Hong Kong-based WeLab, which runs digital banks WeLab in Hong Kong and Saqu in Indonesia, raised $220M in equity and debt from HSBC, Prudential HK, and others
Hong Kong-based fintech firm WeLab Ltd. has secured $220 million from investors including HSBC Holdings Plc and Prudential Hong Kong Ltd. in its largest round of funding.
Super Bank Indonesia, a Grab-backed digital lender, rose by 24% during its stock market debut in Jakarta, after the company raised ~$168M in its IPO
Ismi Damayanti / Nikkei Asia :
Robinhood is set to join Indonesia's retail investing boom, after agreeing to acquire local brokerages PT Buana Capital Sekuritas and PT Pedagang Aset Kripto
Robinhood Markets Inc. is set to enter the Indonesian market after signing deals to acquire two local brokerages …
Apple plans to invest $160M in Indonesia to help resume iPhone 16 sales, with Luxshare committing $150M for a factory to produce ~65% of global AirTag supply
Financial Times :
An internal probe into SoftBank-backed eFishery, one of Indonesia's most prominent startups, finds the agritech company allegedly faked most of its 2024 sales
Our story last night delves into the size, scope and details of the alleged fraud …
Indonesia's OJK: ~137M citizens owed 66T rupiah (~$4.1B) in outstanding digital lending debt in September 2024, up from 18.6M users owing 13.16T rupiah in 2019
Ismi Damayanti / Nikkei Asia : X: @worldstrategist and @nikkeiasia X: Eric / @worldstrategist : Yes they pay huge amount of interests. @nikkeiasia : Millions of Indonesians fall into digital debt tra...
Sources: Apple has raised its offer to invest in Indonesia from about $10M to almost $100M, in a bid to persuade the government to lift its iPhone 16 sales ban
- Company increases investment proposal tenfold, sources say — Indonesia banned sales of iPhone 16 over local content rules
Ride-hailing company GoTo plans to close its Gojek brand in Vietnam, to focus on reaching profitability in its main operations in Indonesia and Singapore
Olivia Poh / Bloomberg :
Apple Q2 revenue: iPhone down 10% YoY to $45.96B, Mac up 4% to $7.45B, iPad down 17% to $5.56B, and Wearables, Home, and Accessories down 10% to $7.91B
Apple CEO Tim Cook waves to journalists after his meeting with Indonesian President Joko Widodo at the Presidential Palace in Jakarta, Indonesia, April 17, 2024.
Sources: before Indonesia's social media shopping ban, TikTok Shop was on pace to handle $6B+ of transactions in the country and $17B+ in Southeast Asia in 2023
Juro Osawa / The Information :