Indonesia’s technology news in the second quarter of 2023 gathers items spanning Indonesia’s bid to leverage its critical minerals advantages, the enforcement of cryptocurrency bans in Bali, Indonesia’s moves to boost adoption of electric vehicles whilst boosting investment, and many more.
The monthly links below – for April, May & June – give you Q2 2023 technology news from Indonesia, linking from the headlines to the articles behind them in full, and free of charge.
in June 2023 | in May 2023 | in April 2023
• Plus: Asia’s tech news today / weekly newsletters >
Lowy Institute: How Indonesians see the world – survey results
Indonesia’s Tech News
quarterly: June 2023
- Indonesia: Ringkas raises $3.5M with streamlined fintech solutions focused on home ownership
- Indonesia: eFishery feed technology firm closes $108M funding round, with platform potentially raising farmer income by 45%
- Indonesia’s PasarPolis online insurance marketplace mulls Malaysia and Philippines entry, with full-spectrum digital service covering underwriting, pricing, sales, distribution and claims
- Indonesia: A brief video intro to Greens, aiming to eliminate food loss and decentralize production using AI and blockchain to create ‘hyperlocal meta-farming’ food ecosystem
- Indonesia: DS/X Ventures looks to raise $15M for maiden fund, aiming to back early-stage startups enjoying early traction in the B2B software-as-a-service space
“Indonesian President Joko Widodo is betting big that a halt on exports of the resource-rich country’s raw minerals slated for next month will draw investment, bringing more jobs and economic development.”
“Indonesia’s export bans are aimed at luring investment in downstream sectors, creating jobs and spurring a rise in shipments of more valuable products. The country hopes to shake off the “resource curse,” a phenomenon in which abundant natural resources hinder rather than help a country’s economic development.”
“Jakarta is weighing eventual export bans on around 20 commodities, including coal, gold, silver, crude oil, natural gas and palm oil, with a target of about $545 billion in downstream investment by 2040.”
- Indonesia: Amartha peer-to-peer lending platform gains $100M from US-based debt provider, Community Investment Management, focusing on MSME working capital loans
- Indonesia’s GoTo-backed Go-Ventures raises $240M 2nd fund, rebrands as Argor Capital, looks to back B2B marketplaces, consumer and enviro-tech, fintech and SME digital transformation platforms
- Indonesia: Musk’s SpaceX launched the country’s largest telecoms satellite from US in $540M project to connect remote corners of the archipelago’s population of 280 million to the internet
- Indonesia: Finture, parent of Yup Indonesia ‘buy now, pay later’ aggregator, raised $15M, incorporating bank-backed pay-later card allowing on- and-offline payments using national payment gateway
- Singapore’s Smart Fintech For You gains Indonesia central bank service provider licence, building on presence in Hong Kong, UAE, Thailand and Philippines and 70-currency options
CSIS: Mapping semiconductor supply chains – Indo-Pacific’s importance
Indonesia’s Tech News
quarterly: May 2023
- Indonesia: Bukalapak e-commerce giant recorded net loss of over $68M in Q1 2023 compared to net profit of $993M in Q1 2022
- Indonesia: Gov’t-backed Startup Studio Indonesia accelerator program opens applications for 7th cohort
- Indonesia: Bali warns tourists against payments using cryptocurrencies in hotels, restaurants and other destinations, reminding visitors that crypto is not legal tender
- Grab Philippines fined $160K by Philippine Competition Commission due to ride-hail giant failing to refund consumers in full more than 3 years after ruling
- Indonesia’s GoJek partners Vietnam’s Dat Bike to pilot electric motorbikes for transportation, logistics and food delivery needs of Gojek’s Vietnam users
World Economic Forum: Shared Intelligence for Resilient Supply Systems
Indonesia’s tech news
quarterly: April 2023
- Indonesia: Swap Energy raises $7.2M pre-A with battery-swap solutions for 2-wheeled EVs, aiming to build on 800 swap-charge stations in 14 provinces
- Indonesia: Mobee launches digital asset exchange for qualified investors, family offices, and institutional-grade clients, following regulator licensing
“The value of QR transactions has risen exponentially to hit $6.5BN last year, and should gain further traction as the central bank doubles the transaction limit to 10 million rupiah.”
- Indonesia drops VAT on battery-based electric vehicle sales to 1% from 11% in bid to boost EV adoption and attract investment into domestic production
- Indonesia: Legit Group ‘cloud kitchen’ startup raised $13.7M Series A with no offline presence, focusing on tech-driven infrastructure
- Indonesia & e-commerce: “In 2021, it became the 9th-largest e-commerce sector in the world, valued at $43BN – nearly 6times its value in 2018 ($8BN)…”
CSET: Mapping emerging technologies and their supply chains
ASIA’S TECH NEWS: DAILY & e-newsletters
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