Skor Technologies, the Indonesian parent company of credit-education platform Skorlife and the Skorcard digital-first credit card, has raised $6.2 million in a pre Series-A funding round led by Southeast Asia-focused Argor Capital. The round also saw participation from existing backers QED Investors and Saison Capital,… Read More
Malaysia-based private equity firm Creador has acquired a controlling stake in Indonesia-based B2B hospitality marketplace MG Group from Indonesia Northstar and other shareholders, marking its entry into the global travel industry. The acquisition highlights Creador’s focus on Southeast Asia’s rapidly recovering travel sector, driven by… Read More
Indonesia-based real estate marketplace Lamudi, a subsidiary of Australia’s Digital Classifieds Group, announced the acquisition of Ideal, a Fintech aggregator specializing in mortgage products in Indonesia. This strategic move aims to integrate mortgage facilitation into Lamudi’s platform, offering a more comprehensive solution for property buyers… Read More
Indonesia’s Financial Services Authority (OJK) has officially revoked the business license of peer-to-peer (P2P) lending platform PT Investree Radhika Jaya (Investree), citing the company’s failure to comply with minimum equity requirements and other regulatory standards. The decision marks a significant crackdown by OJK on financial… Read More
Nium, the global infrastructure for real-time cross-border payments, is pleased to announce a partnership with Bank Rakyat Indonesia (BRI) in order to offer Indonesian customers with real-time international money transfer capabilities. This collaboration aims to streamline the various cross-border offerings for BRI’s individual and corporate… Read More
Indonesian donation and crowdfunding platform Kitabisa has officially entered the country’s insurance sector by launching Kitabisa Insurance, a sharia-compliant subsidiary, marking a significant step in addressing Indonesia’s notably low insurance penetration rate, according to DealStreetAsia. The announcement follows the subsidiary’s introduction of its first product,… Read More
The US, Indonesia and Turkey are leading the crypto and blockchain markets with 33% of RWA crypto interest, according to a report from CoinGecko. CoinGecko notes in its report that the country most interested in crypto Real World Assets (RWA) is “the US, which accounts… Read More
Tether Operations Limited, which claims to be one of the largest companies in the digital asset industry, and Reku, a crypto exchange platform, are pleased to announce a strategic collaboration to broaden Indonesians’ understanding of crypto assets and blockchain technology. This initiative will be executed… Read More
Validus is reporting new capital from HSBC in the amount of USD $50 million. The funds will be utilized to provide online lending for micro, small, and medium enterprises (MSMEs) in Indonesia. Validus, based in Singapore, will release the funds via its subsidiary Batumbu, which… Read More
The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in payment systems. This agreement was formalized during a visit to the UAE by Indonesian President Joko Widodo. The MoU, signed by Khaled… Read More
Indonesia’s government is stepping up its efforts to curb online gambling through a newly formed task force announced by Coordinating Minister for Political, Legal, and Security Affairs, Hadi Tjahjanto. The task force aims to sever access to international online gambling platforms and closely monitor associated… Read More
International insurtech bolttech has announced its partnership with HAVA.id, a B2B procurement company in Indonesia. HAVA.id will offer comprehensive device protection solutions “to its business customers as part of its procurement consultancy services to ensure their valuable inventory of technology devices is safeguarded.” As part… Read More
Fintech player Helicap Pte Ltd has partnered with PT Bank Danamon Indonesia Tbk (Danamon) to establish the duo as a pivotal source of non-dilutive growth capital for fintech companies, alternative lending firms, and micro, small, and medium enterprises (MSMEs) across various sectors, including supply chain,… Read More
Komunal, a Jakarta-based Fintech startup, has successfully raised $5.5 million in its extended Series A funding. The round was backed by a range of investors, including the prominent Sumitomo Corporation, and received support from existing backers like AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora,… Read More
Citi (NYSE: C) announced it has successfully completed the sale and full migration of its Indonesia consumer businesses to UOB Indonesia (UOBI). The sale includes retail banking, credit card, and unsecured lending businesses, “as well as the transfer of employees.” Citi and UOB first announced… Read More
Indonesia’s central bank, the Financial Services Authority (OJK), has partnered with the country’s fintech associations to issue what it describes as ethical guidelines on artificial intelligence (AI) use in the context of the fintech industry. The guidelines were formulated in collaboration with four leading fintech… Read More
Funding in Southeast Asia continues to decline, but strong valuations and M&A activity are bright spots, according to an update shared by CBInsights. Venture funding in Southeast Asia continued “to slide in Q3’23, falling by 24% quarter-over-quarter (QoQ) to $1.6B,” the CBInsights report revealed. Deals… Read More
The latest Residential Property Price Survey conducted by Bank Indonesia in the third quarter of 2023 indicates “that residential property prices in the primary market are still rising annually, with growth of the Residential Property Price Index (RPPI) accelerating to 1.96% (yoy) from 1.92% (yoy)… Read More
PT Bank Jasa Jakarta (BJJ), owned by Astra Financial and WeLab since 2022, launched Bank Saqu, a digital banking service, as a financial partner for individuals and SMEs in Indonesia with a solopreneur spirit. At the launch ceremony of Bank Saqu, it was “attended by… Read More
We recently spoke with Markus Prommik, CEO and Co-founder of Finfra, a Fintech platform that develops white-labeled lending products for non-Fintech companies seeking to integrate financial services into their platforms. Based in Jakarta, Indonesia, Finfra not only provides practical embedded lending solutions to their clients… Read More
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