Tag: Technology
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ASEAN moves closer to economic unity with new regional payments system
Indonesian President Joko Widodo makes a speech during the Association of Southeast Asian Nations (ASEAN) Foreign Minister’s Meeting in Jakarta, Indonesia on July 14, 2023. Murat Gok | Anadolu Agency | Getty Images A new regional cross-border payment system recently implemented by Southeast Asian nations could deepen financial integration among participants, bringing the ASEAN bloc…
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Grab cuts 1,000 jobs, its biggest round of layoffs since the pandemic
The headquarters of Grab Holdings Ltd., in Singapore. Grab Holdings Ltd., reported its latest earnings on Feb. 23, 2023. Bryan van der Beek | Bloomberg | Getty Images Singapore-based Grab Holdings is cutting over 1,000 jobs, its CEO said Tuesday, in a bid to manage costs and reorganize the company in a competitive landscape. In…
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Indonesia’s GoTo reports wider nine-month loss
Motorcyclists travel past a billboard advertising GoTo’s initial public offering in Jakarta, Indonesia, on Friday, April 8, 2022. GoTo, formed through the merger of Gojek with e-commerce pioneer Tokopedia, raised $1.1 billion in one of the worlds biggest stock debuts this year and is slated to list in Jakarta April 11. Dimas Ardian | Bloomberg…
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Plastic pollution credits could be the new carbon offsets
Humanity has produced over 9.5 billion metric tons of plastic. That’s over one metric ton, aka 2,200 pounds, per each of the Earth’s 7.9 billion inhabitants. That plastic doesn’t go away. “All the plastic we’ve ever produced since the inception of the material is still here,” said David Katz, Founder and Chairman of Plastic Bank,…
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Tips from eFishery founder Gibran Huzaifah on running a profitable start-up
Indonesian Gibran Huzaifah Amsi El Farizy is no stranger to the start-up world. While he was still a college student, Farizy started his own fish-rearing business — and by the time he graduated in 2012, he was managing 76 ponds. Now at 33, Farizy runs Indonesia-based startup eFishery, which developed products such as automatic feeders…
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Indonesia’s GoTo lost almost 70% of its valuation since its April IPO
A GoTo logo seen displayed on a smartphone screen and in the background. Rafael Henrique | Sopa Images | Lightrocket | Getty Images Indonesia’s GoTo Group has lost 68.5% of its initial value of 400 trillion rupiah ($28 billion) since its initial public offering in April. While the stock has ticked lower most of the…
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Tech startups trying to fill tech gap
A worker refills a robotic dispenser by eFishery, an agritech startup, at a fish farm in Subang Regency in West Java, Indonesia, in June 2022. The startup helps farmers optimize their processes through automatic feeders and mobile apps. Dimas Ardian | Bloomberg | Getty Images Indonesia’s tech startups are reeling in big money in seafood…
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VC firms will be pickier in 2023
Venture capital-backed companies only raised $369 billion for the first three quarters of 2022, according to Crunchbase data. A total of $679.4 billion was invested globally in 2021. Malte Mueller | Fstop | Getty Images Venture capital firms in Southeast Asia will probably be pickier next year, with valuations plunging and economic headwinds slowing growth…
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Ex-Stripe exec wants staying power over huge growth
GajiGesa’s Vidit Agrawal wanted to provide workers access to their wages as they earn it, between traditional end-of-month pay cycles. That gives workers much more liquidity and protects them from predatory lenders. GajiGesa Vidit Agrawal, co-founder of Indonesia-based startup GajiGesa, knows crazy growth is nice. But staying power is better. “Everyone is talking about profitability…