Indonesia tech giant GoTo shares close 13% up on market debut
Editor's note: updated with ZWC Partners' comments
Shares of Indonesia tech giant GoTo Group closed 13.02 percent higher at IDR382 on Monday, its first trading day on the Indonesia Stock Exchange (IDX), bringing its market capitalization to $31.5 billion.
Earlier in the trading session, the share price soared as much as 23 percent to an intraday high of IDR416, from its offer price of…
airasia Super App collaborates with Google Cloud for digital growth
airasia Super App, the digital travel and lifestyle platform of AirAsia Group, and Alphabet Inc's Google Cloud announced on Friday a five-year strategic collaboration to advance the Super App’s vision of a co-innovation ecosystem.
The two organizations will nurture technology talent, co-create software tools for open innovation, deliver data-driven intelligence on behalf of micro-, small- and…
Exploring the FinTech revolution in the Philippines
Addressing financial inequality in the Philippines means making certain that everyone has equitable access to financial services. To date, some 66 percent of Filipinos remain unbanked, catapulting the Philippines to fourth place among the world’s most unbanked countries. However, we also have the advantage of high Internet and smartphone penetration at over 70 percent each, as well as a…
Singapore’s Fairmart raises $1.5M seed round co-led by Quest Ventures and Entrepreneur First
Fairmart, a Singapore-based startup that drives sales for retailer stores by making their products searchable online, announced Wednesday the closing of an oversubscribed S$2 million ($1.5 million) seed round co-led by Quest Ventures and Entrepreneur First, with participation from SOSV, Vectr Ventures and Hustle Fund.
“Fairmart is solving the perennial problems that prevent local retailers…
Indonesia’s GoTo sells majority stake in Philippines e-wallet Coins.ph – report
Indonesia's tech firm GoTo Group it had sold its majority stake in Filipino e-wallet Coins.ph, Reuters reported on Monday.
The deal could also signal the end of its effort to capture the Philippines market, according to the report.
Ride-hailing and payments firm Gojek, which merged with e-commerce firm Tokopedia to form GoTo last year, had acquired the stake in 2019 as it planned a full…
Indonesia’s GoTo allocates over $20M to driver-partners under share program
Ahead of its initial public offering (IPO), PT GoTo Gojek Tokopedia Tbk (GoTo Group), the largest digital ecosystem in Indonesia, announced Monday it will allocate over $20 million to its driver-partners.
In Indonesia, the driver-partners will receive a share grant under the Gotong Royong share program, GoTo Group said in a statement.
"It has always been our dream to be able to share the…
Australia’s FinTech unicorn Airwallex launches payment services in Malaysia
Australia-based FinTech platform Airwallex announced Thursday the launch of its cross-border payment services in Malaysia, following its grant of a money services business license by Malaysian regulator Bank Negara Malaysia in August last year.
Initially, qualified Malaysian businesses will be given access to Airwallex's fast, transparent and cost-effective foreign exchange conversions and…
Indonesia’s GoTo to raise $1.1B in IPO
Indonesia's largest tech firm GoTo Group said Thursday it will raise $1.1 billion in its initial public offering (IPO), which would make this the third largest IPO in Asia and fifth largest in the world this year.
The IPO price has been set in the top half of the range at IDR338 ($0.024) per share, representing a projected market capitalization of approximately $28 billion, GoTo Group said in…
India’s Pine Labs raises $50M from United Kingdom’s Vitruvian Partners
Indian merchant commerce platform Pine Labs announced Wednesday a new investment of $50 million from Vitruvian Partners, a London-headquartered international investment firm.
“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises. We aim to further strengthen our recent foray…
Malaysia to enact laws to better regulate ‘Buy Now Pay Later’ schemes
Malaysia's central bank is working with the Finance Ministry and Securities Commission Malaysia to enact laws to better regulate 'Buy Now Pay Later' (BNPL) schemes.
Bank Negara Malaysia and the two parties are working together to enact the Consumer Credit Act (CCA) in 2022.
"The CCA will strengthen regulatory arrangements for all consumer credit activities, including BNPL schemes offered…