Category: startup

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Indonesia Will Build a Modern Shrimp Pond in East Sumba Worth IDR 7.5 Trillion

The government will build a modern shrimp cultivation pond or model of integrated upstream and downstream cultivation (Integrated Shrimp Farming) in Palakahembi Village, Pandawai District, East Sumba Regency, East Nusa Tenggara (NTT). Construction is targeted from 2024 to 2027, with a budget of US$ 500 million or approximately IDR 7.5 trillion. The Ministry of Maritime Affairs and Fisheries (KKP) and the East Sumba Regency Government have reached an agreement. The Minister of Maritime Affairs and Fisheries, Sakti Time Trenggono, said that the construction of this pond in East Sumba was carried out to grow the economy outside Java.

“We will build an integrated shrimp cultivation model in East Sumba, NTT to grow the economy and distribute it to Eastern Indonesia, not just Java,” said Trenggono, in his statement, quoted Thursday (8/2/2024).

The central and regional governments of East Sumba have signed a cooperation agreement on borrowing and using goods belonging to the region of East Sumba Regency and a Memorandum of Agreement between the Director General of Aquaculture and the Regent of East Sumba, which was carried out at the KKP Building, Tuesday (6/2/2024) yesterday.

Trenggono said that the construction of a modern and environmentally friendly shrimp pond model would be built on unused land to become productive land, in order to increase national production and employment, as well as provide a multiplier effect for local communities.

Director General of Aquaculture, TB Haeru Rahayu explained that the construction of a modern shrimp pond model in East Sumba will start from 2024 to 2027, with a budget of US$ 500 million or approximately IDR 7.5 trillion.

“This shrimp pond modeling was built by implementing Good Aquaculture Practices from upstream to downstream in one management, where every process carried out will apply the principle of eco-efficiency and prioritize the preservation of natural resources, controlling the impact of environmental damage, and involving local communities as actors. “The main thing is economic growth,” explained TB Haeru. TB Haeru also said that through the construction of a modern shrimp pond model in East Sumba, economic value of approximately IDR 3.4 trillion per year will be distributed and will be able to absorb a local workforce of around 4,730 people for upstream to downstream needs.

Integrated Shrimp Farming Development will be divided into 3 (three) Zones, namely: a) Upstream Zone (hatchery and feed factory); b) Onfarm Zone (intake channel, main reservoir, cluster reservoir, maintenance plot, outlet channel, Cluster WWTP and vegetation); c) Downstream zone (coldstorage, ice factory, and styrofoam factory).

February 8, 2024, detikFinance

(https://finance.detik.com/berita-ekonomi-bisnis/d-7183462/pemerintah-mau-bangun-tambak-udang-modern-di-sumba-timur-senilai-rp-7-5-t)

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Practical! QRIS Can Be Used in Thailand, Malaysia-Singapore Next

QRIS or QR Indonesia Standard made by Bank Indonesia can now be used in Thailand. Governor of Bank Indonesia (BI) Perry Warjiyo stated that it would be easier for Indonesians to make shopping transactions in Thailand. No need to exchange money, only mobile phone capital to scan the QRIS barcode, transactions can already be done.

This is because BI and the Bank of Thailand have collaborated to form a cross-border payment system via QR. Perry said all Indonesian transactions in Thailand could use QRIS. For example, for tourism and other trade transactions.

In addition to Thailand, currently QRIS can also be used in Malaysia, but its nature is still a trial and has not yet been fully implemented. “We have tested Malaysia since January. QRIS is also being prepared to be tested in Singapore. Currently, the central banks of the two countries are preparing to sign a cooperation,” Perry said.

August 29, 2022, detikFinance

(https://finance.detik.com/moneter/d-6259762/praktis-belanja-di-thailand-bayarnya-tinggal-scan-malaysia-singapura-nyusul)

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Alibaba Invests IDR 1.5 Trillion in Smartfren

            Chinese technology giant Alibaba intends to invest more than US$ 100 million (around IDR 1.5 trillion) in local telecommunications company PT Smartfren Telecom Tbk (FREN). This was reported by Nikkei citing a source who whispered to DealStreetAsia. So far, Alibaba has entered Indonesia through PT Akulaku Silvrr Indonesia, part of the Akulaku Group. Akulaku controls 25.66% shares of the digital bank Neo Commerce Bank. In addition, Alibaba has also entered the Fintech Fund through the Ant Financial collaboration with the Emtek conglomerate.

            According to DealStreetAsia news as quoted by Nikkei, Thursday (28/7/2022), the plan to disburse these funds will be announced in the near future. DealStreetAsia has contacted Smartfren and Alibaba to confirm. The FREN-coded stock has started to climb because of this news. Since the beginning of this week, the stock has gone up. On Tuesday, it even rose to 9.2%.

July 28, 2022, detikFinance

(https://finance.detik.com/bursa-dan-valas/d-6203661/alibaba-investasi-rp-15-triliun-di-smartfren)

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Linde Indonesia to Build $100 million Air Separation Plant

PT Linde Indonesia, a subsidiary of Germany-based Linde Group, announced its plan to build an air separation plant worth US$100 million to supply high-purity industrial gas to gold and copper mining giant PT Freeport Indonesia (PTFI). The new plant, which is estimated to begin operations in mid-2024, would supply oxygen and nitrogen gas to PTFI’s new copper smelter and refinery in Manyar, Gresik, East Java.

            The Manyar smelter is slated to produce copper cathodes – one of the key materials used in batteries and electrical wiring – from concentrate supplied by PTFI’s Grasberg mine in Papua, one of the largest copper and gold mines in the world. The smelter will have a processing capacity of 1.7 million tons of copper concentrate per year. Linde’s oxygen is used in the smelting of copper concentrate, one of the first steps in the copper cathode production process.

            “We are excited to support Freeport Indonesia as it expands its processing capacity in Indonesia. Copper plays an important role in the electrification of transportation and industrial processes, and we look forward to working with Freeport Indonesia on this world-leading project,” Vinayak Kembhavi, president director of Linde Indonesia, Philippines, and Vietnam, said in a statement issued on Wednesday.

“Linde’s track record for the safe and reliable supply of industrial gases has led [the company] to be our partner of choice as we expand our operations,” PTFI president director Tony Wenas said in the statement.

            Mining companies have continued to explore options for developing downstream projects as the government aims to foster downstream industries for the production of finished goods.

            Indonesia is the world’s largest nickel producer and is also rich in cobalt, bauxite, and copper ores, key materials in the manufacture of batteries for electric cars. The country aims to produce 2 million electric vehicles a year by 2030, both cars and motorcycles. The push for electric transportation is part of Indonesia’s aim to achieve net-zero emissions by 2060.

July 23, 2022, The Jakarta Post

(https://www.thejakartapost.com/paper/2022/07/22/linde-indonesia-to-build-100-million-air-separation-plant.html)

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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)

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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)

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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)