This week, we unpack a series of pivotal shifts shaping Indonesia’s digital landscape, from a new cross-border data agreement with the United States and evolving digital tax commitments, to the rise of venture debt as startups seek smarter capital strategies. At the same time, Telkom Indonesia is doubling down on data center expansion, reinforcing the country’s ambition to anchor more digital infrastructure domestically. Beyond policy and infrastructure, Southeast Asia is entering a defining phase in its AI journey as enterprises move from experimentation toward scaled implementation, positioning the region as a strategic battleground for global technology players.

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🚨 What’s New

• Indonesia and the United States have taken a decisive step in cross-border data governance.

  Under a newly announced trade agreement between President Prabowo and President Trump, Indonesia agreed to allow limited transfers of personal data to the U.S., provided they comply with domestic data protection regulations. The move reduces regulatory ambiguity around cross-border digital operations and signals a stronger alignment with global data flow frameworks. For technology companies, cloud providers, and cross-border platforms, this creates clearer operational pathways while maintaining obligations under Indonesia’s Personal Data Protection Law. The development reflects Indonesia’s growing role in shaping digital trade diplomacy while balancing privacy safeguards.

• Alternative financing is gaining traction as venture debt emerges as a stronger funding option in Southeast Asia.

  Qverse, a venture debt platform founded by regional ecosystem players, is expanding its strategy to include private credit and larger ticket sizes. Venture debt provides startups with non-dilutive capital, offering founders greater flexibility during market slowdowns and tighter equity funding cycles. The growing adoption of structured financing instruments signals a maturing startup ecosystem that is becoming more sophisticated in capital management. As founders prioritize sustainable growth over aggressive burn, diversified funding options are becoming increasingly strategic.

👏 What’s Exciting

• Telkom Indonesia is accelerating its data center ambitions as digital infrastructure becomes a national priority.

  The state-backed telco, Telkom Indonesia is actively seeking global partners to expand capacity and strengthen its position in the regional data center market. With demand rising from hyperscalers, enterprise clients, and AI-driven workloads, scaling infrastructure has become a competitive necessity. The company is also reportedly revisiting plans to divest a stake in its data center business, signaling confidence in asset value and investor appetite. This move reinforces Indonesia’s strategic push to anchor more digital infrastructure domestically while attracting international capital.

• Digital taxation policy is entering a new chapter amid shifting global trade commitments. As part of the broader U.S.–Indonesia agreement, Indonesia is restricted from imposing discriminatory digital service taxes on major U.S. technology platforms. While the government maintains authority to implement fair and non-discriminatory taxation frameworks, the agreement provides greater regulatory certainty for global digital players operating locally. This clarity may enhance investment confidence and platform expansion within Indonesia’s digital economy. At the same time, policymakers will need to calibrate revenue strategies carefully within evolving international trade norms.

• At the India AI Impact Summit 2026, Indonesia pushed for AI development that delivers real societal value beyond technical innovation.

  Deputy Minister of Communication and Digital Nezar Patria, Representatives from Indonesia emphasized that the impact of AI should be measured by how it improves public services and fosters equitable access, not just by technological sophistication. This shifts the narrative toward responsible and inclusive AI adoption, which aligns with Indonesia’s large, diverse population and its goal of leveraging digital tools to enhance education, healthcare, and economic opportunities for MSMEs and underserved communities. The message resonates within Indonesia’s broader digital policy framework that seeks to balance innovation with public benefit and underscores the country’s role as an active voice in shaping global tech governance.

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🚀 What’s Next: Southeast Asia’s AI Inflection Point: Scaling Adoption, Unlocking Value

The latest industry analysis titled AI in Southeast Asia: An Era of Opportunity, published collaboratively by McKinsey & Company, the Singapore Economic Development Board (EDB), and Tech in Asia, shows that Southeast Asia is entering a decisive phase in its AI journey, shifting from experimentation to scaled deployment across enterprises. The report highlights that the region is no longer just a technology adopter, but an increasingly strategic AI arena attracting both Eastern and Western hyperscalers. Governments are rolling out national AI strategies while enterprises integrate AI into core workflows instead of treating it as isolated pilot projects. Despite strong ambition and rising capital inflows, value capture remains uneven, with many companies still struggling to convert AI momentum into measurable financial returns.

The data reflects both scale and urgency. More than US$50 billion has been invested by hyperscalers in AI-ready cloud and data center infrastructure across Southeast Asia, while nearly half of companies have moved beyond pilot phases, placing the region slightly ahead of the global average in AI adoption. Structural barriers persist, with 20 percent of organizations citing lack of internal expertise as the primary constraint, followed by integration complexity at 16 percent and unclear ROI at 12 percent. Venture investment into Southeast Asia’s AI startups reached US$1.7 billion in 2024, a relatively modest figure compared to broader Asia-Pacific totals, highlighting funding gaps despite ecosystem growth.

For Indonesia, the implications are significant. As one of the region’s largest digital economies with a young, mobile-first population and MSMEs contributing nearly half of GDP, AI adoption will directly influence productivity gains, platform competitiveness, and digital infrastructure demand. The presence of global cloud providers operating data centers in Jakarta, combined with expanding regional connectivity infrastructure, strengthens Indonesia’s position as both a major market and infrastructure node. To fully capture AI-driven economic value, Indonesia must accelerate talent development, enable MSME adoption at scale, and ensure governance frameworks evolve in parallel with enterprise implementation.

This week’s edition reflects a digital economy entering a more decisive phase. Social commerce is scaling into infrastructure as TikTok Shop cements regional dominance, while Grab’s profitability signals a broader shift from hypergrowth to disciplined execution. Telecom resilience, EV expansion into Jakarta, and large-scale healthcare investment in BSD City highlight strengthening sectoral foundations. At the same time, capital market reforms, AI commitments from global tech giants, renewable-powered data centers, and Ant International’s regional payments push underscore rising institutional confidence. With Indonesia’s eTrade readiness under review, the focus now turns from rapid expansion to building a more integrated, inclusive, and execution-driven digital ecosystem.

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🚨 What’s New

• TikTok Shop’s SEA Surge Signals Indonesia’s Commerce Dominance
  TikTok Shop is projected to reach US$64.3 billion in GMV by 2025, with Southeast Asia emerging as the primary growth engine and Indonesia standing as its largest market. The region continues to outpace other geographies in social commerce adoption. The combination of short-form video, creator-driven discovery, and seamless checkout has accelerated transaction velocity at scale. For Indonesia’s digital ecosystem, this reinforces the structural shift from traditional marketplace traffic to content-driven commerce. The implication is clear: live commerce is no longer experimental, it’s infrastructure.

  

• Grab Turns Profitable, Proving Platform Discipline Pays Off
  Grab reported its first full-year net profit in 2025, marking a pivotal moment after years of aggressive expansion and heavy investments. As detailed in its latest earnings release on Grab, improved cost discipline and ecosystem monetization across mobility and financial services drove the turnaround. The company’s performance underscores a broader regional trend: sustainable growth is now valued over hypergrowth. In markets like Indonesia, where Grab maintains a strong footprint, profitability signals maturity in the super app model. It also sets a new benchmark for tech companies navigating post-pandemic capital efficiency.

• Indonesia’s Telcos Strengthen the Digital Back
  Indonesia’s telecom sector is reinforcing its role as the backbone of the digital economy, led by solid performances from Indosat (ISAT) and XLSmart. ISAT recorded 1.1% revenue growth to IDR 56.51 trillion in 2025, with EBITDA rising 0.8% to IDR 26.59 trillion and margins reaching 47.1%, underscoring operational resilience despite recent share price pressure. Meanwhile, XLSmart posted 23% revenue growth to IDR 42.5 trillion and a 63% jump in normalized net profit post-merger, serving 73 million subscribers with data contributing over 90% of revenue. As 5G rollout expands and integration synergies materialize, telcos are moving beyond basic connectivity to anchor AI, cloud, and enterprise digital transformation across Indonesia.

• VinFast Eyes Jakarta with Battery-Swap E-Scooters
  Vietnamese EV manufacturer VinFast plans to launch battery-swap electric scooters in Jakarta by 2026. The model aims to address range anxiety and charging infrastructure gaps through rapid battery exchange stations. Indonesia’s urban mobility challenges and strong two-wheeler culture create fertile ground for this strategy. With regulatory support for EV adoption accelerating, Jakarta becomes a logical expansion hub. The move intensifies competition in the region’s growing electric mobility race.

• Sinar Mas Land’s LLV Bets Big on Healthcare, Develops 60-Hectare SEZ in BSD City

  Living Lab Ventures (LLV), the corporate venture arm of Sinar Mas Land, is transforming BSD City into a leading healthcare hub through a 60-hectare International Education, Technology, and Health SEZ designed to reduce Indonesia’s reliance on overseas treatment. Backed by a US$150 to 180 million Healthcare Fund and a Biomedical Fund supporting research centers, biobanks, and health innovation, LLV is focusing on established providers while building a strong medical ecosystem. Global partnerships, including with Japan External Trade Organization and MEDRiNG Corporation, alongside collaborations in Australia, Singapore and Malaysia, have driven key milestones such as the 2025 investment in Euromedica Group, the launch of a Japanese-style clinic for BSD City’s 500,000 residents, and accelerated fundraising in 2026 to attract major international capital for further hospital development.

👏 What’s Exciting

• Capital Market Reform Accelerates Institutional Confidence
  OJK, BEI, and KSEI announced coordinated reforms to strengthen capital market integrity and respond to MSCI’s feedback, according to an official release from OJK. The initiative focuses on governance improvements, transparency, and trading infrastructure enhancements. For Indonesia’s financial ecosystem, this signals a push toward deeper global integration and stronger foreign investor trust. Structural reforms in capital markets often catalyze liquidity inflows and valuation rerating. In a competitive emerging market landscape, credibility is capital.

  

• IBM and Meta Double Down on AI Expansion
  IBM and Meta are expanding artificial intelligence initiatives in Indonesia, signaling long-term confidence in the country’s digital transformation trajectory. The focus spans enterprise AI deployment, ecosystem partnerships, and talent development. Global tech giants are increasingly viewing Indonesia not just as a consumer market, but as an AI adoption frontier. This momentum reinforces the urgency for local enterprises to accelerate digital capability building. The AI race is becoming less about experimentation and more about execution.

• Microsoft Secures 200 MW Renewable Energy for Data Centers
  Microsoft signed a 200 MW renewable energy contract with PLN to power its data center operations. The scale of the agreement reflects rising demand for cloud infrastructure while aligning with sustainability commitments. As hyperscale data infrastructure expands in Indonesia, energy partnerships become strategically critical. This move positions the country as both a digital and green infrastructure hub. The convergence of cloud growth and renewable energy signals where long-term investment is headed.

• Ant International Injects S$10 Million Into 2C2P, Strengthens Southeast Asia Strategy

  Ant International, the global arm of Ant Group, strengthened its majority control of Singapore-based payments platform 2C2P with a S$10 million capital injection through new ordinary shares, reinforcing 2C2P’s role as the Southeast Asia arm of Antom. Serving more than 3,500 merchant groups across Malaysia, Singapore and Thailand and aggregating over 300 payment methods, 2C2P continues to anchor Ant International’s regional strategy. Recent moves include appointing Worachat Luxkanalode as CEO Designate, integrating EV charging payments in Hong Kong through a partnership with XPENG, and expanding the Alipay+ ecosystem, as Ant International reported 20 to 25 percent revenue growth in 2025 to an estimated $3.7 billion, fueling IPO speculation.

🚀 What’s Next: Indonesia eTrade Readiness Assessment 2026: Accelerating Inclusive Digital Trade

The Indonesia eTrade Readiness Assessment 2026 by UNCTAD reviews the country’s digital trade ecosystem across five critical pillars: policy coordination, technology adoption, MSME participation, legal and regulatory frameworks, and digital payments. Indonesia remains Southeast Asia’s largest digital economy, valued at approximately $90 billion in 2024, with projections reaching $300 billion by 2030. While the report underscores strong growth momentum and rising digital adoption, it also identifies structural gaps in governance, infrastructure, and institutional coordination that must be addressed to ensure inclusive and sustainable expansion.

Key data points reflect steady acceleration. E-commerce transactions reached $65 billion in 2024, up 10.17% year-on-year, supported by 65.65 million users. Internet penetration surpassed 75%, driven largely by mobile connectivity, although fixed broadband access remains limited at around 15%, highlighting infrastructure disparities. MSMEs account for over 60% of GDP, yet only about 40% actively sell online, and fewer than 10% leverage advanced digital tools for inventory management or cross-border trade. In digital finance, QRIS adoption has exceeded 30 million merchants, significantly expanding merchant acceptance of cashless payments. However, formal account ownership stands at 56%, indicating that a substantial portion of the population remains outside the formal financial system.

For Indonesia’s market, the report signals a decisive inflection point aligned with the Golden Indonesia Vision 2045. The next phase of growth will depend less on consumer demand and more on strengthening execution: improving inter-agency coordination, accelerating rural and outer-island connectivity, operationalizing the Personal Data Protection Law, and enabling deeper MSME formalization and digital integration. As regulatory frameworks mature and digital infrastructure scales more evenly across regions, Indonesia is well positioned to consolidate its leadership as ASEAN’s digital commerce powerhouse while building a more inclusive and resilient digital economy.

This week, Indonesia’s tech and digital economy narrative reflects disciplined growth amid regional normalization. Capital continues flowing into operationally efficient models such as Jago Coffee and Green Rebel, while edtech and venture players pivot toward profitability and stronger monetization. On the macro front, EV downstreaming is nearing full investment realization and AWS is deepening AI infrastructure commitments, reinforcing Indonesia’s industrial and digital backbone. Regionally, QRIS expansion across APEC with South Korea as an early implementation corridor. As APAC fintech is entering a structural growth phase, creating momentum for Indonesia to scale beyond payments into broader digital finance.

Stay tuned as we continue tracking the capital flows, policy shifts, and strategic moves shaping Indonesia’s evolving digital economy.

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🚨 What’s New

• Jago Coffee reportedly raises $12.5M Series B
  Investor appetite for tech-enabled F&B models remains intact as mobile coffee operators continue to scale across urban clusters. Reports indicate that Jago Coffee secured $12.5 million in Series B funding led by Beenext, reinforcing confidence in its route-based, neighborhood distribution model. The hybrid approach—offline carts powered by digital demand mapping—keeps capital expenditure lean while maximizing reach. In a maturing startup environment, operational efficiency and repeat consumption are becoming stronger signals than pure growth velocity.

  

• Green Rebel Foods raises Rp209.8B
  Alternative protein continues to attract capital despite a cooling funding climate. Plant-based startup Green Rebel Foods raised Rp209.8 billion to expand product innovation and market reach. While domestic adoption is still building, ESG-driven investment logic and rising health awareness strengthen its long-term positioning. The move reflects how food-tech players are aligning sustainability narratives with local taste adaptation to build defensible brands.

  

• Edtech shifts toward sustainable monetization
  Margin clarity is replacing growth-at-all-costs in the education technology sector. A closer look at emerging edtech profitability strategies shows startups pivoting to hybrid B2C-B2B models, institutional contracts, and stronger ARPU discipline. Investor scrutiny is pushing operators to prove recurring revenue stability rather than headline user growth. In a price-sensitive but high-demand education landscape, durability now outweighs rapid expansion.

• Koltiva pilots AI-powered traceability
  Supply chain transparency is gaining urgency amid tightening global ESG requirements. Agritech firm Koltiva launched an AI-driven traceability pilot to improve monitoring across agricultural commodities. Data-backed traceability enhances compliance and export credibility. The move highlights how Indonesian agritech players are embedding AI to strengthen global competitiveness.

• EV investment realization nears full deployment
  Industrial downstreaming efforts are translating into measurable progress in the EV sector. Recent data shows that EV investment realization has reached nearly 90%, with 155% growth. Commitments span battery ecosystems, assembly facilities, and supply chain integration. The figures reinforce Indonesia’s ambition to evolve from resource exporter to integrated EV manufacturing base.

• AWS deepens AI infrastructure commitment
  Cloud providers are accelerating AI infrastructure expansion as enterprise demand intensifies. AWS reaffirmed its investment focus in Indonesia, emphasizing AI workload readiness and scalable cloud capacity. As more corporates embed AI into operations, hyperscale infrastructure becomes foundational rather than optional. The continued capital deployment strengthens Indonesia’s positioning as a regional digital and data hub.

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👏 What’s Exciting

• QRIS Expansion Tied to APEC Trade, Korea Becomes Early Implementation Case
  Indonesia is positioning QRIS as part of its broader APEC trade strategy, with the bloc accounting for roughly 70% of the country’s total exports. The push to expand QRIS adoption across APEC economies frames digital payments as infrastructure to support export growth, tourism flows, and MSME cross-border transactions. As the initiative moves from agenda to execution, South Korea emerges as one of the first concrete bilateral corridors under this strategy. Bank Indonesia and the Bank of Korea are finalizing the rollout of cross-border QR payments between the two countries, scheduled to launch in April 2026 under the Local Currency Transaction framework.

• ASEAN advances AI governance in broadcasting
  As generative AI tools scale in media workflows, policy alignment is moving higher on the agenda. Regional stakeholders are progressing toward AI standardization frameworks in ASEAN broadcasting. Clear guardrails may reduce compliance uncertainty while maintaining innovation space. For Indonesia’s creative and media-tech players, harmonized rules could ease regional expansion.

• Kakao Bank’s Record Profit Fuels Indonesia Play
  Kakao Bank posted record 2025 earnings, with net profit rising 9.1% to KRW 480.3 billion and noninterest income surpassing KRW 1 trillion for the first time. The stronger revenue mix provides greater flexibility to expand beyond South Korea. Its stake in Indonesia’s SuperBank, which turned profitable within a year and recently listed, has generated valuation gains. Solid performance at home is reinforcing Indonesia’s role in Kakao Bank’s regional growth strategy.

• Payoneer expands cross-border capabilities
  Cross-border payment infrastructure is becoming critical as digital exports scale. Payoneer expanded its capabilities in Indonesia to better support SMEs, freelancers, and global sellers. Enhanced payment rails can reduce settlement friction and improve cash flow reliability. The development strengthens Indonesia’s participation in global digital commerce networks.

• Semiconductor roadmap signals higher-value ambition
  Industrial policy is expanding beyond resource downstreaming into advanced manufacturing. The government is drafting a semiconductor roadmap, including plans for a domestic chip design center, as detailed in this semiconductor development update. While fabrication remains capital-intensive, design specialization could be a strategic entry point. Talent cultivation and ecosystem coordination will determine long-term competitiveness.

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  🚀 What’s Next: APAC Fintech Enters High-Growth Phase in 2026

The Asia-Pacific fintech market enters 2026 in strong structural growth mode, projected to reach USD 167.7 billion in 2026 and expand at a 15.76% CAGR to USD 348.1 billion by 2031. Growth is driven by mobile-first adoption, real-time payment rails, digital ID expansion, and super-app ecosystems integrating payments, lending, insurance, and investments. While digital payments dominate today, the next growth wave is shifting toward embedded finance and neobanking.

Digital payments account for 64.9% of market share, but neobanking is the fastest-growing segment at 30.46% CAGR. Retail users still dominate volume at 70.9%, yet business users especially SMEs are expanding faster at 25.47% CAGR. Mobile applications represent over 72% of interface usage, while POS and IoT devices are growing rapidly as QR and contactless infrastructure deepen across markets. India leads geographic growth at 27.25% CAGR, while China maintains the largest share.

For Indonesia, the outlook reinforces three strategic angles: real-time payment infrastructure, SME digitization, and super-app ecosystems. As one of Southeast Asia’s largest mobile-first markets with expanding QR adoption and strong financial inclusion programs, Indonesia stands to benefit from embedded finance and SME-focused fintech models. However, regulatory fragmentation, data localization rules, and rising fraud risks may shape competitive dynamics. The opportunity lies in scaling beyond payments into lending, neobanking, and cross-border financial services, especially as regional interoperability frameworks continue to expand.

This edition opens with regulatory developments at OJK, where recent leadership changes have put market stability and execution in focus, even as no immediate policy shifts have been announced. Against this backdrop, the market remains active but increasingly selective. Recent updates include early-stage funding in electric mobility, continued scale in food delivery, and a rare profitability milestone from a homegrown consumer brand. Strategic capital is still flowing into insurance, payments, and data infrastructure, supported by clearer policy direction and regional partnerships.

Not all bets are paying off. Una Brands’ exit from Indonesia highlights mounting pressure on aggregator and roll-up models, while leadership changes at major platforms and stricter fintech enforcement point to a more disciplined operating environment. Looking ahead, the APAC private capital outlook suggests a slow reset rather than a rebound, with Southeast Asia nearing the bottom of its venture cycle and investors prioritizing resilience and execution over rapid expansion.

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🚨 What’s New

• Top leadership turnover at OJK amid market volatility
  Indonesia’s Financial Services Authority (OJK) has appointed new commissioners following the resignation of its chair and senior officials amid recent market turbulence. The leadership change comes after volatility in Indonesia’s financial markets, estimated at around USD 80 billion, which has raised questions around regulatory confidence and stability. While turnover at the top of the regulator can affect the pace of policy execution and market oversight, no immediate regulatory or policy shifts have been announced. Key industry counterparts, including associations such as Amvesindo, also remain structurally unchanged.

  For fintech and other market participants, the impact is not operational at this stage. Regulatory direction and supervisory frameworks remain intact, suggesting continuity rather than disruption. The near-term risk lies more in execution speed and coordination during the transition, rather than changes to rules or enforcement. For startups, this development is best read as a signal to stay attentive, not to revise strategy.

• Sagana joins Dash Electric’s seed round
  Dash Electric secured fresh seed funding with Sagana coming in as a new investor. The funding signals growing interest in Indonesia’s electric mobility supply chain, especially beyond consumer-facing EV brands. Early-stage capital in this segment suggests investors are betting on long-term infrastructure demand. While the round size was not disclosed, seed activity remains selective in the current market. This reflects a cautious but continued appetite for climate and hardware-linked startups in Indonesia.

  

• Indonesia’s food delivery GMV hits USD 64 billion in 2025
  Indonesia’s food delivery market reached USD 64 billion in gross merchandise value in 2025. Growth was supported by high order frequency and deeper penetration outside tier-one cities. The scale confirms food delivery as one of the country’s most mature digital consumer services. However, competition and cost pressure remain key challenges. The number highlights why the sector continues to attract platform, logistics, and fintech innovation.

• Kopi Kenangan reaches profitability with USD 184 million revenue
  Kopi Kenangan reported USD 184 million in revenue and achieved profitability in 2025. This marks a rare milestone for a consumer startup operating at national scale. The result reflects disciplined expansion and tighter cost control after years of aggressive growth. It also shows that offline-first consumer brands can reach sustainable margins in Indonesia. The performance strengthens confidence in consumer startups with strong unit economics.

  

• Insurtech Igloo raises USD 5 million from Tokio Marine
  Igloo raised USD 5 million in funding from Tokio Marine, reinforcing strategic interest from established insurers. The investment highlights rising demand for digital insurance distribution across Southeast Asia. For Indonesia, embedded and micro-insurance remain underpenetrated but high potential. The deal suggests incumbents are increasingly partnering rather than competing with startups. It also signals steady capital flow into practical, revenue-linked insurtech models.

• Una Brands exits Indonesia as part of profitability reset
  Una Brands, a Singapore-based brand aggregator, has exited the Indonesian market as of January 2026. The decision is part of a broader restructuring aimed at improving profitability and narrowing focus to fewer core markets. This marks a clear shift from its earlier expansion plans, after the company had announced a commitment of around IDR 500 billion in late 2021 to acquire local consumer brands. The exit reflects tougher conditions for roll-up and aggregator models in Indonesia’s competitive e-commerce landscape. It also highlights how scale alone is no longer enough without clear margins and operational efficiency.

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👏 What’s Exciting

• Leadership changes at Tokopedia and TikTok Shop Indonesia
  Melissa Siska Juminto has stepped down as President Director of Tokopedia and TikTok Shop Indonesia, signalling a significant leadership shift at two major e-commerce platforms. These platforms play key roles in shaping online retail behavior across the country. Her departure may reflect changing strategic priorities amid evolving competition and market consolidation. Leadership transitions at this scale often influence operational focus and partnerships. For founders and partners, this could mean new direction in market tactics and execution.

• OJK concludes investigation into Crowde, raises legal stakes in fintech
  Indonesia’s financial regulator has completed its investigation into fintech lender Crowde, with key executives now facing charges that could carry penalties of up to 15 years in prison. This development highlights stricter enforcement around consumer finance and lending practices. The case reinforces that regulatory scrutiny in Indonesia is intensifying, especially where consumer protection and lending standards are concerned. It also signals to investors and startups that compliance and governance are increasingly non-negotiable. As the broader fintech ecosystem matures, stronger oversight may build longer-term trust.

• Indonesia advances national digital and data infrastructure agenda
  The government announced new steps to strengthen Indonesia’s digital and data ecosystem. The focus includes governance, infrastructure readiness, and cross-sector coordination. These moves aim to support long-term growth of data-driven industries. For startups and investors, clearer policy direction reduces regulatory uncertainty. It also underlines the state’s role in enabling digital scale rather than only regulating it.

• NeutraDC and Japan’s Ishikari plan data center expansion in Indonesia
  NeutraDC and Japan-based Ishikari announced plans to expand data center capacity in Singapore and Indonesia. The move reflects sustained demand for regional cloud and data services. Indonesia’s growing digital economy continues to push local hosting and latency needs. Cross-border partnerships help accelerate capital-intensive infrastructure development. This expansion supports enterprise, fintech, and AI workloads across the ecosystem.

• Artajasa and Ant International launch global QR payments
  Artajasa and Ant International introduced a global QR payment initiative linked to Indonesia’s QRIS network. This enables Indonesian users to transact more easily across borders. The launch shows how domestic payment infrastructure is gaining international relevance. It also supports tourism and cross-border commerce. The collaboration strengthens Indonesia’s position in regional digital payments.

🚀 What’s Next: APAC Private Capital in 2026: A Slow Reset, a Southeast Asia Bottom, and New Paths to Liquidity

Private capital markets across Asia-Pacific are entering 2026 in a more stable position, helped by lower interest rates and easing financing pressure. Deal activity is expected to improve gradually, but the recovery remains uneven across countries. Exit markets are reopening slowly, with total exit value projected to grow around 10–20% year on year, still far below the 2021 peak. Liquidity remains the main constraint, as IPOs are selective and distributions to investors are limited. This sets the tone for cautious reinvestment rather than aggressive growth

Southeast Asia’s venture market is expected to reach its lowest point in 2026 after several years of decline. Venture deal value in the region fell to under USD 5 billion in 2025, down sharply from more than USD 17 billion in 2021. Investors are prioritizing capital efficiency and clearer paths to profitability, especially at later stages. Exits will rely mostly on M&A and secondary sales, with public listings remaining rare. This environment implicitly puts pressure on markets like Indonesia to focus on stronger fundamentals rather than rapid scaling.

A key structural shift highlighted in the report is the rise of alternative liquidity options, particularly GP-led secondaries. Globally, GP-led transactions reached about USD 48 billion in the first half of 2025, nearly matching traditional secondary deals. Asia is still early in adopting this model, but activity is expected to grow in 2026 as exits stay limited. For Southeast Asia, this creates a practical path to recycle capital from older funds. Over time, this could help stabilize the ecosystem and support more sustainable investment cycles in markets such as Indonesia.

Indonesia’s innovation and investment landscape is becoming more selective and strategic, with companies focusing on scale, integration, and long term value creation amid tighter funding conditions. Moves such as Hypefast’s IPO ambition, renewed early stage investment in travel and fintech, and continued growth in plant based foods reflect investor preference for differentiated and sustainable business models. At the same time, state led initiatives including large scale capital deployment, cross border QRIS expansion, and emerging AI governance frameworks signal a stronger public sector role in shaping market direction. In parallel, Indonesia’s crypto asset market in 2025 shows signs of maturation, with an increasing number of licensed trading providers and transaction values.

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🚨 What’s New

• Hypefast Sets the Stage for a 2027 IPO

  Hypefast has publicly set its sights on an IPO by 2027, signaling a maturation phase for Indonesia’s consumer brand roll-up model. The company is doubling down on an integrated retail infrastructure, spanning supply chain, omnichannel distribution, and data-driven brand operations. This move reflects growing investor confidence in scalable, asset-light consumer platforms amid volatile funding conditions. As domestic consumption remains a core growth driver, the strategy positions Hypefast to capture long-term value beyond short-term brand arbitrage.

  

• Early-Stage Capital Returns to Travel Innovation

  Early-stage travel startup SPUN has secured initial funding as it looks to reimagine travel planning through a more personalized and community-driven approach. The funding comes as the travel sector continues its post-pandemic recovery, with shifting consumer preferences toward flexible and experience-based travel. Investors appear to be betting on differentiated tech-enabled services rather than traditional OTA models. This signals renewed appetite for niche travel innovation within Southeast Asia’s fragmented tourism ecosystem.

  

• UangCermat Deepens Its Fintech Lending Play

  Personal finance platform UangCermat has expanded its fintech lending footprint through new strategic funding, reinforcing its role as a financial marketplace rather than a pure content play. With rising demand for transparent lending options, UangCermat’s positioning bridges consumer education and financial access. This reflects a broader trend where fintech players are consolidating services to improve unit economics. In Indonesia’s underpenetrated credit market, such hybrid models are increasingly relevant.

• Green Rebel Doubles Down on Plant-Based Growth

  Plant-based food startup Green Rebel Foods has raised fresh capital to accelerate product development and regional expansion. The funding underscores sustained investor interest in alternative proteins despite global funding slowdowns in climate tech. Green Rebel’s focus on taste localization and affordability addresses a critical barrier to mass adoption. This approach aligns with shifting consumer awareness around sustainability and health without relying solely on premium positioning.

• Danantara Signals Jumbo Capital Deployment

  State-linked investment platform Danantara has revealed plans to deploy up to IDR 235 trillion in investments by 2026, signaling an aggressive push into strategic sectors. The scale of the capital allocation suggests a strong mandate to catalyze long-term national growth rather than short-term returns. Priority areas are expected to include infrastructure, digital economy, and industrial downstreaming. Such large-scale capital mobilization could reshape competitive dynamics across multiple industries. For the private sector, this presents both partnership opportunities and heightened competition for strategic assets.

👏 What’s Exciting

• Grab–GoTo Talks Highlight Consolidation Complexity

  Talks surrounding a potential deal between Grab and GoTo have reportedly hit obstacles due to the presence of a state-backed shareholder. The development highlights the complexity of consolidation efforts in markets where strategic assets intersect with public interests. While synergies remain compelling on paper, governance and regulatory considerations continue to shape outcomes. This illustrates how market structure, not just economics, defines deal viability in Southeast Asia. Any future consolidation will likely require more nuanced alignment among stakeholders.

• QRIS Eyes Cross-Border Expansion

  Bank Indonesia is pushing to enable QRIS usage in China and South Korea by Q1 2026, marking a significant step in cross-border payment integration. The initiative aims to simplify transactions for travelers and SMEs while strengthening regional payment interoperability. It also reflects Indonesia’s ambition to export its domestic payment infrastructure abroad. Such moves could reduce reliance on global card networks and lower transaction costs.

• Indonesia Moves Toward Structured AI Governance

  The Ministry of Communication and Digital Affairs, Komdigi, is preparing to issue two new AI regulations covering security frameworks and a national AI roadmap. These regulations aim to balance innovation with risk mitigation as AI adoption accelerates across sectors. Clear regulatory guidance is expected to provide certainty for startups and enterprises alike. This step indicates a shift from reactive to proactive digital governance.

🚀 What’s Next: Overview of Indonesia’s Crypto Asset Market in 2025

Indonesia’s crypto market throughout 2025 demonstrates a strengthening market structure and expanding scale of activity. The number of Digital Financial Asset (DFA) trading providers increased gradually, reaching 29 licensed entities by November 2025, reflecting broader industry participation under a clearer regulatory framework. This growth is primarily driven by the increase in registered crypto asset traders, indicating rising industry confidence and intensifying market competition. In terms of activity, crypto asset transaction values remained volatile but substantial, with a year-to-date total of approximately IDR 449.55 trillion, confirming that crypto assets continue to play a meaningful role in Indonesia’s digital financial market despite global market fluctuations

On the demand side, the crypto consumer base continued to expand steadily, growing from approximately 13.3 million users in February 2025 to 19.56 million users in November 2025. This growth is largely supported by domestic retail participation, particularly Indonesian individual investors, highlighting strong local adoption of crypto assets. Although participation from business entities and foreign consumers remains relatively limited, their gradual increase suggests further potential for market deepening. Overall, the data indicate that Indonesia’s crypto market is entering a more mature expansion phase, characterized by broader institutional participation, sustained transaction activity, and a growing user base, reinforcing the importance of ongoing regulatory oversight and consumer protection.

This week’s developments reflect a business and technology landscape that is steadily regaining confidence while remaining selective and disciplined. Capital continues to flow toward companies and sectors with clear fundamentals, from consumer brands with strong omnichannel models and fintech players with proven risk management, to enterprise software firms preparing for public markets. Governments and investors alike are signaling longer-term ambition through initiatives in semiconductors. Shifts in consumer and enterprise behavior show increasing maturity, with greater emphasis on trust, value, efficiency, and sustainability.

Warm regards,
DailySocial Team

🚨What’s New

SATURDAYS Raises Fresh Capital Amid Selective Funding Climate
D2C eyewear brand SATURDAYS secured approximately US$6.3 million in new funding, standing out in a period when venture capital remains cautious. Based on regulatory filing data as quoted by DealStreetAsia, US$4 million was obtained from a new investor, Openspace Ventures, while another US$2.3 million came from an existing investor, Altara Ventures. The company has built a hybrid model that combines physical retail with strong online channels, which continues to attract investor confidence. The funding is expected to support store expansion and operational strengthening rather than aggressive experimentation.

Indonesian Government Announces Semiconductor Ecosystem Initiative With UK
Authorities announced plans to develop a semiconductor ecosystem backed by roughly US$125 million, in collaboration with partners from the United Kingdom. The initiative aims to strengthen capabilities in chip design, talent development, and advanced manufacturing. While the region has historically relied on imports, the move reflects a strategic push to participate more actively in global supply chains. It also signals long-term ambition to diversify the technology sector beyond software and services.

Atome Expands US$345 Million Credit Facility to Scale BNPL
Atome increased its syndicated credit facility to US$345 million, up significantly from the previous year, reinforcing its ambition to scale buy-now-pay-later services across Southeast Asia. The facility provides greater flexibility to fund consumer purchases and merchant partnerships amid shifting spending patterns. Despite tighter global credit conditions, the expansion suggests sustained confidence in BNPL demand and risk management capabilities. The move highlights how alternative consumer financing remains an important lever in digital commerce growth.

Consumer Behavior Matures as E-Commerce Enters “Confident Commerce” Era
E-commerce is transitioning into a phase dubbed “Confident Commerce,” where shoppers prioritize trust, product quality, and long-term value over discounts, reflecting more mature purchasing behavior. Consumers are increasingly comfortable buying higher-value items online when platforms and sellers demonstrate reliability and consistent experiences. This shift is supported by deeper engagement through creators and membership programs that reinforce loyalty and purchase confidence. As a result, the focus of digital commerce is moving from sheer volume growth to enhancing overall shopping satisfaction and meaningful impact on everyday life.

ElectGo Launches B2B Industrial E-Commerce Platform
ElectGo introduced a new industrial-focused e-commerce platform offering more than 15,000 electrical and industrial products with AI-assisted search and recommendations. The platform targets a segment that traditionally relies on offline procurement and fragmented supplier relationships. By digitizing pricing, inventory visibility, and technical support, ElectGo aims to improve efficiency and transparency in industrial sourcing. This reflects growing momentum in B2B e-commerce beyond consumer retail.

👏What’s Exciting

Affirma Capital Launches Climate Transition Fund
Affirma Capital completed the first close of its US$200 million Climate Transition Fund, focused on renewable energy, circular economy, waste and water management, and sustainable transport. The fund is backed by institutional investors and targets mid-market opportunities with both commercial and environmental impact. It is expected to begin deploying capital shortly, reflecting increasing investor interest in transition-focused assets. The strategy balances long-term sustainability goals with disciplined return expectations.

WeLab Raises US$220 Million in Series D Round
Digital financial services platform WeLab secured US$220 million in Series D funding, signaling renewed investor confidence in established fintech players. The round highlights a shift in capital toward companies with clearer paths to profitability and strong risk controls. Despite a cautious funding environment, large late-stage rounds continue to materialize for platforms with scale and stable revenue. The deal suggests sustained demand for digital banking and embedded finance solutions.

Toku Files for IPO, Targets January Listing
Customer experience software provider Toku has filed registration documents for an initial public offering, targeting a January market debut. The move reflects growing confidence in enterprise software companies with recurring revenue models and regional customer bases. Its planned listing adds to a limited but important pipeline of technology exits in the region. The IPO could serve as a benchmark for valuations and investor appetite in the software sector.

🚀 What’s Next: Indonesia Business Sentiment Shows Cautious Optimism Amid Structural Challenges

The Kadin Indonesia Business Pulse Q4-2025 (Pilot Edition) was launched to provide a faster, business-oriented complement to official macroeconomic data by capturing real-time sentiment from Indonesian enterprises. Conducted between 1–23 December 2025, the survey collected responses from 155 KADIN members across sectors and firm sizes, ranging from micro enterprises to large corporations. Its objective is to serve as a regular monitoring tool to inform government policy and private-sector strategy by assessing current business conditions, sectoral performance, investment plans, and outlook for 2026

Is your company’s current business condition better compared to the previous quarter?

Overall findings indicate a cautiously positive business sentiment. Around 40% of respondents reported positive conditions, exceeding negative sentiment (35%), though a substantial neutral segment reflects ongoing uncertainty. Many businesses perceived improvements in current business and sector conditions compared with the previous quarter, but recovery remains uneven across industries. Nearly half of respondents expressed plans to invest within the next six months, signaling emerging optimism, albeit tempered by macroeconomic uncertainty. The most significant positive drivers identified were market development, improved competition, and better regulatory conditions.

Despite this optimism, structural challenges remain prominent. Bureaucracy and regulation were cited as the primary obstacles, followed by limited access to financing and weak or volatile market demand. Looking ahead to 2026, confidence is largely anchored in expectations of central government policy support, complemented by hopes for appropriate fiscal incentives and stronger legal certainty. The report concludes that while current policies are broadly aligned with business aspirations, particularly in financing, sustaining positive sentiment will require stronger demand stimulation, regulatory simplification, and improvements in labor market conditions, with the financial services sector showing the strongest overall confidence.

This week’s highlights cover key shifts across Indonesia’s digital, financial, and regulatory landscape, including Pintarnya’s rapid credit growth and the shutdown of Maucash in the fintech lending space. We also track record crypto transaction activity, new developments in artificial intelligence education, and growing interest in data center and AI investments through Special Economic Zones.

On the policy front, we highlight tighter digital governance in online gaming, continued digital taxation of global tech firms, expanded access for tax authorities to e-wallet and crypto data, ambitious QRIS growth targets from Bank Indonesia, and regulatory action against an AI platform. Rounding out the edition, we explore how global sustainability reporting standards are beginning to reshape corporate practices in Indonesia. Stay tuned for more insights on Indonesia’s tech, digital, and startup landscape in the weeks ahead.

Warm regards,
DailySocial Team

🚨What’s New

Pintarnya’s Rapid Credit Growth Signals Resilient Consumer Lending
Pintarnya’s loan disbursement reaching over 14 million transactions highlights sustained demand for short-tenor digital credit amid cautious consumer spending. Backed by January Capital, the platform’s performance reflects how alternative lenders are filling gaps left by traditional financial institutions. This growth suggests borrowers are increasingly comfortable with app-based credit for everyday needs. It also reinforces investor confidence in Indonesia’s fintech lending fundamentals, despite tighter regulatory oversight.

Maucash Shuts Down, Marking a Turning Point for Fintech Lending
The closure of Maucash underscores the increasing pressure on digital lending platforms to achieve sustainable unit economics. Rising compliance costs, funding constraints, and borrower quality challenges are reshaping the competitive landscape. This move signals that scale alone is no longer enough in Indonesia’s maturing fintech ecosystem. Market consolidation may accelerate as only well-capitalized and disciplined players remain.

Indonesia Launches ICEx as OJK-Licensed Crypto SRO
Indonesia has officially launched the International Crypto Exchange (ICEx) as an OJK-licensed self-regulatory organization for digital assets and crypto markets. Backed by a Rp1 trillion investment from a consortium of local and regional industry players, ICEx is designed to strengthen market governance, transparency, and institutional-grade infrastructure. The initiative reflects Indonesia’s push toward a more mature and regulated crypto ecosystem, aligned with global best practices such as those seen in the US and Japan. Under the supervision of Otoritas Jasa Keuangan, ICEx will oversee trade reporting, market integrity, and member supervision, positioning Indonesia to play a larger role as a regulated crypto hub in Southeast Asia.

👏What’s Exciting

Indonesia’s Crypto Transactions Reach New Highs
Crypto transaction value in Indonesia surged to more than IDR 482 trillion throughout 2025, signaling strong retail participation despite global market volatility. This growth reflects increasing mainstream adoption, driven by easier access through local platforms. Younger investors continue to view crypto as both an investment and speculative asset. The scale of activity further strengthens Indonesia’s position as a key digital asset market in Southeast Asia.

Universitas Indonesia to Launch AI Study Program in 2026
The upcoming artificial intelligence program at Universitas Indonesia reflects rising demand for advanced digital skills across industries. As businesses accelerate automation and data-driven strategies, talent readiness becomes a national priority. This move aligns academia with industry needs, particularly in technology and innovation sectors. It also signals Indonesia’s ambition to compete regionally in AI capability development.

KEK Targets Large Investments in Data Centers and AI
Special Economic Zones are positioning themselves to attract major investments in data centers and artificial intelligence infrastructure. This strategy supports Indonesia’s growing digital economy and cloud adoption trends. Reliable data infrastructure is becoming critical as enterprises scale digital services. The initiative also highlights government efforts to anchor long-term tech investments domestically.

Government Plans Identity Verification Cameras in Online Gaming
The plan to implement verification cameras in online platforms like Roblox signals tighter digital governance. Authorities aim to enhance user safety, especially for minors, as online gaming adoption grows rapidly. This move reflects broader concerns around digital identity and platform accountability. It may also influence how global platforms localize compliance in Indonesia.

Indonesia Maintains Digital Taxation on Global Tech Firms
Despite global minimum tax debates, Indonesia reaffirmed its stance on taxing large digital platforms. This approach protects domestic tax revenues as the digital economy expands. It also reinforces regulatory certainty for multinational technology companies operating locally. The policy reflects Indonesia’s firm position on digital sovereignty and fiscal fairness.

Bank Indonesia Targets Major Growth for QRIS in 2026
Bank Indonesia’s goal of reaching 17 billion QRIS transactions and 60 million users highlights the rapid shift toward cashless payments. QRIS continues to unify merchants and consumers under a single interoperable system. This growth supports financial inclusion, especially among SMEs and informal sectors. Digital payments are increasingly becoming part of daily economic activity.

Tax Authority Gains Access to E-Wallet and Crypto Data
The ability of tax authorities to access e-wallet and crypto transaction data marks a new era of transparency. This policy strengthens tax compliance in an increasingly digital financial environment. It also signals closer scrutiny of digital wealth and alternative assets. Users and platforms alike will need to adapt to higher reporting standards.

Indonesia Blocks Grok AI Over Regulatory Concerns
The blocking of Grok AI reflects Indonesia’s proactive stance on digital content and AI governance. Authorities emphasize the need for compliance with local regulations and content standards. This decision highlights growing attention on AI accountability and ethical use. It may shape how global AI platforms approach market entry and regulation alignment in Indonesia.

🚀 What’s Next: How Global Reporting Standards Are Reshaping Sustainability Practices in Indonesia

According to the report “How is the Proliferation of Global Guidelines Impacting Sustainability Reporting Practices in Indonesia?”, sustainability reporting among Indonesian listed companies has become standard practice, supported by clear regulatory direction. The number of companies publishing sustainability disclosures increased from 80 in 2019 to 100 companies consistently since 2021, with 84 issuing standalone sustainability reports in 2024, up from 52 in 2019. Adoption of global guidelines has also risen, led by GRI Standards used by 82% of companies, while 24 companies have begun referencing IFRS S1 and S2. This reflects growing alignment with global reporting expectations beyond local compliance

The report also highlights that the use of materiality assessment has strengthened but remains uneven in sophistication. 81% of companies conducted materiality assessments in 2024, compared to 61% in 2019, and stakeholder engagement is now almost universal. However, only 22% have adopted double materiality, with most companies still focusing on impact-based topics. Climate disclosures show similar gaps, where 56 companies disclosed climate targets in 2024, yet Scope 3 emissions targets remain limited and assurance adoption stands at 39%.

Overall, the findings suggest that Indonesian companies have made solid progress in establishing sustainability reporting foundations, but depth and consistency are still developing. Reporting practices remain largely compliance-led, with strategic integration of risk, financial materiality, and climate resilience concentrated in certain sectors. As IFRS (International Financial Reporting Standards) aligned sustainability standards move closer to implementation, companies will face increasing pressure to enhance data quality, governance oversight, and comparability. Early movers are likely to gain stronger investor confidence and long-term resilience.

This week’s highlights include General Atlantic’s strategic investment in Sociolla, a major fiber-optic infrastructure collaboration between Indosat, Arsari, and Northstar, and new OJK regulations tightening rules for pay-later services. We also cover OJK’s response to the BI-Fast cybersecurity incident, Indonesia’s expanding digital tax framework with OpenAI appointed as a VAT collector, and a forward look at Indonesia’s green entrepreneurship ecosystem as sustainability and climate-aligned innovation gain momentum across the market. Stay tuned for more insights on Indonesia’s tech, digital, and startup landscape in the weeks ahead.

Warm regards,
DailySocial Team

🚨What’s New

• General Atlantic invests in Indonesia’s beauty-commerce platform Sociolla
Global growth investor General Atlantic has acquired a 54% controlling stake in Sociolla, completing a majority acquisition of the Indonesian beauty and lifestyle e-commerce platform in a deal largely structured through secondary share purchases. As part of the transaction, Pavilion Capital and L Catterton fully exited, while East Ventures and EDBI partially divested, alongside a US$10 million primary issuance by Sociolla. The company has previously raised over US$170 million from investors including Temasek, Jungle Ventures, Venturra, and UOB Venture Management, and the new ownership is expected to support Sociolla’s regional expansion.

• Indosat, Arsari and Northstar form $925M fiber-optic platform to expand Indonesia’s broadband infrastructure
Telecom major Indosat Ooredoo Hutchison has teamed up with strategic partners Arsari Group and Northstar Group to create one of Indonesia’s largest fiber-optic infrastructure platforms with a $925 million investment, aiming to accelerate high-speed connectivity across the archipelago and support digital adoption nationwide. This move reflects growing investor confidence in digital infrastructure as a long-term backbone for Indonesia’s digital economy.

• New OJK regulation caps pay-later interest and tightens debt collection practices
Indonesia’s financial regulator, the OJK, has introduced new rules for pay-later services that set explicit limits on interest charges and establish stricter guidelines for debt collection. The measures are intended to protect consumers and promote responsible lending practices in the rapidly expanding fintech credit market. Fintech players are expected to adjust their business models to balance growth with stronger compliance and consumer protection standards.

👏What’s Exciting

• Indonesian financial regulator steps up cybersecurity action after BI-Fast hack
Following a fraud incident affecting BI-Fast payments worth around Rp200 billion, Indonesia’s financial watchdog OJK has instructed banks to strengthen cyber defenses, improve fraud detection systems, and enhance incident response teams. The case highlights heightened regulatory focus on digital payment security as adoption rises. It also signals increasing scrutiny on banks’ operational resilience amid rapid digital transaction growth.

• Digital economy tax receipts hit Rp44.55 trillion; OpenAI designated as PMSE VAT collector
Indonesia’s government reported that digital economy tax revenues reached an estimated Rp44.55 trillion through November 2025, with contributions from e-commerce VAT and taxes on crypto and fintech activities. Notably, OpenAI was officially appointed as a VAT collector for online services, reflecting the growing fiscal role of AI-powered digital platforms. The milestone reinforces Indonesia’s commitment to ensuring fair taxation across global digital and AI-driven businesses.

🚀 What’s Next: Mapping Indonesia’s Green Entrepreneurship Ecosystem

The report The State of Indonesia’s Entrepreneurial Ecosystem: Focus on the Green Economy provides a comprehensive mapping of Indonesia’s entrepreneurship ecosystem with a specific lens on green and climate-aligned businesses. It analyzes 304 ecosystem organizations, including investors, incubators, accelerators, and support providers, to understand how entrepreneurs are funded, supported, and scaled across regions and sectors, with a focus on sustainability, inclusion, and climate impact.

Key findings reveal a fast-growing but uneven ecosystem. While 87 organizations identify as green economy focused and 107 provide funding, support remains heavily centralized, with nearly 50% of actors headquartered in Jakarta. The data also shows strong early-stage support, with 88% of organizations serving early-stage ventures, but persistent gaps in climate-ready financing, access to technical expertise, and recognition of non-obvious green businesses such as agriculture or waste-reduction MSMEs.

For Indonesia’s broader startup and investment ecosystem, the report underscores the need to rethink how green innovation is defined, funded, and scaled. The findings highlight clear lessons for investors, policymakers, and ecosystem builders, including the importance of aligning capital with local contexts through blended and sharia-compliant finance, investing beyond Java, and ensuring inclusion, especially for women and rural founders, translates into measurable outcomes.

As we close out the year, Indonesia’s digital landscape continues to show strong momentum, with new funding and acquisitions in healthtech and AI alongside strong investor confidence reflected in Superbank’s IPO and growing interest in tokenization and applied AI. At the same time, rising consumer adoption of AI is reshaping how technology is used, even as many organizations work to improve governance and readiness.

Thank you for being part of our journey this year. We wish you a joyful holiday season and a restful end of year break, and hope you enjoy quality time with your family and loved ones. See you in the new year with more stories and insights ahead.

This week’s newsletter is sponsored by Biznet Gio Cloud

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Warm regards,
DailySocial Team

🚨 What’s New

• Save the Children Global Ventures has invested in PrimaKu, an Indonesian digital health platform for early childhood development, to help address under-immunisation and stunting. The partnership will expand PrimaKu’s services, which are used by over two million parents for child health guidance, vaccinations, and nutrition monitoring, with a focus on underserved communities. Endorsed by national health authorities, PrimaKu has shown strong impact and is expected to scale further across Indonesia and beyond. [Read More]

  

• Local omnichannel provider, Qiscus, has acquired AI voice platform Kokatto to expand beyond chat and strengthen its voice-based AI capabilities, responding to growing enterprise demand for handling higher volumes and more complex customer inquiries. Kokatto’s technology will be integrated into Qiscus’ offerings, enhancing its conversational AI stack as businesses increasingly seek advanced voice solutions. [Read More]

• Satu Dental, an Indonesian dental clinic chain offering a wide range of general and cosmetic services, has raised US$3 million in a Series A1 funding round. The round included new and existing investors such as Stockhausen International, Alpha JWC Ventures, and Supernova Capital Investment, bringing the company’s total equity funding to over USD 14 million. As part of the transaction, Sai Global Singapore fully exited by selling its 12.5 percent stake through a secondary sale. [Read More]

• Indonesia’s government is finalising two key AI regulations covering a national AI roadmap and AI ethics, which are now awaiting President Prabowo Subianto’s signature. The rules are expected to be issued as presidential regulations in early 2026 and will serve as a broad policy framework rather than sector-specific rules, allowing ministries and agencies to develop their own AI regulations as needed. [Read More]

• Superbank’s IPO drew exceptionally strong investor demand, with the offering oversubscribed by 318.69 times and attracting more than one million orders ahead of its listing on the Indonesia Stock Exchange. Priced at Rp 635 per share, the IPO marks one of the largest debuts in Indonesia’s digital banking sector and reflects strong market confidence in Superbank’s fundamentals, growth strategy, and the broader outlook for digital banking in the country. [Read More]

  

👏 What’s Exciting

• EDENA Capital Partners has secured up to US$100 million in investment from GEM Token Fund to accelerate the rollout of government-approved digital securities infrastructure in emerging markets. The funding will support the launch of regulated Security Token Offering (STO) exchanges in Indonesia and Egypt, enabling the tokenization of real-world assets such as real estate, carbon credits, equities, bonds, and commodities. EDENA aims to generate first revenues in 2026, scale across ASEAN, MENA, and Africa, and reach more than 30 countries with over US$10 billion in tokenized assets by 2030, positioning itself to capitalize on the rapid growth of real-world asset tokenization.

• Antler has invested US$5.6 million in 14 AI startups as part of its 2025 Disrupt AI portfolio, backing early-stage companies building applied AI solutions for enterprise and industrial use. Launched through two cohorts in May and October 2025, the startups operate across sectors such as manufacturing, robotics, enterprise software, energy, and travel automation, with several already serving customers in Asia, Europe, and North America. Each company received US$400,000 after completing a four-week Disrupt sprint, marking their first institutional funding and highlighting Antler’s focus on AI startups with early commercial traction rather than experimental projects.

  

• Crypto.com has partnered with Singapore’s DBS Bank to strengthen its fiat payment services, allowing users to deposit and withdraw Singapore dollars and US dollars directly via DBS. The partnership expands Crypto.com’s banking rails, complements its existing arrangement with Standard Chartered, and enables the setup of client money accounts to facilitate faster and simpler transfers within the app. The move supports Crypto.com’s strategy to enhance fiat access as Singapore remains a key hub for its growth, following the company’s receipt of a full licence from the Monetary Authority of Singapore to provide end-to-end crypto payment services.

🚀 What’s Next: AI Consumer Penetration in Indonesia

According to Kumparan’s Report, AI has achieved significant penetration in Indonesia, with 97 percent of the public aware that their daily digital services are powered by AI. Generative AI chatbots lead adoption, with ChatGPT commanding 85 percent of users, followed by Meta AI at 72 percent and Google Gemini at 65 percent. Within six months, 80 percent utilized AI for information retrieval, demonstrating that AI has become the default tool for accessing knowledge.

Adoption patterns differ markedly between generations. Gen Z prioritizes productive applications like coding and data analysis, while Millennials favor practical efficiency tools such as navigation and customer service chatbots. Both use AI equally for creative purposes at 61 percent for visual content creation. Usage intensity also varies, with Gen Z showing more stable integration at 35 percent using chatbots 6 to 10 times weekly, while Millennials display more variable adoption ranging from light experimentation to heavy usage.​

Organizational adoption lags individual use, with only 45 percent of companies actively promoting AI despite 57 percent of workers already using generative chatbots. The Digital Media sector leads adoption support at 55 percent, while Commerce Consumer Services remain largely neutral at 60 percent. This gap reflects limited AI expertise, high investment costs, and regulatory uncertainty. Compounding this, 68 percent believe AI will completely replace their jobs within five years, yet 79 percent express confidence their current skills remain adequate.

Data security emerges as the primary concern for 55 percent of users, followed by accuracy at 53 percent and cost barriers at 50 percent. Notably, 75 percent worry about deepfakes and identity fraud, while 62 percent fear personal data misuse. Learning remains predominantly informal, with 84 percent relying on social media and YouTube rather than formal courses at 21 percent, perpetuating pseudo-literacy where users feel competent but lack foundational understanding. Indonesia’s adoption trajectory will depend on whether institutional governance and education can match user-driven enthusiasm.

Over the past week, Indonesia’s fintech and crypto landscape has seen strong momentum, marked by major global players like Robinhood, Bybit, and Airwallex deepening their presence in the country, alongside significant funding activity for local platforms such as Batumbu and Kredivo. At the same time, regional investment developments—from private credit expansion to climate-tech and clean energy commitments—reflect broader capital flows that are set to influence Southeast Asia’s financial and technological trajectory. Together, these events signal a maturing and highly competitive ecosystem where international interest and domestic innovation continue to converge.

This week’s newsletter is sponsored by Biznet Gio Cloud

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Learn More

Stay ahead,
DailySocial Team

🚨 What’s New

• Robinhood enters Indonesian market via acquisitions

  

  Robinhood has officially entered Indonesia by acquiring local broker Buana Capital Sekuritas and crypto trader Coinvest, marking a significant step into one of Southeast Asia’s most dynamic investment markets. The expansion aims to tap Indonesia’s large and fast-growing retail investor base. Pieter Tanuri, owner of the acquired companies, remains on board as an advisor to guide Robinhood through local market dynamics. With plans for a full rollout expected over the next several years, this move intensifies competition among investment platforms. It also highlights Indonesia’s rising attractiveness to global fintech players amid increasing investor participation.

• Bybit expands into Indonesia through NOBI partnership
  Bybit is accelerating its presence in Indonesia by collaborating with local crypto platform NOBI. The strategy reflects Indonesia’s position as one of the world’s most active crypto markets, with strong adoption among young digital natives. Bybit’s localized approach allows it to navigate regulatory requirements while offering tailored services to Indonesian users. It also underscores the need for local players to differentiate as international exchanges enter aggressively.

• Airwallex acquires PT Skye Sab Indonesia to strengthen payments
  Airwallex has acquired a majority stake in PT Skye Sab to deepen its presence in Indonesia’s rapidly expanding digital payments ecosystem. The acquisition boosts Airwallex’s ability to support cross-border payment needs for Indonesian businesses, especially MSMEs seeking to scale regionally. Combined with its substantial recent funding, Airwallex is strengthening infrastructure to deliver more seamless and cost-efficient financial services. Competition within the payments space is expected to intensify as global players enhance their local capabilities.

• Validus (Batumbu) secures US$30M Series D from Khazanah Nasional

  

  The parent company of Batumbu, Validus, has raised US$30 million in Series D funding led by Khazanah Nasional, reinforcing its commitment to SME financing in Indonesia. Batumbu has played a growing role in supporting MSMEs through digital lending and supply chain financing solutions. The new capital will enhance technology, data capabilities, and operational scale to reach more underserved businesses.

• Kredivo raises over US$100M led by Mizuho
  Kredivo has secured more than US$100 million in a new funding round led by Mizuho, providing partial liquidity to early investors and strengthening its financial position. The raise highlights continued global interest in Indonesia’s fast-growing digital credit and BNPL sector. With consumer reliance on flexible financing rising, Kredivo is well positioned to capture expanding demand while navigating evolving regulations. The company is expected to build on its momentum in both lending and financial services diversification.

👏 What’s Exciting

• Granite Asia raises over US$350M private credit fund anchored by Temasek
  Granite Asia has closed more than US$350 million in the first tranche of its private credit fund, underscoring strong institutional appetite for alternative credit in Asia. The fund targets structured lending opportunities that appeal to investors seeking yield and diversified exposure. This trend reflects shifting capital flows from venture equity toward private credit globally. It also signals greater sophistication in regional capital markets as alternative financing instruments gain traction.

• The Radical Fund launches AI-native climate and deep tech venture studio
  The Radical Fund has launched a venture studio dedicated to accelerating climate and deep-tech startups, particularly those integrating AI into sustainability-focused innovations. The initiative addresses the funding and operational gaps that early-stage, high-impact technologies often face. The model could influence Southeast Asia’s innovation landscape as climate-tech gains regional priority.

• BII commits US$95M to Southeast Asia’s energy transition
  British International Investment has committed roughly US$95 million to support renewable energy and decarbonization efforts across Southeast Asia. The funding will accelerate clean-energy deployment through co-investment structures and strategic partnerships. Increased capital inflows into renewables may unlock new opportunities for local developers and green-tech innovators. The move also signals strengthening international commitment to Southeast Asia’s climate goals.

🚀 What’s Next

Global Crypto Adoption

Bybit has released the World Crypto Rankings (WCR) 2025, a comprehensive report analyzing crypto adoption across 79 countries using 28 metrics and 92 data points. The report ranks Singapore, the United States, Lithuania, Switzerland, and the United Arab Emirates as the top five countries with the most advanced crypto ecosystems, driven by regulatory clarity, institutional infrastructure, and high levels of user participation.

WCR 2025 also highlights the dominant role of stablecoins as the most widely adopted use case globally, the rapid growth of real-world asset tokenization—which has increased by more than 63% this year—and the rising adoption of crypto payrolls, now reaching nearly 10% of the global workforce. These interconnected trends are accelerating the integration of crypto into global financial systems, pushing countries to establish clear regulatory frameworks to attract talent and investment. Bybit emphasizes that the industry is at a pivotal transition point, where blockchain is shifting from experimentation to becoming core infrastructure in the digital economy.

Outlook and Strategic Directions
This Bybit report shows that Indonesia (33rd rank) is at a critical moment: it has a large user base, high stablecoin adoption, rapid retail growth, and increasing interest from global institutions. If regulation, infrastructure, and local innovation continue to advance, Indonesia has the potential to join the group of prominent countries in global crypto adoption—not only as a major retail market but also as a hub for innovation and institutional activity.

Sepanjang 2025 aktivitas investasi ritel di Indonesia mengalami peningkatan signifikan. Platform investasi digital Nanovest pun turut melaporkan pertumbuhan volume transaksi sebesar 95% dibandingkan tahun sebelumnya, menandakan semakin banyak investor yang memanfaatkan momentum pasar global yang berulang kali mencapai level all-time high (ATH).

Kenaikan aktivitas ini sejalan dengan reli kuat di pasar saham AS, terutama pada indeks seperti S&P 500 dan Nasdaq yang beberapa kali mencetak ATH. Hal itu didorong oleh saham sektor teknologi dan perusahaan AI. Di sisi lain, aset kripto juga menunjukkan performa menonjol; Bitcoin sempat menyentuh ATH di kisaran US$126.000 pada kuartal III-2025 sebelum koreksi kembali ke sekitar US$100.000. Pada pasar komoditas, emas mencapai level US$4.381 per troy ounce pada Oktober 2025.

Di pasar domestik, Indeks Harga Saham Gabungan (IHSG) mencetak rekor 8.616 poin pada 2025, naik sekitar 45% dari titik terendah di April. Kombinasi lonjakan pasar global dan aktivitas lokal ini menjadi faktor pendorong meningkatnya volume transaksi di aplikasi investasi.

Nanovest menyatakan akan memperkuat program edukasi dan inklusi serta menghadirkan pengalaman investasi yang lebih mudah dan terjangkau, termasuk akses investasi mulai dari Rp5.000, sebagai upaya membantu investor ritel mengambil langkah awal ke pasar global. Perusahaan juga menyoroti pentingnya manajemen risiko dan diversifikasi antara aset tradisional dan digital di tengah potensi volatilitas.

Para analis memperingatkan bahwa meskipun tren bullish dapat berlanjut jika kebijakan moneter global longgar dan inovasi teknologi berlanjut, valuasi sejumlah saham AI kini melampaui puncak dot-com, memunculkan kekhawatiran potensi gelembung. Selain itu, utang nasional AS yang besar turut menjadi bahan pertimbangan investor sehingga emas tetap dianggap safe-haven.

Bryan Oskar, Senior Market Analyst Nanovest, menilai 2025 sebagai tahun penting bagi seluruh kategori aset.

Dengan prospek 2026 yang diprediksi lebih dinamis, pesan kunci untuk investor adalah disiplin dalam pengelolaan dana dan risiko serta penyusunan portofolio yang cermat. Nanovest menegaskan komitmennya untuk menyediakan beragam pilihan aset, mulai dari saham global, kripto, dan emas digital, serta akses yang lebih sederhana bagi pengguna.

Indonesia is moving fast this week—across food resilience, digital innovation, and cybersecurity. IFRF 2025 brought together agri leaders to accelerate collaboration, backed by insights from the new report Food Resilience Through Innovation and Technology. Major tech moves are also underway with StarHub–NeutraDC advancing quantum-safe connectivity, and PLN Indonesia Power–Huawei launching AI-powered power-plant digitalization. Meanwhile, Indonesia’s AI scene shows big room for growth, and OJK reports lost to online-transaction fraud, highlighting the urgency for stronger digital safeguards. The opportunities are wide open—and now is the time to build boldly.

Stay ahead,
DailySocial Team

🚨 What’s New

• IFRF 2025: Uniting Innovation and Collaboration for Indonesia’s Food Future — The IFRF 2025 forum brought together more than 200 policymakers, investors, agritech founders, and industry leaders to align strategies for strengthening Indonesia’s national food resilience. The event underscored that food security is not only a sustainability goal but also a major economic opportunity. The forum underlined findings from the report “Food Resilience through Innovation & Technology” — including Indonesia’s agricultural-food sector value (USD 43.9 billion in 2024, projected to reach USD 56.3 billion by 2033), and the untapped potential in circular-economy models for food waste.

  

• StarHub partners NeutraDC for Quantum-Safe Connectivity in Southeast Asia — StarHub and NeutraDC (the data-center arm of Telkom Indonesia) signed an MoU to deploy quantum-safe encryption and low-latency inter-data-center connectivity. The partnership aims to provide enterprises in Indonesia and Singapore with secure, high-performance data exchange via next-generation network infrastructure — future-proofing against evolving cyber threats.

• PLN Indonesia Power and Huawei kick off a new era of AI-driven power-plant digitalization — PLN IP signed a Joint Study Agreement with Huawei to apply artificial intelligence for “smart inspection,” digital HSSE (Health, Safety, Security, Environment), cybersecurity, and IT integration at power plants. The pilot project at PLTU Banten 3 Lontar is designed to improve operational efficiency, safety, and support Indonesia’s energy transition — marking a major step towards “intelligent,” more sustainable electricity generation.

👏 What’s Exciting

• Indonesia Has Only 25 AI Startups vs. 300+ in Singapore — Opportunity Ahead

  Recent insights into the regional technology landscape reveal a significant gap between Indonesia’s and Singapore’s AI startup ecosystems: Indonesia currently hosts around 25 AI startups, while Singapore has surpassed 300. Industry leaders argue that this gap is not a weakness but a vast growth opportunity, especially given Indonesia’s large population, expanding digital economy, and increasing institutional interest in AI adoption across agriculture, finance, logistics, and public services.

• OJK Reports IDR 111 Trillion in Losses from Transaction-Fraud Scams

  The Indonesian Financial Services Authority (OJK) issued a warning regarding the sharp rise in e-commerce and digital-payment fraud, particularly transaction-manipulation scams, which have generated estimated losses of IDR 111 trillion nationwide. These tactics often exploit social-engineering techniques to deceive consumers into unauthorized payments. OJK urged banks, e-commerce platforms, and fintech players to strengthen cybersecurity and user-education programs, highlighting the urgent need for robust fraud-prevention frameworks to protect the public in an increasingly digital economy.

🚀 What’s Next:

Strengthening Indonesia’s Food Future Through Innovation & Collaboration

Indonesia is entering a pivotal moment in building long-term food resilience, driven by urgent structural challenges such as fragmented smallholder systems, climate pressure, and supply chain inefficiencies. The report “Food Resilience Through Innovation and Technology: Pathways for a Nourished Future – Case Study: Indonesia” highlights Indonesia’s critical journey toward long-term food sovereignty. To secure food sovereignty and economic stability, the nation must modernize agricultural production through technology, data, and sustainable practices. The government’s national vision under Indonesia Emas 2045 prioritizes reducing import dependency, strengthening farmer welfare, and enhancing infrastructure for irrigation, logistics, and research.

The momentum is strengthened by an expanding agritech ecosystem of more than 276 startups delivering real impact—from precision farming and agri-fintech to circular economy models and AI-driven analytics. Case studies such as Agrari’s yield-doubling smart farming, Eratani’s 99% loan repayment success through integrated agri-finance, and Kreasi Pangan’s logistics-first supply chain transformation demonstrate scalable pathways for improving productivity and farmer income. Corporations like Great Giant Foods also showcase world-class circular production models that convert waste into value.

Download report

With the agricultural sector valued at USD 43.9B today and projected to reach USD 56.3B by 2033, Indonesia presents one of Southeast Asia’s strongest investment theses. Unlocking an additional USD 12B+ in value will require stronger collaboration between government, startups, financiers, and industry, alongside targeted investment in sustainable aquaculture, climate-resilient crops, value-added processing, and circular logistics. The pathway to national resilience is clear—coordinated innovation and capital deployment can transform Indonesia’s agriculture into a modern, competitive engine of growth.

As we enter the final month of 2026, Indonesia’s startup and digital ecosystem continues to move at full speed. Strategic milestones — from IPOs and M&A activity to regional expansion — have shaped the headlines over the past week. To help kickstart your week, we’ve curated the key highlights for you in this issue.

We are also pleased to invite investors — including VC, PE, and angel investors — to Garuda Sparks’ Lunch and Launch, featuring pitching sessions from 10 selected high-potential startups. The event will take place on Thursday, December 4, 2025 at 10:00 AM at GSIH fX Sudirman, Jakarta.

More information and registration for investors: https://luma.com/gt784e9e

Stay ahead,
DailySocial Team

🚨 What’s New

Here are several key updates from Indonesia’s startup ecosystem over the past week:

• Lincah has acquired Orderfaz to strengthen its social commerce infrastructure across Southeast Asia, integrating Orderfaz’s technology and seller base to build a more unified regional ecosystem and accelerate growth for creators and social entrepreneurs. Lincah currently powers more than 23,000 sellers and 8.3 million buyers across major social platforms with over 500,000 monthly transactions, while Orderfaz is a platform providing tools for order management and social selling enablement for online merchants. The acquisition supports expansion from Indonesia toward Malaysia, supported by an experienced leadership team and long-term regional strategy. [Read more]

  

• Superbank — the digital bank formed through a collaboration between Grab and Emtek — has officially entered its IPO phase, targeting to raise over Rp3 trillion by offering up to 4.40 billion new shares priced between Rp525–695 during the 25 November–1 December 2025 book-building period. The funds will be used mainly to support lending expansion (70%) and operational investment (30%). Superbank is expanding digital financial products such as Saku, Celengan, and competitive deposit services, aiming to strengthen its position in Indonesia’s digital banking landscape through its upcoming BEI listing scheduled for 17 December 2025. [Read more]

• INDODAX, Indonesia’s largest crypto exchange, has announced a major strategic partnership with Hong Kong–licensed digital asset exchange HashKey to strengthen the national crypto ecosystem. The collaboration focuses on improving liquidity, upgrading trading infrastructure, and enabling technical integration, paving the way for innovations such as Real-World Assets (RWA). Both companies emphasized aligned commitments to regulation and user security, with HashKey viewing Indonesia as a key regional market due to its fast-growing crypto user base. The phased execution is expected to deliver faster, safer, and more reliable trading experiences while reinforcing Indonesia’s role in the Southeast Asian digital asset landscape. [Read more]

• TOCO, a community-based e-commerce platform founded in 2024 by Arnold Sebastian Egg (Founder Tokobagus, acquired by OLX), is rapidly attracting sellers by rejecting the subsidy-driven “burn money” model and eliminating admin fees for merchants. Instead of taking 8–38% platform cuts like major marketplaces, TOCO charges a flat Rp2,000 per transaction to buyers—referred to as a “parking fee”—covering logistics and payment processing. This pricing approach, combined with frustration over rising admin fees at platforms such as Shopee and Tokopedia, has triggered a wave of organic seller migration, helping TOCO reach over 1 million monthly active users and 3.4 million product listings without any marketing spend. [Read more]

• BPJS Ketenagakerjaan is exploring investment opportunities in global AI infrastructure companies, including those in the U.S., Taiwan, Japan, and South Korea, as part of a strategy to diversify its portfolio and tap into the rapidly growing AI supply chain sector. Managing Rp879 trillion in assets, the institution has requested approval to invest up to 5% overseas, focusing on data centers, energy providers, and cable network companies rather than core chipmakers—though options like Nvidia remain under consideration. The initiative awaits government regulatory clarity and hinges on rupiah stability, while BPJS also targets doubling domestic equity allocation to 20% over the next three years. [Read more]

  

👏 What’s Exciting

Here are several noteworthy industry developments from the regional landscape:

• Malaysia is preparing to ban social media access for users under 16 beginning in 2026, citing rising concerns around child safety online—including cyberbullying, scams, and sexual exploitation. Communications Minister Fahmi Fadzil said the government is evaluating models from countries such as Australia, where platforms are set to deactivate under-16 accounts, while other European nations test age-verification systems. The move comes amid increased global scrutiny of TikTok, Snapchat, Google, and Meta over alleged links to youth mental-health risks, and follows Indonesia’s earlier plans for tighter content filtering and age controls. Malaysia has already tightened regulation requiring major platforms to obtain licenses, reflecting broader efforts to curb harmful online content.

• Seviora Group will integrate Pavilion Capital — boosting its total assets under management to about US$72 billion — creating a larger Asia-focused asset-management platform. Pavilion Capital, a wholly-owned subsidiary of Temasek Holdings, is known for investing across technology, consumer, business-services and growth-stage private equity in Asia. In Indonesia, Pavilion has backed companies such as GudangAda (a leading FMCG B2B marketplace), SiCepat Ekspres (a major logistics/delivery startup), and Social Bella (beauty-tech startup) — reflecting its interest in e-commerce, logistics and consumer-tech opportunities in Southeast Asia. The integration with Seviora is expected to deepen its investment reach and leverage its existing portfolio across public markets, private equity, and tailored financing.

🚀 What’s Next: Indonesia EV Market Surges Despite Automotive Slowdown

Indonesia’s electric vehicle (EV) market recorded significant growth of +49% year-to-date (YTD) Q3 2025, despite the national light-vehicle market declining -11% due to economic slowdown and increased luxury tax. EV adoption has now reached 18% of total vehicle sales, slightly above the ASEAN average of 17%. Across the region, xEV sales in ASEAN-6 surged 63% in the first half of 2025, signaling a continued shift toward electrification.

Survey results show 99% of EV owners in Indonesia are satisfied, the highest in ASEAN. However, 33% are considering returning to internal combustion engine (ICE) vehicles, driven by higher-than-expected maintenance costs and less-than-expected driving experience. Meanwhile, 70% of respondents are EV prospects, although this is the lowest share among ASEAN-6 markets.

Indonesia’s overall EV readiness score reached 2.8/5, up from 2.0 last year. Government incentives achieved a score of 4.0—the highest in ASEAN-6, while charging infrastructure remains a key weakness at 1.4, well below Singapore’s 4.3. Closing infrastructure and supply-chain gaps will be essential to sustaining growth momentum.

PwC highlights ambitious national objectives, including plans to build a full EV battery ecosystem by 2027–2028 and reach 600,000 EV units by 2030, supported by expanded fast-charging networks to meet accelerating demand.

Invitation to Join IFRF 2025!

We are also excited to invite you to an exclusive event: Indonesia Food Resilience Forum 2025. This forum will bring together key stakeholders to discuss innovative steps towards a sustainable food future for Indonesia.

Secure your spot at this strategic discussion by registering here: https://luma.com/75o04yki.

This week’s roundup brings a wave of momentum across Southeast Asia’s tech and innovation landscape. From fresh climate-tech funding in Indonesia and Vietnam, to QRIS preparing cross-border expansion, and regulators tightening digital compliance, the region is buzzing with activity. Southeast Asia is entering 2025 with stronger infrastructure, sharper innovation, and growing global relevance.

We are also excited to invite you to an exclusive event: Indonesia Food Resilience Forum 2025. This forum will bring together key stakeholders to discuss innovative steps towards a sustainable food future for Indonesia.

Secure your spot at this strategic discussion by registering here: https://luma.com/75o04yki.

Best regards,
The DailySocial Team

🚨 What’s New

• The Indonesian-Australian partnership KINETIK announced that five climate-tech startups from its KINETIK NEX programme have been awarded pilot‐funding after pitching at the [RE]Spark 2025 festival in Jakarta. KINETIK The winners, ranging from inclusive electric-mobility and solar water systems to solar-powered sago processing in remote Papua, will implement their innovations using a pooled fund of approximately IDR 1.6 billion. KINETIK The initiative underlines the focus on locally led green innovation across Indonesia’s diverse geographies.

  

• Vietnamese VC firm Touchstone Partners has launched a US $10 million “Green Transition Fund” targeting early-stage climate tech startups throughout Southeast Asia. The fund exemplifies the region’s growing appetite for sustainability-driven venture capital and aligns with global net-zero ambitions. Deployment is anticipated to begin in December 2025.

👏 What’s Exciting

• Indonesia’s digital payments system, the QRIS (Quick Response Code Indonesia Standard), is set to expand cross-border into China and South Korea by 2026, according to Bank Indonesia. This move signals a major shift toward integrated regional payment infrastructure, enabling Indonesian consumers and merchants to transact seamlessly abroad.

• The Indonesian regulatory authority Kementerian Komunikasi dan Digital (Komdigi) has threatened to block services such as ChatGPT and Cloudflare, Inc. for failing to register as private electronic system providers (PSE) under national law. The notification issued covers 25 organisations, signalling heightened digital-sovereignty enforcement in Indonesia’s tech ecosystem. Non-registration could lead to service termination, putting major global platforms on notice.

• Logistics player J&T Express reported a record surge in parcel volumes during the year-end peak season: +78 % year-on-year in Southeast Asia and +83 % in new markets. The boom underscores sustained e-commerce momentum and logistical scaling across the region. Riders, fulfilment centres and tech infrastructure are all under pressure as growth accelerates.

Fazpass is positioning its Intelligent Authentication (FIA) as the future of OTP verification by addressing core business challenges with a shift to a Monthly Active User (MAU) pricing model. This approach offers companies predictable costs with unlimited OTPs, moving away from the variable, per-message charges of traditional vendors. Coupled with AI-driven authentication designed to improve success rates and reduce user friction, Fazpass aims to provide a more scalable, secure, and cost-effective verification solution for businesses in 2026 and beyond.

For more capability information: https://fazpass.com.

🚀 What’s Next

The 2025 Global Startup Ecosystem Report by Startup Genome highlights Southeast Asia’s accelerating momentum, with Jakarta jumping four positions to become the world’s #2 Emerging Startup Ecosystem. Unlike other climbers, Jakarta’s rise wasn’t driven by a major exit. Wuxi climbed to #1 after a 67% surge in $50M+ exits, and Riyadh leapt rankings thanks to rasan.co’s $1.1B exit. Jakarta’s improvement instead reflects broader, steady strengthening across early-stage activity, a rare organic shift in today’s exit-driven landscape.

Jakarta now sits alongside cities advancing through aggressive policy pushes. Istanbul rose 10 spots on growing Performance, Funding, and Market Reach, while Nanjing and Phoenix each climbed 13 places into the Top 15 Emerging Ecosystems. In contrast, Jakarta moved up without major new interventions or flagship programs, signaling underlying momentum rather than a sudden policy shock — something increasingly uncommon among fast-rising ecosystems.

The report also incorporates AI-Native Transition for the first time, reflecting the global race toward AI-led competitiveness. Shenzhen now hosts 51,100 robotics enterprises and invests up to $68.6M per year in AI R&D and model training, while Singapore and Hyderabad are scaling major Deep Tech and AI-city initiatives. Jakarta’s rise occurred before it becomes a major AI hub, suggesting its current gains are.

We’re back with your essential roundup of the latest from Indonesia and Southeast Asia’s digital landscape. This week, we’re covering key developments like the GOTO-Grab merger news, the digital economy growth, and shifts in the latest fintech investment.

We are also excited to invite you to an exclusive event: Indonesia Food Resilience Forum 2025. This forum will bring together key stakeholders to discuss innovative steps towards a sustainable food future for Indonesia.

Secure your spot at this strategic discussion by registering here: https://luma.com/75o04yki.

Best regards,
The DailySocial Team

🚨 What’s New

• Indonesia is reportedly considering a “golden share” scheme as a condition for approving the merger between Grab and GoTo. This plan would grant the sovereign wealth fund Danantara a minority stake with special rights in the merged entity’s Indonesian operations. This golden share would provide the government a direct voice in strategic decisions, including driver welfare and pricing, reflecting a desire to oversee a business that would dominate ~90% of the local ride-hailing and delivery market. While internal pressures, such as SoftBank’s push for a CEO change at GoTo, highlight the urgent need for consolidation, both companies officially state that no final agreement has been reached. For the government, this model represents a new approach to regulating a dominant digital platform critical to Indonesia’s gig economy. [Read more]

  

• Superbank, the digital bank backed by Grab, Singtel, and Emtek, is preparing for a potential IPO that could be the largest for a digital bank in Indonesia, targeting up to IDR5.36 trillion. This move is bolstered by its strong Q3 2025 results, where it booked a pre-tax profit of IDR80.9 billion, grew its customer base to 5 million, and saw credit disbursement surge 84% to IDR9.04 trillion. This robust financial performance, alongside its deep integration with ecosystems like Grab and OVO, strengthens its market position ahead of the listing. However, Superbank’s management has officially declined to comment on the IPO rumors. [Read more]

• NTT Group is launching a dedicated Southeast Asian investment vehicle, Synexia Ventures Pte. Ltd., based in Singapore and scheduled to commence on December 15, 2025. Managed by NTT DOCOMO Ventures and NTT Finance, the fund will target startups in key markets like Indonesia, Singapore, Malaysia, and the Philippines, focusing on strategic sectors including AI, IoT, and smart city solutions. This initiative aims to accelerate open innovation and create new business ventures by combining funding with opportunities for co-creation across NTT’s vast network of telecom, data, and IT services. [Read more]

👏 What’s Exciting

• Grab has announced a strategic investment of US$60 million in Vay, a German company pioneering remote driving technology for driverless car rentals. This initial investment, expected to close in Q4 2025, grants Grab a minority stake and is the first part of a potential US$410 million commitment that could see Grab acquire a majority interest in Vay. The partnership aims to explore how Vay’s cost-efficient, “teledriven” service model—where remote operators deliver and retrieve vehicles for self-driving customers—can complement Grab’s long-term mobility strategy in Southeast Asia. Grab will also leverage its operational expertise to support Vay’s expansion in the U.S., while the driving data collected from Vay’s fleet could accelerate the development of AI for autonomous vehicles.

• Southeast Asia’s digital economy is on a strong trajectory, projected to surpass US$300 billion in GMV in 2025, sustaining a robust 15% year-on-year growth. This momentum is fueled by a decisive shift towards monetization, with revenue growth keeping pace with GMV. Key drivers include a resurgent e-commerce sector, where video commerce now accounts for 25% of GMV, and food delivery, which is on the cusp of profitability. Furthermore, AI is rapidly becoming a core competitive frontier, reshaping consumer journeys from discovery to purchase and driving operational efficiencies. The region’s massive, digitally-engaged population, which shows enthusiasm for AI that exceeds the global average, provides a fertile ground for this continued expansion.

  

• Standard Chartered has partnered with DCS Card Centre to power DeCard, a new credit card that enables users to make payments at physical merchants using stablecoins. As the principal banking partner, Standard Chartered will provide the backend infrastructure—including transaction processing, fiat and stablecoin settlements, and treasury services—to support seamless, real-world digital asset spending. The service launches first in Singapore, with plans to expand to other markets, marking a significant step in bridging traditional banking with everyday cryptocurrency payments.

• Visa has launched its “Visa Scan to Pay” solution across Asia Pacific, significantly expanding QR payment acceptance for millions of merchants. Through partnerships with leading digital wallets and payment apps—such as Samsung Wallet, LINE Pay, and VNPT Money—the initiative enables consumers to make seamless and secure payments both locally and abroad by simply scanning a QR code. This rollout is part of Visa’s broader strategy to offer flexible, mobile-first payment options while helping merchants lower costs and tap into cross-border customer bases.

Fazpass is positioning its Intelligent Authentication (FIA) as the future of OTP verification by addressing core business challenges with a shift to a Monthly Active User (MAU) pricing model. This approach offers companies predictable costs with unlimited OTPs, moving away from the variable, per-message charges of traditional vendors. Coupled with AI-driven authentication designed to improve success rates and reduce user friction, Fazpass aims to provide a more scalable, secure, and cost-effective verification solution for businesses in 2026 and beyond.

For more capability information: https://fazpass.com.

🚀 What’s Next: The New Appetite in Fintech

Fintech funding in Southeast Asia is undergoing a major shift. While overall investment is down significantly, the money is concentrating in fewer, larger deals for mature companies, signaling a new, more cautious phase for the industry.

The Big Picture: Quality Over Quantity

• Funding Down: Total fintech funding across the six largest ASEAN economies fell 36% year-on-year to US$835 million in the first nine months of 2025.

• Deals Plummet: The number of deals dropped 60% to just 53, the lowest in a decade.

• Deal Size Up: Despite the downturn, the average deal size grew 42% to US$21.4 million. This shows investors are becoming more selective, moving away from early-stage startups and towards proven, mature fintechs.

Investors are Backing Proven Winners

The trend is clear: capital is flowing to companies that demonstrate a clear path to profitability and sustainability.

• Focus on Late-Stage: Late-stage fintechs captured 67% of all funding, a significant annual increase.

• Mega-Deals Drive Growth: The average late-stage deal value jumped to US$112 million, driven by a handful of mega-deals worth nearly US$450 million combined.

Singapore Solidifies Its Dominance

Singapore has firmly established itself as the region’s fintech hub.

• It attracted a massive 87% of all ASEAN fintech funding (over US$D725 million).

• It was also the location for over half of all deals, with a strong focus on blockchain for financial services and investment tech.

• Eight of the ten best-funded fintechs in ASEAN are based in Singapore.

Indonesia’s Share Shrinks Dramatically

Indonesia’s position has weakened considerably.

• Its share of regional funding fell drastically from ~20% in 9M 2024 to just 4% in 9M 2025.

• The number of deals in the country also dropped from 23 to just 10.

• The Philippines now ties Indonesia for second place in funding share.

Outlook: A More Disciplined Era

The message for fintechs, especially in Indonesia, is clear: growth alone is no longer enough to secure funding. To attract capital, companies must now highlight strong profitability, robust governance, and an ability to collaborate with established financial players. This more disciplined investment approach is seen as the foundation for a more mature and resilient fintech ecosystem.

The past week have brought a wave of momentum across Indonesia’s innovation and digital economy. New cross-border partnerships and funding—from Living Lab Ventures’ Japan Thematic Fund to VENTENY’s social-impact investments—highlight how collaboration and purpose are shaping the next phase of growth. At the same time, companies like Grab, Blibli, and Telkomsel are proving that scale and technology remain central to market leadership, from profitability milestones to AI integration. The fintech, e-commerce, and digital infrastructure sectors continue to attract global attention, while online consumption shows no signs of slowing—BPS reported a 6.19% rise in e-commerce spending in Q3, with record-breaking campaigns already setting the tone for year-end optimism.

Best regards,
The DailySocial Team

What’s New

1. Living Lab Ventures launches Japan‐Thematic Fund

Living Lab Ventures, based in Indonesia, has launched a new “Japan Thematic Fund” in partnership with Japan’s Cool Japan Fund and other backers. The fund is designed to help startups from Japan and Southeast Asia access capital, cross-border business connections, and real-world trial opportunities. For the Indonesian market this means more chances for local ventures to link up with Japanese firms, transfer technology, and expand beyond domestic boundaries.

2. Grab Holdings posts strong Q3 2025 revenue growth
Grab recorded Q3 2025 revenue of US$873 million, a 22% increase from last year, marking another profitable quarter with US$17 million in net profit. Growth was fueled by strong demand across its ecosystem — on-demand services rose 24%, deliveries jumped 23% to US$465 million, and financial services surged 39%. The company also achieved US$136 million in adjusted EBITDA, up 51% year-on-year, supported by steady operational efficiency. With US$7.4 billion in cash reserves, Grab continues to strengthen its position as one of Southeast Asia’s leading digital platforms, reflecting the region’s growing reliance on ride-hailing, delivery, and payment services.

3. Grab–GoTo Merger Talks: State Palace Confirms Negotiations
Indonesia’s State Secretary Minister Prasetyo Hadi confirmed that Grab and GoTo are in the process of negotiating a potential merger, which could lead to the creation of a single entity combining both platforms. The state-owned investment management agency Danantara is reportedly involved in the discussions to oversee the corporate asset arrangements. The merger plan is also being reviewed as part of a draft Presidential Regulation that will set clearer rules on the status, protection, and fare structure for online drivers and delivery partners.

4. VENTENY Secures Dual Funding to Advance Financial Inclusion and Women’s Empowerment

VENTENY Fortuna International (VTNY) has secured two new funding rounds to strengthen its mission of promoting financial inclusion and worker welfare in Indonesia. The company received US$5.5 million from the Women’s Livelihood Bond 7 (WLB7), managed by Impact Investment Exchange (IIX), to expand working-capital financing for women-led MSMEs in underserved regions. Around the same time, VENTENY also gained strategic investment from Japan’s Better Place Co. Ltd., aimed at enhancing its B2B financing services and employee well-being programs through the VENTENY Employee Super App. With this support, the company plans to scale up financing for MSMEs, improve employee wellness benefits, and build a more inclusive and sustainable business ecosystem.

5. Living Lab Ventures Invests in INCREASE to Strengthen Indonesia’s Clinical Research Ecosystem
Living Lab Ventures (LLV), the corporate venture arm of Sinar Mas Land, has made a strategic investment in INCREASE Laboratorium Indonesia, a clinical research and laboratory services company based in BSD City. The funding will help INCREASE expand operations, build global partnerships, and obtain international certifications such as CAP and ISO standards. INCREASE already works with partners in Singapore, Australia, China, and Japan, including Tsinghua University and Osaka University, to advance technology transfer and local talent development.

What’s Exciting

1. Telkom Indonesia earns from data-centre business with high utilisation
Telkom Indonesia’s subsidiary has reported strong demand in its data-centre business, with utilisation reaching 89 % in the third quarter. Although revenue was slightly down compared to the year before, the high utilisation suggests robust growth potential for Indonesia’s digital infrastructure sector. It offers local companies opportunities in services, infrastructure, partnerships and talent development.

2. YouTube Festival 2025 proclaims Indonesia as growth hub
YouTube’s Festival 2025 has declared Indonesia as its next growth centre, recognising the large audience, creator ecosystem and market potential. For Indonesia this is significant: it underlines that digital content creation, influencers, video marketing and creator economy are sectors to watch and invest in. It creates new opportunities for local talent, brands and platforms to tap into global attention from within Indonesia. The festival’s focus may also bring more tools, initiatives and partnerships for Indonesian creators.

3. Xendit appoints former JPMorgan executive to boost growth
Southeast Asian fintech leader Xendit has appointed a former JP Morgan executive as its Chief Revenue Officer, marking a key move to accelerate growth across Indonesia, the Philippines, and regional markets. The new executive brings deep experience in global finance and revenue strategy, which will help the company expand partnerships with banks and enterprises. This leadership change comes amid rapid fintech growth in Southeast Asia, as digital adoption and e-commerce continue to rise.

4. CloudMile raises US$20 million to expand AI footprint in Southeast Asia
CloudMile, a Taiwan-based AI firm, has raised US$20 million to expand its cloud and AI services across Southeast Asia, including Indonesia. It suggests local businesses may gain access to more advanced AI tools, infrastructure and partnerships. As Indonesia further embraces digitalisation, such regional initiatives can accelerate the pace of adoption.

5. Lazada invests US$25 million for 11.11 programme in Southeast Asia
Lazada has committed US$25 million to its 11.11 shopping campaign across Southeast Asia, which includes Indonesia. This signals a strong push into e-commerce growth and consumer engagement in the region. For Indonesia, a large market for online shopping, this kind of investment boosts promotional activity, brand presence and competition — which may bring benefits for consumers and merchants alike. It also indicates confidence from global platforms in Indonesia’s e-commerce potential.

6. Influencer regulation under study by Kominfo (Indonesia’s Ministry of Communication & Informatics)
Indonesia is exploring the idea of certifying influencers—similar to what China has done—as the influencer economy grows rapidly. The potential regulation could bring more professionalism, transparency and structure to the creator economy. It may also mean new opportunities for training, certification, compliance and value-added services for influencers, which could attract brand partnerships and investment. At the same time, it signals that the regulator is taking the creator economy seriously as part of digital economy policy.

7. LG CNS launches a cloud ERP project in Indonesia
LG CNS, a global IT services firm, is implementing a cloud ERP project in Indonesia as part of its global expansion. This shows global tech firms recognise Indonesia as a viable market for enterprise software and digital transformation. For Indonesian businesses, it means improved access to advanced enterprise tools, better cloud adoption and potentially stronger local IT services ecosystems. It highlights Indonesia as a location for investment and partnership in enterprise-software infrastructure.

8. Telkomsel pairs with ChatGPT‑pro to bundle services targeting half of Indonesian mobile users
Telkomsel has partnered with OpenAI to launch the Telkomsel × ChatGPT Go bundle, marking OpenAI’s first collaboration in Southeast Asia. The promo targets around 157 million users, offering special data packages and access to ChatGPT Go, OpenAI’s new affordable subscription tier. Priced from Rp 50,000, users get data quotas dedicated to ChatGPT plus subscription access for up to two months through the MyTelkomsel app or Telkomsel Poin redemption. Telkomsel said the initiative reflects its push to become a “digital lifestyle enabler,” while OpenAI highlighted Indonesia as a key entry point for expanding AI adoption across the region.

Whats next

Online Shopping Grows 6.19% in Q3, Boosted by Discount Campaigns

Indonesia’s online spending continued to rise in the third quarter of 2025, with Badan Pusat Statistik (BPS) reporting a 6.19% quarter-on-quarter growth in e-commerce transactions. Bank Indonesia recorded total e-commerce value reaching Rp 134.7 trillion, up 4.93% from Q2 and 3.74% year-on-year, while transaction volume climbed 7.72% quarterly to 1.44 billion. The growth was driven by major discount events such as 7.7, 8.8, and 9.9, signaling strong consumer participation across platforms including Tokopedia, Shopee, Lazada, and TikTok Shop ahead of the highly anticipated 11.11 campaign.

Top-Selling Commodities on Marketplaces

Data from Tokopedia and TikTok Shop showed strong performance during the 10.10 sale period, with sellers increasing by 46.8% and average orders rising 45%. Popular categories included electronics and automotive products (+75.5%), food and beverages (+58.4%), and beauty and personal care. Interestingly, the fastest growth came from Eastern Indonesia, notably Papua Barat, Gorontalo, Maluku, and Sulawesi Tenggara, showing that e-commerce penetration is expanding beyond Java. This broad-based participation reflects how digital platforms are deepening access to commerce and boosting regional economies.

Consumption Remains Steady Amid Seasonal Shifts
While overall household consumption growth slightly eased in Q3 due to the absence of major holidays, BPS noted that domestic demand remains strong, led by spending on personal care (17–18%), home goods (14%), and transport and recreation (13%). Officials emphasized that the slowdown is seasonal, not a sign of weakening purchasing power. With disposable income and optimism holding up, Indonesia’s digital economy continues to benefit from resilient household consumption and nationwide enthusiasm for online retail.

Indonesia’s digital economy is entering a new era of maturity and innovation. Local champions like Blibli and GoTo are proving that profitability and sustainable growth are achievable, while FORE Coffee sustained steady growth and Bukalapak continued its path toward operational maturity in 9M 2024. The government and private sector work hand in hand to restore trust in the startup ecosystem through initiatives like ReSTART. Momentum is also building around digital transformation—from the upcoming launch of the Digital Rupiah to TikTok’s expanding influence and the global rise of AI leaders like Nvidia and OpenAI. As Indonesia strengthens its digital infrastructure and develops homegrown AI talent, the focus is shifting toward long-term resilience, transparency, and impact.

🚀 ReSTART: Reviving Indonesia’s Digital Economy is coming to Medan! Join DailySocial, Komdigi, and Garuda Spark Innovation Hub for an inspiring session on how to rebuild a stronger, ethical, and impact-driven startup ecosystem for Indonesia’s digital future. 

🔗 Register now at s.id/gsihmedan

Best regards,
The DailySocial Team

What’s New

Blibli’s Strong Q3 Momentum

PT Global Digital Niaga Tbk (Blibli) recorded a 32% year-on-year increase in consolidated revenue in Q3 2025, reaching Rp 5.64 trillion, while the nine-month total grew 26% to Rp 15.24 trillion. This growth was largely driven by higher sales of smartphones and consumer electronics, two key segments of Indonesia’s e-commerce market. Blibli’s take rate rose from 6.7% to 8.4%, showing stronger profitability, while operating expenses as a share of total transactions dropped to 7.2%, reflecting better efficiency. The company also expanded its offline presence by adding 13 new electronics stores and enhancing its omnichannel loyalty integration. For Indonesia’s digital economy, Blibli’s progress demonstrates how homegrown e-commerce platforms can scale sustainably and move closer toward long-term profitability.

GoTo Reports First Pre-Tax Profit and 21% Revenue Growth

GoTo Group reported its first adjusted pre-tax profit of Rp 62 billion in Q3 2025, with net revenue rising 21% year-on-year to Rp 4.7 trillion. Total gross transaction value (GTV) surged 43% to Rp 102.8 trillion, while annual transacting users in Indonesia reached 61 million. The company also raised its full-year adjusted EBITDA guidance to Rp 1.8–1.9 trillion, underscoring progress toward sustainable profitability. This milestone highlights the continued maturation of Indonesia’s leading tech ecosystem—not only in user scale but also in financial performance. For investors and the startup community, GoTo’s achievement strengthens confidence in Indonesia’s capacity to build profitable, scalable digital enterprises.

FORE Coffee (PT Fore Kopi Indonesia Tbk) – 9M 2025 Summary

During the nine-month period ending September 30, 2025, PT Fore Kopi Indonesia Tbk demonstrated stable operational growth supported by prudent financial management and store expansion. The company maintained healthy liquidity while fulfilling all loan covenants with Maybank Indonesia, including a musyarakah financing facility of up to Rp 30 billion for store development. Interest expenses totaled approximately Rp 1.6 billion, reflecting ongoing financing activities to support outlet expansion and operational efficiency. The company’s capital structure remains solid, with Fore Holdings Pte. Ltd. retaining a majority ownership of around 78.9%, underscoring investor confidence in Fore’s business model. Overall, Fore continues to strengthen its retail network and brand position in Indonesia’s competitive coffee market while maintaining sound financial discipline.

Bukalapak (PT Bukalapak.com Tbk) – 9M 2024 Summary

Based on Bukalapak’s Q3 2024 interim financial report, the company recorded a net loss of Rp 593.2 billion — a notable improvement from Rp 784.1 billion in the same period of 2023. Revenue grew modestly by 1.8% year-on-year, from Rp 3.34 trillion to Rp 3.40 trillion. Despite the slow topline growth, the sharp reduction in losses indicates that Bukalapak’s path to profitability is accelerating, supported by tighter cost control and higher financial income (up from Rp 569 billion to Rp 784 billion). These results suggest that Bukalapak’s focus on efficiency and asset optimization is delivering measurable progress, moving the company closer to breakeven and strengthening its operational resilience in Indonesia’s competitive e-commerce market.

What’s Exciting

ReSTART: Rebuilding Indonesia’s Digital Trust and Entrepreneurship

DailySocial, in collaboration with the Ministry of Communication and Digital Affairs (Komdigi) and Garuda Spark Innovation Hub, launched the ReSTART initiative on October 28, 2025, in Bandung as a movement to revive confidence and entrepreneurship in Indonesia’s digital ecosystem. The program aims to rebuild the industry around strong business fundamentals rather than valuation hype. The first event, themed “Building a Strong & Mature Startup Team,” gathered over 100 founders, investors, and ecosystem players, signaling a united effort to mature Indonesia’s startup landscape. Komdigi officials emphasized a shift in perspective—from chasing unicorn status to prioritizing social and economic impact.

Digital Rupiah: Indonesia’s Leap Toward a Sovereign Digital Currency

Bank Indonesia is preparing to issue the Digital SRBI, a digital version of its government-backed securities (Surat Berharga Negara) as part of its national digital finance strategy. This initiative positions the Digital Rupiah as an official stablecoin-like instrument, bridging traditional monetary systems with emerging blockchain-based ecosystems. For Indonesia, this represents a major step in safeguarding currency sovereignty while promoting financial inclusion in the digital era. The move could redefine how individuals, banks, and fintechs interact with money—ushering in a more efficient and transparent payment landscape nationwide.

TikTok Reaches 460 Million Users in Southeast Asia

TikTok has surpassed 460 million monthly active users across Southeast Asia, with more than 160 million coming from Indonesia alone. Once known purely as an entertainment app, TikTok has evolved into a powerhouse for advertising, e-commerce, and digital creativity—enabling small businesses and creators to reach audiences at unprecedented scale. Brands in Indonesia are increasingly leveraging TikTok’s algorithmic reach to drive cost-efficient marketing and viral engagement. As the country’s digital economy continues to expand, TikTok’s influence illustrates how social platforms are becoming engines of economic participation and cultural exchange.

Nvidia Crosses US $5 Trillion Market Cap: A Symbol of AI’s Global Dominance

Nvidia has become the world’s first company to exceed a US $5 trillion market capitalization, underscoring the global dominance of artificial intelligence and digital infrastructure industries. The surge reflects massive demand for data centers and AI-driven computing systems. For Indonesia, Nvidia’s success highlights an emerging opportunity: companies across manufacturing, cloud services, and digital integration could benefit from participating in the global AI supply chain. This milestone also signals the accelerating pace of AI adoption, prompting local industries to invest in computing power and talent to stay competitive.

OpenAI Sets the Stage for a US $1 Trillion IPO

OpenAI is reportedly preparing for an initial public offering that could value the company at up to US $1 trillion—one of the largest in tech history. The move comes as generative AI transforms industries worldwide, from education and media to enterprise automation. OpenAI’s rise symbolizes the global shift toward AI-driven economies, and for Indonesia, it opens doors to collaboration, adoption, and innovation. As local startups integrate AI models into their services, this development could accelerate Indonesia’s broader digital transformation agenda.

Whats next

Indonesia’s journey toward AI sovereignty begins with strengthening its digital backbone. According to Indosat Ooredoo Hutchison’s Empowering Indonesia Report (IOH, 2024), the country’s data centers account for less than 1% of global capacity, prompting an estimated USD 3.2 billion investment need by 2030. Operational capacity is projected to rise from 0.3 GW in 2024 to 1.1 GW by 2030, with 18% of the workload dedicated to AI. This growth illustrates Indonesia’s ambition to become self-sufficient in computing power and data management. For the local market, these investments signal a massive opportunity for cloud providers, infrastructure developers, and renewable-energy partnerships to support AI-ready data ecosystems.

While infrastructure advances rapidly, Indonesia faces a critical talent challenge. Only 0.06% of Indonesia’s workforce currently works in AI-related roles—far behind China (0.26%), India (0.21%), and Singapore (0.12%). To bridge this gap, an investment of USD 968 million in AI talent development is projected through 2030, aiming to grow local AI professionals from 287,000 in 2024 to 383,000. Encouragingly, over 71% of new AI workers transition from unrelated fields, showing a strong reskilling culture. For Indonesia’s digital economy, this highlights the need to scale up education, industry training, and public-private collaboration to ensure that digital transformation is not just built, but powered by local expertise.

Indonesia’s AI industry is entering an acceleration phase as multiple sectors—from manufacturing to finance, begin adopting AI for process automation, data analysis, and decision intelligence. The country has produced 757 Indonesian-language datasets on global AI platforms like Hugging Face, far exceeding Malaysia’s 340, signaling growing local research capacity. However, the proportion of AI publications indexed in Scopus remains behind China and India, showing room for deeper R&D collaboration. To sustain this momentum, Indonesia must pair innovation with strong AI governance, ensuring safety, ethics, and security are built into every solution. This balance of progress and regulation will define Indonesia’s credibility as a trustworthy AI leader in Southeast Asia.

This week’s roundup highlights major movements shaping Indonesia’s tech and financial landscape. From Hangry’s $10.5M funding round and StraitsX’s Web3 payment expansion, to Danantara’s new CTO and Xendit’s push into Latin America, the ecosystem is buzzing with scale and ambition. Superbank’s profitability and Telkom’s massive spin-off show how digital transformation is reshaping traditional sectors. Meanwhile, May Mobility and Grab bring autonomous transport to Southeast Asia, Singapore leads the IPO race, and Lendable fuels inclusive fintech growth. We also unpack new research from LPEM FEB UI revealing crypto’s Rp 7,000 trillion contribution to Indonesia’s economy—hinting at what’s next for regulated digital finance in the region.

Join ReSTART Bandung: Building a Strong & Mature Startup Team!

This October 28, ReSTART heads to BLOCK71 Bandung for a deep dive into what it really takes to grow a resilient startup. Hear from industry leaders — Dr. Sonny Hendra Sudaryana (Komdigi), Fajrin Rasyid (Bukalapak), and Bayu Syerli (Elevarm) — as they unpack the real-world habits behind strong governance, sound financials, and scaling sustainably. Expect hands-on insights, founder stories, and practical frameworks you can use from day one.   

Register now !

Best regards,
The DailySocial Team

🚀 What’s New

Hangry Raises US$10.5 Million in Follow-up Funding

F&B technology startup Hangry has secured US$10.5 million in new funding led by Alpha JWC Ventures, marking one of the largest rounds in Indonesia’s foodtech space this year. The capital will be used to expand Hangry’s multi-brand restaurant ecosystem, improve digital operations, and enhance customer experience. Hangry’s hybrid model, combining physical outlets with strong online delivery channels, continues to attract investor confidence. The company also plans to leverage AI and data analytics to optimize menu innovation and supply chains. This funding milestone signals continued investor optimism in Indonesia’s tech-driven culinary market.

StraitsX Secures US$22.5 Million from UQPay and Docomo
Singapore-based StraitsX received a US$22.5 million investment from UQPay and Japan’s Docomo to boost its Web3 payment network across Asia. The deal aims to integrate blockchain-based financial infrastructure with existing digital payment systems, enabling faster and more secure cross-border transactions. StraitsX will use the funds to enhance interoperability between traditional finance and decentralized technologies. This strategic move positions StraitsX as a key connector in Asia’s growing digital asset economy. It also reflects increasing institutional confidence in regulated blockchain payment solutions.

Profile: Sigit Puji Santosa, CTO of Danantara

Danantara has appointed Sigit Puji Santosa as its new Chief Technology Officer to lead innovation in financial technology and data infrastructure. With extensive experience in scalable systems and fintech product development, Sigit brings technical depth and leadership vision to the company’s next growth phase. Under his direction, Danantara plans to enhance its digital financial ecosystem and expand its range of financial products. His appointment marks a commitment to strengthening technological excellence and operational agility. Sigit’s expertise is expected to accelerate Danantara’s mission to bridge technology with inclusive financial access in Indonesia.

Xendit Eyes Latin America Expansion
Indonesian unicorn Xendit is testing its payment solutions in Latin America, marking its first major expansion outside Asia. The move represents a bold step in Xendit’s ambition to become a global payment leader, building on its strong foundation in Southeast Asia. The company aims to replicate its successful model by targeting emerging markets with growing digital economies. This expansion underscores Xendit’s confidence in its scalable technology and regional insights. As it enters new territories, Xendit is set to redefine how cross-border payments empower businesses worldwide.

Superbank Hits IDR80.9 Billion Profit and 5 Million Customers
Superbank achieved a significant milestone by reporting IDR80.9 billion in profit and surpassing five million customers this quarter. The growth is driven by its focus on accessible digital banking services and user-friendly financial products. With strong backing from major stakeholders, Superbank continues to strengthen its position as a challenger in Indonesia’s banking landscape. The bank’s digital-first strategy has improved financial inclusion for underserved communities. These results demonstrate how innovation and customer trust can fuel profitability in the fintech sector.

Telkom Spin-offs Fiber Optic Business to TIF
Telkom Indonesia completed the spin-off of its fiber optic infrastructure business into Telkom Infra Fiber (TIF), valued at IDR357.8 trillion. The strategic restructuring aims to streamline operations and enhance focus on network efficiency and asset optimization. By creating TIF, Telkom seeks to attract more investors and foster strategic collaborations in telecommunications infrastructure. The spin-off also supports Indonesia’s broader digital transformation agenda through improved connectivity. This move marks a new era for Telkom’s operational agility and investment potential.

✨ What’s Exciting

May Mobility Expands to Southeast Asia with Grab Investment

Autonomous vehicle startup May Mobility announced its entry into Southeast Asia through a strategic partnership with Grab. The investment will allow both companies to explore self-driving solutions for public transport and last-mile logistics. This collaboration supports regional goals for sustainable mobility and smart city development. By leveraging Grab’s regional presence, May Mobility can accelerate its deployment of safe and efficient autonomous transport. The partnership highlights growing interest in integrating AI-driven mobility into Southeast Asia’s urban infrastructure.

Singapore Leads Southeast Asia’s IPO Market in Q3
Singapore emerged as Southeast Asia’s top IPO market in the third quarter, supported by strong investor sentiment and favorable regulatory conditions. According to EY, the city-state attracted the highest capital inflows from public listings in the region. The robust activity underscores Singapore’s role as a regional financial hub amid volatile global markets. Its transparent governance and advanced financial systems continue to attract companies seeking stable listing environments. This trend further reinforces Singapore’s leadership in driving regional capital market growth.

Lendable Launches New Debt Financing Funds
Fintech investment platform Lendable has introduced new debt financing funds aimed at supporting inclusive finance startups in emerging markets. The funds will provide much-needed liquidity to fintech companies addressing credit gaps and economic inequality. Lendable’s approach combines financial returns with measurable social impact, aligning with growing investor interest in ESG-focused investments. The initiative targets high-potential firms in Africa, Asia, and Latin America that promote financial inclusion. This move underscores Lendable’s commitment to empowering underserved markets through responsible capital allocation.

🎓 Empowering Teachers, Inspiring Students: STEM and Digital Literacy Take Center Stage

More than 100 educators joined the “STEM for Future Leaders” seminar at Maranatha Christian University, Bandung, featuring Prof. Erik Barendsen from Radboud University, Netherlands. The event explored how digital literacy and computational thinking can transform classroom learning in the AI era. Prof. Erik emphasized the teacher’s role in cultivating critical and creative thinking, while speakers like Rama Mamuaya, Ivan Ahda, and Dr. Erwani Merry Sartika shared practical frameworks for everyday STEM teaching. The seminar also launched the Educators Club – Bandung Chapter, a new community for teachers to collaborate and exchange best practices. A new MoU between Maranatha University and the Marvin Foundation capped the event, marking a long-term partnership to advance digital education across Indonesia.

🔮 What’s Next

A new study by LPEM FEB UI reveals that Indonesia’s legal crypto platforms have generated an estimated IDR7,004 trillion in economic contribution and created over 33,000 jobs. This finding highlights the growing importance of regulated digital asset platforms in the national economy. Beyond direct financial impact, the sector also stimulates innovation in blockchain applications and financial literacy. The research underscores how legal clarity and institutional adoption can drive sustainable growth in the crypto industry. As policymakers continue refining regulations, the balance between innovation and consumer protection remains key.

Looking ahead, Indonesia is likely to see stronger integration between crypto and traditional finance systems. New frameworks for taxation, licensing, and cross-border transactions are expected to improve market stability and investor confidence. Financial institutions may increasingly adopt blockchain for settlements and digital identity verification. This evolution could open opportunities for local startups to collaborate with global fintech players. In the coming years, Indonesia could emerge as a regional leader in compliant, innovation-driven crypto ecosystems.

This week highlights how Indonesia’s innovation story continues to evolve across sectors. Snack brand Mamame Whole Foods is taking Indonesian tempeh to global markets with backing from Granite Asia, while ABC Impact, DBS, and UOB are reimagining sustainable finance through an impact-linked fund model. In logistics, J&T Express’s regional growth reinforces Southeast Asia’s e-commerce momentum. The rollout of the Indonesia Game Rating System (IGRS) also marks a step forward in digital policy. The latest Tracxn report signals a maturing fintech landscape in Southeast Asia, where funding growth is slowing but shifting toward more sustainable.

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The DailySocial Team

What’s New

• The Indonesian snack startup Mamame Whole Foods has secured a US$2 million investment led by Granite Asia to accelerate its plant-based tempeh chip business, targeting expansion into the US and UK markets. By re-imagining Indonesia’s staple tempeh using black-eyed peas instead of soy and focusing on health-conscious consumers, Mamame taps into both local culinary heritage and global plant-based snack trends. With Granite Asia’s backing, the brand is well-positioned to raise Indonesia’s snack exports profile and spotlight the country’s potential in the healthy-snacks segment.

• The impact investment firm ABC Impact (backed by Temasek) has partnered with banks DBS and UOB to launch a US$110 million sustainability-linked subscription loan facility for its Fund II, tying capital deployment to measurable social and environmental KPIs across Asia. The structure flips the conventional subscription loan model by embedding sustainability performance triggers, signalling growing sophistication in impact-finance in Southeast Asia. For Indonesia, this offers a precedent for channeling growth-capital into businesses that deliver both financial and social returns, aligning with domestic agendas around green growth and inclusive development.

What’s Exciting

• Bank Indonesia’s Global Cooperation Push
  At the IMF–World Bank Annual Meetings 2025, Bank Indonesia emphasized that strengthening multilateral cooperation is key to sustaining global growth amid tight monetary conditions and shifting geopolitics. The central bank reiterated its commitment to macroeconomic stability, policy credibility, and inclusive growth, while supporting investment and trade across developing economies. Indonesia highlighted its role in driving regional financial resilience through collaboration and innovation in sustainable finance.

• J&T Express rides e-commerce boom, strengthens Indonesia’s logistics edge

  J&T Express recorded an impressive 23.1% year-on-year growth in parcel volume for Q3 2025, propelled by a 78.7% surge in Southeast Asia and 47.9% growth in new international markets. The strong performance reflects the sustained momentum of e-commerce and cross-border trade across the region. As demand for faster, more efficient parcel delivery continues to rise, the market presents expanding opportunities for ecosystem players, from warehousing and fulfillment to last-mile technology. In this regional growth cycle, Indonesia remains a key node, both as a major consumer hub and a logistics innovation base shaping the next wave of digital commerce efficiency.

• Indonesia’s Gaming Industry on the Global Stage

  Indonesia’s gaming ecosystem continues to gain global recognition, driven by initiatives from the Ministry of Communication and Digital (Komdigi). Locally developed games are entering international markets, supported by a stronger regulatory foundation through the launch of the Indonesia Game Rating System (IGRS) at IGDX 2025 in Bali. The event recorded a business potential of around $75 million, underscoring Indonesia’s rising status in the creative digital economy. By aligning ethical standards, data protection, and innovation, the government aims to make Indonesia not just a market for games, but a creator and leader in the global gaming industry.

• AI Adoption in Banking Faces Security Hurdles
  A recent HSBC survey revealed that while banks across Indonesia are increasingly aware of AI’s potential to streamline operations and improve services, adoption remains slow due to cybersecurity concerns. Many financial institutions see AI as transformative for customer experience and fraud detection but remain cautious about data protection and hacker risks. The findings highlight the industry’s need for stronger governance, secure infrastructure, and clearer regulatory frameworks to fully unlock AI’s benefits. This cautious optimism mirrors Indonesia’s broader digital transformation—progressive, yet mindful of the balance between innovation and trust.

Whats Next

Despite a funding winter that has chilled the broader Southeast Asian fintech scene, Indonesia remains a market brimming with structural opportunity. According to Tracxn’s 9M 2025 report, fintech startups across the region collectively raised US$839 million, marking a 39% year-on-year decline. More tellingly, early-stage rounds contracted by about 63%, reflecting investor caution amid rising capital costs and tighter global liquidity. While Singapore commanded 84% of total funding, Indonesia captured only 4%, signaling both a slowdown and a gap between ecosystem maturity levels.

Despite the broader funding slowdown, Indonesia’s fintech base remains steady, with investors maintaining a clear focus on transaction infrastructure and inclusion-driven financial solutions that anchor long-term market growth. Funding in Jakarta reached around US $32.8 million (4% of SEA total), a sharp correction from 2024 levels but still anchored by strong early-stage activity from players like OY!, SkorLife, Ringkas, and Bang Jamin, backed by both domestic and regional investors including BRI Ventures and QED InvestorsSEA fintech funding TraxcnSEA fintech funding Traxcn. This shift hints at a more deliberate, fundamentals-driven capital deployment focused on credit scoring, digital lending, and financial access, areas central to Indonesia’s digital-finance expansion.

Looking ahead, the regional funding contraction may catalyze a healthier balance between growth and sustainability. The consolidation visible across Southeast Asia’s fintech scene, with fewer new entrants and more disciplined follow-on rounds—could ultimately favor markets like Indonesia that combine scale with policy support such as QRIS expansion and digital-lending regulations. As investors recalibrate toward resilient, infrastructure-led fintech models, Indonesia is likely to remain a critical node in Southeast Asia’s transition from high-velocity funding cycles to long-term financial inclusion and cross-border innovation.

We’re back in your inbox with a fast, zero-fluff briefing for founders, investors, VCs, and regulators across Indonesia, Southeast Asia, and beyond. This week: Xendit’s Malaysia push, Dunkin’s new operator, Danantara’s $10B deployment plan, TikTok’s license reinstatement, HSBC’s tokenised deposits rollout, and a governance watch on P2P lending—distilled into what matters and why.

Best regards,
The DailySocial Team

What’s New

• Xendit expands into Malaysia 🇲🇾. Indonesia’s leading payment gateway has completed the full acquisition of Payex, a Bank Negara–licensed payment gateway provider, and will rebrand it as Xendit Malaysia. Announced at the Selangor Smart City & Digital Economy Convention 2025, this move follows Xendit’s initial investment in Payex in early 2023. Since entering Malaysia, Xendit has onboarded 4,500+ businesses, processed over MYR 5 billion (~US$1.1 billion) in transactions, and plans to expand its local team, partnerships, and education initiatives. The new entity will be led by Jayson Poon, former central bank official. [Read More]

  

• Dunkin’ Donuts Indonesia enters new era 🍩. F&B local startup, DailyCo, through its subsidiary PT Diamonds Donuts Internasional (DDI), has officially taken over the master franchise license of Dunkin’ Donuts Indonesia from PT Dunkindo Lestari, effective October 7, 2025. The first new outlet is planned for Jakarta in Q4 2025, followed by gradual expansion through both flagship and neighborhood cafés. The move marks Dunkin’s major comeback in Indonesia’s growing bakery (US$50B+, 9.4% CAGR 2025–2029) and coffee (7% annual growth through 2031) markets. [Read More]

• Danantara to deploy $10B investments in 3 months 💰. Indonesia’s sovereign investment body, Danantara, aims to channel US$10 billion by January 2026, with 80% focused domestically. Current investments include projects in Saudi Arabia, renewable energy, and waste-to-power. CIO Pandu Sjahrir highlighted Indonesia’s mix of high yield and stability supported by low inflation and a young population. Danantara also aims to boost local capital market liquidity—currently around US$1B in daily turnover—far below India’s US$10–11B. [Read More]

• TikTok back in business 🎥. Indonesia has lifted TikTok’s license suspension after the company provided aggregated operational data requested by the government, including livestream, monetization, and web traffic activity. The suspension, imposed on October 3, followed incomplete compliance during unrest linked to a delivery driver’s death. With over 100 million users, TikTok’s return underscores its reliance on Indonesia as its largest Southeast Asian market, amid ongoing debates over data transparency and user trust. [Read More]

What’s Exciting

1️⃣ HSBC tokenizes deposits in Singapore 🪙. HSBC has expanded its Tokenised Deposit Service (TDS) to Singapore after launching in Hong Kong. The service allows instant 24/7 settlement using DLT-based digital tokens representing fiat deposits. Ant International became the first client to complete SGD and USD transactions across HSBC Singapore and Hong Kong, highlighting TDS’s potential in liquidity and FX management. The bank plans further rollouts in the UK and Luxembourg, positioning Singapore as a global treasury hub.

2️⃣ SBI Holdings joins Amar Bank 🇯🇵🇮🇩. Japan’s SBI Holdings has acquired over 5% stake in Amar Bank, becoming its third-largest institutional investor after Tolaram and Jagat Raya Imajinasi. Amar Bank CEO Vishal Tulsian said the partnership will enable synergy with SBI’s vast ecosystem, furthering Amar’s mission to transform retail and MSME banking in Indonesia.

What’s Next: Strengthening Fintech Governance Before the Snowball Effect Hits ⚖️

Indonesia’s fintech lending industry continues its rapid climb — outstanding loans reached Rp 87.61 trillion as of August 2025, up 21.6% YoY, according to the Financial Services Authority (OJK). Despite a relatively low 2.6% delinquency rate, the surge signals growing systemic risk if governance gaps persist.

Several players still fall short of the minimum capital requirements (Rp 12.5B for P2P platforms; Rp 100B for multifinance firms). OJK is urging recapitalization or new investor entry to prevent potential liquidity shocks. The Dana Syariah case — where lenders faced withdrawal delays despite a 99.82% repayment rate — underscores how weak governance can erode investor trust.

OJK has intensified enforcement, issuing hundreds of administrative sanctions in August 2025 and coordinating with law enforcement to uphold compliance and solvency standards.

With fintech lending expanding fast, stronger governance and risk management are urgently needed. If capital adequacy, transparency, and compliance issues are left unchecked, isolated incidents could escalate into a systemic crisis. As Dana Syariah’s case shows, trust is fragile and rebuilding it starts with firm, proactive regulation.