#Corporate
OJK plans summit with Google and Meta to tackle illegal online lending
Indonesia's Financial Services Authority (OJK) intends to engage Google and Meta, Instagram's parent company, in discussions to combat illegal online lending activities.
PGN, PTGN, and Pema Global ink gas sales-purchase agreement with fertilizer producer PT Iskandar Muda
PT Perusahaan Gas Negara Tbk. (PGN), in collaboration with PT Pertagas Niaga (PTGN) and PT Pema Global Energi (PGE), recently inked a pivotal Gas Sales and Purchase Agreement (GSPA) with PT Pupuk Iskandar Muda, an industrial entity in Aceh, and other industries in North Sumatra.
TikTok resumes operation following closure in October 2023
TikTok Shop resume its operation in Indonesia on December 12 ,2023 after Indonesian government closed it on October 2023. This time, Tiktok has a cooperation with Indonesian company Tokopedia.PT GoTo Gojek Tokopedia Tbk, the largest digital ecosystem in Indonesia, and TikTok, the leading global entertainment platform, announced a mutually beneficial strategic partnership to drive long-term growth for Indonesia’s MSME sector and the country’s digital economy as a whole.As part of the agreement, Tokopedia and TikTok Shop Indonesia’s businesses will be combined under the existing PT Tokopedia entity in which TikTok will take a controlling stake. The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity.TikTok has committed to invest over US$1.5bn in the enlarged entity over time, to provide future funding required by the business, without additional dilution to GoTo. The arrangement will allow both TikTok and GoTo to each serve Indonesian consumers and MSMEs more comprehensively. GoTo will benefit from the growth of the enlarged entity and will remain an ecosystem partner to Tokopedia, through its digital financial services via GoTo Financial and on-demand services via Gojek. GoTo will also receive an ongoing revenue stream from Tokopedia commensurate with its scale and growth.The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators. The first campaign will be the Beli Lokal initiative which will launch on December 12th, coinciding with Indonesia’s National Online Shopping Day (Harbolnas) - a government program designed to grow Indonesia's digital economy by supporting local MSMEs. The campaign, which will be available on TikTok as well as Tokopedia, will promote a broad range of merchants, with a strong focus on Indonesian products. The Beli Lokal offering on TikTok will enable its community to engage and shop with the local merchants they know and love.Going forward, TikTok, Tokopedia and GoTo will transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five years. More than 90 percent of the combined business’s merchants are MSMEs and the companies will undertake a series of joint initiatives to support them, including:1.The promotion of Indonesian products on Tokopedia and TikTok’s platforms2.Building the capacity of Indonesia's MSMEs through a holistic program focusing on skills development and providing resources relating to upstream production and selling3. Supporting merchants to sell products online by providing support in areas such as marketing, branding, and sustainable business practices4.Helping local brands to promote their products in international markets5. The establishment of technology centers across Indonesia to develop local tech talent6. Ensuring a marketplace that fosters fair competition.The transaction, which is expected to close in the first quarter of 2024, is in line with the GoTo Group’s strategy to strengthen its financial and strategic position by growing its total addressable market. To ensure the PT Tokopedia business continues to operate in the best interests of Indonesia's digital economy, a committee under the enlarged entity will be established to facilitate transition and integration, chaired by GoTo Group CEO Patrick Walujo, with support from members of both businesses.Goldman Sachs is acting as the financial advisor to GoTo Group on this transaction.
Transformation for Justice Indonesia (TuK) criticize Roundtable on Sustainable Palm Oil (RSPO) certification for greenwashing potential
The Roundtable on Sustainable Palm Oil (RSPO) certification process, which is intended to improve governance of palm oil plantations, was criticized by the Indonesian non-profit organization Transformation for Justice (TuK), which considered it to have the potential to be a form of greenwashing.
Batam contributes to foreign direct investment in Riau Islands
Batam has emerged as the primary contributor of foreign investment in the Riau Islands Province.
Iwan Suwito address housing shortages in Australia as it battles with immigration
Australia is grappling with a housing backlog as a million immigrants arrive. Iwan Sunito, CEO of One Global Capital, shares insights into the situation.
Indonesia-Japan collaborates on Joint Crediting Mechanism (JCM) model project providing solar panels
A collaboration between the Japanese and Indonesian governments, under the Joint Crediting Mechanism (JCM) Model Project scheme, provides green energy ventures giving companies that participate do not need to bear investment cost.
Indonesia Battery Corporation to acquire 40% shares in Hyundai and LG battery plant
The Indonesia Battery Corporation (IBC) is pursuing a stake of approximately 30% to 40% in the electric vehicle battery plant jointly developed by Hyundai and LG in Karawang, West Java.
Samudera Indonesia expands its fleet, adds six new ships
Samudera Indonesia, a publicly-traded shipping company on the Indonesia Stock Exchange, has disclosed plans to expand its fleet by adding a minimum of six new ships by 2024.
Foreign companies under scrutiny for worsening air quality in Indonesia, Malaysia, and Singapore
Several foreign companies are being scrutinized as potential contributors to deteriorating air quality in various regions of Indonesia, Malaysia, and Singapore.
High-speed train attendants does not have to speak Mandarin, CEO says
Ahead of the inauguration of the Whoosh High-Speed Train serving the Jakarta-Padalarang route, PT Kereta Cepat Indonesia China (KCIC) conducted recruitment for various positions, including train attendants. It turns out that there was significant interest from job applicants for this position.
Indonesian major tycoons set to invest in new capital city development projects
Domestic investors are showing a growing interest in investing in the Indonesian Capital City (IKN). This enthusiasm involves ten prominent entrepreneurs with a combined investment value of IDR 20 trillion.