Market Capitalization of Allo Bank (BBHI) Enters the Top 10!

            Indonesia Composite Index (ICI) (well-known as IDX Composite) managed to record a positive performance last week and also managed to set a new record high in last weekend’s trading. Shares of PT Allo Bank Tbk (BBHI) managed to enter the top 10. According to data from the Indonesia Stock Exchange (IDX), last week, the ICI rose 0.49% point-to-point. In trading on Friday (21/1/2022) last weekend, the ICI closed up 1.5% to 6,726.37. During the week, the value of IDX Composite transactions tended to fall to Rp57.58 trillion. However, foreign investors still recorded a net buy of Rp1.24 trillion in the regular market. Of the total 10 largest market capitalizations (big-cap), as of Friday last weekend, it rose to Rp3,446 trillion, from the previous Rp3,402 trillion.

            Stocks that experienced a decline in market cap at the end of last week were PT Bank Rakyat Indonesia Tbk (BBRI) shares which fell to Rp626 trillion, PT Astra International Tbk (ASII) shares which also fell to Rp227 trillion, and shares in PT Unilever Indonesia Tbk (UNVR) to Rp158 trillion. Meanwhile, of the stocks that experienced an increase in market cap, PT Telkom Indonesia Tbk (TLKM) shares had the largest increase in market cap last week, which increased by Rp. 14 trillion to Rp429 trillion.

            Digital bank PT Allo Bank Tbk (BBHI) shares last weekend managed to occupy the top 10 big-cap stocks of over Rp100 trillion with a market cap of Rp132 trillion. Market capitalization or market cap is the market value of an issuer, the multiplication of the share price with the number of shares outstanding in the market, the greater the market cap value of the issuer, the greater the influence of the movement on the IDX composite movement.

Jan 24, 2022, CNBC Indonesia

(https://www.cnbcindonesia.com/market/20220124113005-17-309846/joss-market-cap-allo-bank–bbhi–masuk-jajaran-10-besar)

Wow! Singtel and Grab Join Emtek Enter Fama Bank

            Eddy Kusnadi Sariaatmadja’s technology issuer, PT Elang Mahkota Teknologi Tbk (EMTK) announced the entry of a strategic partner to accelerate the company’s digital ecosystem at PT Bank Fama International. Previously, Elang Mahkota Teknologi (EMTK) through its subsidiary, PT Elang Media Visitama (EMV) has acquired the mini bank and is now the largest shareholder with a portion of 99.99% in Fama Bank.

            The two strategic investors who entered were Singtel Alpha Investments, a wholly-owned subsidiary of Singtel Telecommunication Limited, and A5-DB Holdings Pte. Ltd. which is a subsidiary of Grab. Elang Mahkota Teknologi (EMTK) Corporate Secretary Titi Maria Rusli said that Grab and Singtel had taken part, each with 2.35 billion new shares of Fama Bank or equivalent to 16.26% of the company’s issued and paid-up capital which had been increased. After the issuance of new shares was completed, EMV’s ownership in Fama Bank became 62.76%. Then, PT Nusantara Berkat Agung with 4.72%, Grab with 16.26%, and finally Singtel with 16.26%. This acquisition is a concrete step from the Singtel-Grab consortium to develop digital financial services in Indonesia.

            For information, at the end of 2020, the Monetary Authority of Singapore (MAS) said it would grant a fully digital bank license to the Grab-Singtel consortium and the technology giant which is Shopee’s parent company, Sea Group. This is the first and is anticipated in the liberalization of the financial industry. Unlike traditional banks, digital bank players will provide services to retail customers such as account opening, deposits, and debit and credit card issuance. However, digital banks will not be physically present and all banking services will be carried out online. This is different from traditional banks, such as DBS, OCBC, and United Overseas Bank which offer several banking services via the internet or mobile applications. Digital banks can also serve corporate customers.

Jan 21, 2022, CNBC Indonesia

(https://www.cnbcindonesia.com/market/20220121141839-17-309405/wow-singtel-grab-ikut-emtek-masuk-ke-bank-fama)

Pluang Bags $55m Series B Funding from Accel to Grow Platform

            Integrated investment app Pluang, developed and managed by futures and crypto trading firm PT Bumi Santosa Cemerlang (BSC), has raised US$55 million in a Series B funding round led by the United States venture capital firm Accel. The latest funding round for the Indonesian fintech company, one of the fastest-growing in Southeast Asia, brings its total investments in 2021 to US$110 million and will enable it to further invest in its technological capabilities, expand its asset classes and widen the reach of its services.

            Considering Indonesia its home market, Pluang has recognized the country’s potential for economic expansion, attributable to its digitally driven culture and high population. Global investors have also identified the country as having high economic potential, bringing in $8.2 billion in investment for several start-ups in 2020 alone. Given its high rates of internet and smartphone penetration, as well as its savings per capita, which is expected to double over the next decade, the country provides a pathway for first-time investors to establish new money management habits that were previously impossible.

            “Providing mobile access to an easy-to-use investment product is a massive component of boosting financial literacy and financial inclusion throughout Indonesia, as well as Southeast Asia. With this additional funding, our team will be able to accelerate our momentum and provide the tools, resources, and education necessary to set up more customers for long-term wealth creation. We are absolutely thrilled to have the world-class team at Accel, as well as our other investors, supporting us in Pluang’s next growth stage.” said Pluang cofounder Claudia Kolonas.

            Pluang was founded by Claudia, a veteran in Indonesia’s financial services industry, and serial entrepreneur Richard Chua, who has experience at Google and at Bain & Company. Both co-founders are graduates of Harvard Business School.

January 13, 2022, The Jakarta Post

(https://www.thejakartapost.com/front-row/2022/01/13/pluang-bags-55m-series-b-funding-from-accel-to-grow-platform.html)