherlands development bank FMO and Temasek Holdings’ Vertex Ventures and Vietnam’s VinaCapital.

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  • Ted Baker appoints new Indonesian distributor

    Ted Baker appoints new Indonesian distributor

    The MENA deal is actually an extension to the current retail agreement Ted Baker has with Al-Futtaim Group but adds in new e-commerce and wholesale rights for the region. The all-new 10-year Indonesia dealx has been signed with PT Mitra Adiperkasa (MAP) for the retail license.

    The fellow-10-year Al-Futtaim agreement now means MENA will be Ted Baker’s first full omnichannel territory operated by a license partner. The complete integrated package across retail, digital and wholesale channels “is a key pillar of the group’s three-year transformation plan… which is designed to deliver a more profitable, more cash generative and higher return on capital employed business”, Ted Baker said.

    Al-Futtaim currently operates 24 Ted Baker stores and concessions across Bahrain, Egypt, Qatar, Saudi Arabia, and UAE. The addition of e-commerce and wholesale rights will aim to further strengthen the customer experience of the brand in the region, they said. Specific benefits to customers will include alignment of pricing and promotions across channels, and an improved e-commerce proposition with shorter delivery times, and ship-from-store and click-and-collect services.

    Meanwhile, under the terms of its retail and selective digital rights agreement, MAP has “committed to an ambitious store and concession opening plan and will sell via selective online platforms in Indonesia”. This expanded distribution will build brand awareness in the Asian region alongside the five other license partners and the group’s China JV, Ted Baker noted.

    Following these new license agreements, Ted Baker will have 17 retail license partners and 20 product license partners across the globe.

    Helen Costello, Group Commercial and Business Development Director at Ted Baker, said: “Having worked with the Al-Futtaim team for many years, we know they have an excellent understanding of Ted Baker and our customers. Al-Futtaim’s experience also means that they are particularly well-placed to fully realize the significant growth potential from the accelerating consumer shift to online channels in the region”.

    She added: “MAP is the leading retail expert in Indonesia, and they have the right team and experience in place to build on the strong foundations that are already in place. It is a testament to the strength of our brand that we continue to partner with the leading experts in their relevant categories across the world”.

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  • Indosat Ooredoo partners Play2Pay to boost mobile gamification experience

    Indosat Ooredoo partners Play2Pay to boost mobile gamification experience

    Indosat Ooredoo and Play2Pay, Inc. have entered a partnership to launch Adsgift, a platform that provides a unique, exciting, and personalized gamification experience for its users. Adsgift enables users to find out about the latest trends in the market, gets the latest updates on content and games, and provides an opportunity for users to gain various attractive rewards.

    This partnership is in line with Indosat Ooredoo’s efforts to become Indonesia’s leading digital telecommunications company that supports the digital economy, enabling producers and customers to gain more digitization benefits through platforms provided.

    Ritesh Kumar Singh, Chief Commercial Officer of Indosat Ooredoo, said, “Indosat Ooredoo is committed to providing the best digital experience for users and offering products that have an added value. We understand that customers face challenges of going outside due to this pandemic, but they can still be productive by utilizing digital technology. Therefore, through Adsgift, we hope that people can get an added value through mobile gamification experience.”

    Adsgift combines personalized offers or promotions with a fun gamification experience for customers. Through Adsgift, customers can get an internet quota of up to 5 GB per month to support their digital activities.

    Customers can download Adsgift through the Google Play Store, then use the application to collect points. The points collected can later be exchanged for IM3 Ooredoo internet packages. Customers can even obtain a free internet quota after completing the registration process using an IM3 Ooredoo number.

    Besides, the Adsgift application allows full control by users through various options to redeem the offers given. Users will still feel comfortable and safe without the risk of disrupting their activities when accessing their gadgets.

    Chris Liveing, VP Carrier Sales at Play2Pay™, said, “Indonesia has a fairly leading mobile and telecommunications industry, making it the right place for Play2Pay™ to launch this innovation for the first time in Asia by partnering with Indosat Ooredoo. By expanding our gamification-based payments platform to Indonesia, it enables even more people having an option to play and participate in making bill payments to service providers.”

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  • Gojek-Grab Rivalry Extends to Digital Payments

    Gojek-Grab Rivalry Extends to Digital Payments

    Gojek has joined rival Grab in backing Indonesian state-backed e-wallet company in its Series B funding round.

    Gojek’s joining as a strategic shareholder will provide LinkAja access to the Gojek ecosystem to support LinkAja’s mission in accelerating financial inclusion in Indonesia, LinkAja CEO Haryati Lawidjaja said in a statement.

    As part of the deal, the ride-hailing giant will add LinkAja as a payment option on its app. The strategic investment builds on Gojek’s ongoing collaboration with the e-wallet, which includes payment for transportation and ticket reservation services.

    Formed from a consortium of state-owned enterprises, LinkAja operates an e-wallet and merchant services business focusing on the middle class, and micro, small, and medium-sized enterprise (MSME) segments in Indonesia.

    About 80 percent of its users are from tier 2 and 3 cities, according to LinkAja.

    According to GlobalData, rising Internet penetration, increasing digitalization and the proliferation of websites have been driving the growth of e-wallets in Indonesia, which further rose during the Covid-19 pandemic as customers have turned to alternative payment tools.

    Investments in state-backed entities can be a strategic move to maintain a healthy relationship with the government machinery. Though both Grab and Gojek managed to garner investment positions in LinkAja, Gojek seems to get some home advantage, Aurojyoti Bose, lead analyst at GlobalData, said about the deal.

    Grab, which competes with Gojek for dominance in the digital payments space in Southeast Asia, announced in November 2020 that it had invested $100 million in LinkAja, with participation from Telkomsel, BRI Ventura Investama and Mandiri Capital.

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  • Indonesia’s Payfazz and Singapore’s Xfers Join Forces

    Indonesia’s Payfazz and Singapore’s Xfers Join Forces

    Both companies will be part of a newly formed financial entity that aims to provide inclusion through financial services across Southeast Asia.

    Singapore’s Xfers has received a strategic investment of $30 million from Payfazz, which operates the largest agent-driven banking network in Indonesia, to form Fazz Financial Group (FFG), according to a statement on Thursday.

    With this investment, Xfers will serve as the designated business-to-business arm of FFG, focused on connecting external merchants to the payment infrastructure and user network amassed by FFG as a group.

    FFG will be led by CEO Hendra Kwik, Payfazz co-founder and CEO, and deputy CEO Tianwei Liu, co-founder and CEO of Xfers. The two will continue as CEOs of their respective companies. The group also appointed Robert Polana, former-CFO of Tiket.com as chief financial officer.

    With more resources on hand, we are also looking forward to helping more brands enter Southeast Asia. Especially for businesses looking to access the underserved consumer segment in Indonesia, Liu said.

    Payfazz and Xfers are both graduates of the Y Combinator accelerator programme.

    Payfazz recently announced a $53 million Series B fundraise, led by B Capital and Insignia Ventures Partners, with participation from Tiger Global, Y Combinator, ACE & Company and BRI Ventures.

    Founded in 2015, Xfers allows individuals to make and receive payments online and helps merchants set up their e-wallet services.

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  • Indosat Ooredoo earns 11.6% cellular revenue growth in 2020

    Indosat Ooredoo earns 11.6% cellular revenue growth in 2020

    President Director and CEO Indosat Ooredoo, Ahmad Al-Neama said: “Despite the challenges created by the COVID-19 pandemic and pricing pressure, Indosat Ooredoo has continued to deliver on our three-year strategy and maintained growth momentum. We are grateful for the on-going support of our loyal subscribers that have encourage us to continue to invest in our 4G network and launch innovative new digital offerings to ensure that our customers have the best mobile experience possible.

    Our commitment to our customers and to provide simple and relevant products has contributed to an increase in our subscriber base and data traffic volume. This growth has translated into an above market increase in cellular revenue and a significant and accelerating gain in market share.”

    “Looking ahead, we anticipate that the shift to online lifestyles and remote working and learning, which have increased sharply by the pandemic, are here to stay. Indosat Ooredoo is fully committed to supporting our cellular and business customers adapt to the new normal by continuing to improve network performance to meet growing demand for data. We believe our new digital solutions will enrich and enable our customer’s digital lives. Through these initiatives we will support Indonesia’s digital transformation agenda and create value for all our stakeholders.”

    Indosat Ooredoo has recorded solid performance for the full year ended 31 December 2020, with total revenue increasing by 6.9% YoY to IDR 27.9 trillion, cellular revenue increasing by 11.6% YoY to IDR 23.1 trillion.

    EBITDA reaching IDR 11.4 trillion, an increase of 16% YoY due to resilient revenue growth and a focus on operational efficiencies. EBITDA margin increased by 3.2 ppt to 40.9%.

    Cellular subscriber numbers grew by 1.7% to 60.3 million by end of 2020, and Average Revenue per User (ARPU) increased to IDR 31.9 thousand from previously IDR 27.9 thousand, driven mainly by a substantial data traffic increase of 52.8% YoY.

    Indosat Ooredoo also delivered strong operational performance, including improving our video experienced by 55.8% YoY, doubling our 4G download speed, and significantly improving our upload speed by 88.4% YoY.

    During the year Indosat Ooredoo has successfully partnered with global digital players like Facebook, Google, Cisco and Ericsson to bring advanced technologies and capabilities to fast-track digitalization of the customer experience and deliver network improvements to Indonesia.

    We have continued to introduce new innovative products to help customers stay connected as well as business and education to continue to operate during the pandemic. Through IM3 Ooredoo we launched a new IMPreneur package, a business package specially designed for SMEs and through Indosat Ooredoo Business, we recently introduced the “iDo Voice” solution, which consists of 3 new voice services for corporate customers.

    Indosat Ooredoo’s investment in 4G network infrastructure and commitment to our customers continued to be recognized by prestigious international business awards. At the Opensignal Global Mobile Network Experience Awards 2020, we received the “Global Rising Star” award in Video Experience. We have also recently won the Corporate Excellence category in Telecommunications & ICT Industry at the Asia Pacific Enterprise Awards (APEA) 2020 Regional Edition.

    In 2021, Indosat Ooredoo will continue the upgrade and expansion of our network, focusing on 4G/LTE and the Video Grade Network capable of providing improved internet services to customers. Our networks enhancement is part of our effort to enable digital transformation of Indonesia, in-line with the digital economy plan of Indonesian government and to accelerate national economy recovery.

    “We are confident for our growth momentum to continue in 2021. However, due to uncertainties associated with the economic recovery from the pandemic, we are cautiously optimistic in guiding revenue growth to be in-line with the industry, EBITDA margin to be in the low 40s, and Capex at approximately IDR 8 trillion.”

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