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☆ TikTok obtaining Indonesia e-commerce permit - state media
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJAKARTA, Nov 29 (Reuters) - Short video app TikTok is in the process of obtaining an e-commerce permit from Indonesia's government, state news agency Antara reported, citing the deputy trade minister. In September, Indonesia banned e-commerce transactions on social media, a major blow for TikTok, which had pledged to invest billions of dollars in Southeast Asia, including Indonesia, the region's biggest economy. Now they are taking care of it," deputy trade minister Jerry Sambuaga was quoted saying by Antara on Tuesday. It has been looking to translate the large user base into a major e-commerce revenue source. Reuters reported earlier this month that TikTok was in talks on possible partnerships with several Indonesian e-commerce companies, including GoTo's e-commerce unit (GOTO.JK) Tokopedia, Bukalapak.com (BUKA.JK) and Blibli (BELI.JK).

Persons: Dado Ruvic, Antara, Jerry Sambuaga, China's ByteDance, minister's, TikTok, Stefanno Sulaiman, Martin Petty Organizations: REUTERS, Rights, Reuters, GoTo's, Thomson Locations: Rights JAKARTA, Indonesia, Southeast Asia

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJAKARTA, Nov 13 (Reuters) - TikTok has been holding talks with Indonesian e-commerce companies about possible partnerships, an Indonesian minister said on Monday, a month after Southeast Asia's largest economy banned online shopping on social media platforms. "Some e-commerce companies in Indonesia have talked to TikTok," he said in an interview, citing what the companies' executives told him. It was a particular blow to TikTok, which was forced to close its e-commerce service TikTok Shop. A TikTok Indonesia spokesperson was not available to comment. Until it stopped operations, TikTok Shop was delivering about 3 million parcels a day in Indonesia, sources have said.

Persons: Dado Ruvic, Teten Masduki, TikTok, Tokopedia, Bukalapak, Blibli, Joko Widodo, Shou Zi Chew, Teten, Indonesia's, SEA's, Stanley Widianto, Ananda Teresia, Edwina Gibbs Organizations: REUTERS, Rights, Indonesian, GoTo's, TikTok, YouTube, Meta, Google, Temasek Holdings, Bain & Co, HK, Lazada, Thomson Locations: Rights JAKARTA, Indonesian, Indonesia, Southeast, Singapore

With a population of more than 270 million, Indonesia generated nearly $52 billion in e-commerce transactions last year, according to data from consultancy Momentum Works. TikTok is holding talks for potential partnerships with local e-commerce players, including GoTo's Tokopedia, while building a standalone TikTok Shop app for Indonesia, the people said. Until TikTok Shop stopped operations in Indonesia this month, it was delivering about 3 million parcels a day in Indonesia, two sources said. Alphabet's (GOOGL.O) YouTube is also planning to apply for an e-commerce license, two sources said, without specifying the type of permit planned. TikTok and YouTube's plans to apply for e-commerce permits in Indonesia have not been previously reported.

Persons: Dado Ruvic, GoTo's Tokopedia, TikTok, Tokopedia, Isy Karim, Isy, Stanley Widianto, Fanny Potkin, William Mallard Organizations: REUTERS, Rights, YouTube, Meta, Momentum Works, TikTok, Reuters, Facebook, Thomson Locations: Rights JAKARTA, Indonesia, Southeast, Southeast Asia, U.S, Indonesian

[1/4] Bening Widayati, 40, sells clothes live on a social media platform inside her stall at the International Trade Center (ITC) mall in Jakarta, Indonesia, September 27, 2023. The government said the move, which takes effect immediately, is aimed at protecting offline merchants and marketplaces, adding that predatory pricing on social media platforms is threatening small and medium-sized enterprises. The move comes just three months after TikTok pledged to invest billion of dollars in Southeast Asia, mainly in Indonesia, over the next few years in a major push to build its e-commerce platform TikTok Shop. He warned of letting social media become an e-commerce platform, shop, and bank all at the same time. Indonesia Deputy Trade Minister Jerry Sambuaga earlier this month named TikTok's live streaming features as an example of people selling goods on social media.

Persons: Widayati, Willy Kurniawan, TikTok, China's ByteDance, Zulkifli Hasan, Zulkifli, Jerry Sambuaga, Fahmi, Edri, Dewi Kurniawati, Stefanno Sulaiman, Fransiska Nangoy, Stanley Widianto, Johan Purnomo, Kanupriya Kapoor, Alexandra Hudson, Miyoung Kim, Mark Porter Organizations: International Trade Center, REUTERS, Indonesia Trade, Wednesday, Reuters, Indonesia Deputy Trade, Research, BMI, HK, Lazada, Momentum Works, Thomson Locations: Jakarta, Indonesia, Southeast Asia, JAKARTA, Shop, TikTok, Europe, United States

JAKARTA, June 15 (Reuters) - Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security. Southeast Asia, a region with a collective population of 630 million - half of them under 30 - is one of TikTok's biggest markets in terms of user numbers. "We're going to invest billions of dollars in Indonesia and Southeast Asia over the next few years," TikTok CEO Shou Zi Chew said at a forum it organised in Jakarta to highlight the social and economic impact of the app in the region. Chew said TikTok has 8,000 employees in Southeast Asia, and 2 million small vendors selling their wares on its platform in Indonesia, the region's biggest economy. The app has not faced major bans on government devices in Southeast Asia, but it has been under scrutiny over its content.

Persons: China's ByteDance, Shou Zi Chew, Chew, TikTok, Stanley Widanto, Miyoung Kim, Christopher Cushing, Jamie Freed Organizations: HK, Thomson Locations: JAKARTA, Southeast Asia, Sea's, Indonesia, Jakarta, Beijing, Britain, New Zealand, Vietnam

☆ TikTok to invest billions of dollars in Southeast Asia, CEO says
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +1 min

Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security. Southeast Asia, a region with a collective population of 630 million — half of them under 30 — is one of TikTok's biggest markets in terms of user numbers. "We're going to invest billions of dollars in Indonesia and Southeast Asia over the next few years," TikTok CEO Shou Zi Chew said at a forum it organised in Jakarta to highlight the social and economic impact of the app in the region. TikTok did not provide a detailed breakdown of the spending plan, but said it would invest in training, advertising and supporting small vendors looking to join its e-commerce platform TikTok Shop. Chew said content on its platform was becoming more diversified as it adds more users and expands beyond advertising into e-commerce, allowing consumers to purchase goods through links on the app during livestreaming.

Persons: China's ByteDance, Alibaba's, Shou Zi Chew, Chew Locations: Southeast Asia, Sea's, Indonesia, Jakarta, TikTok

☆ New GoTo CEO Walujo may not stay in top job long - sources
▼ + stars: | 2023-06-14 | by ( Fanny Potkin | ) www.reuters.com time to read: +2 min

SINGAPORE, June 14 (Reuters) - Incoming GoTo (GOTO.JK) CEO Patrick Walujo is planning to head the Indonesian technology company only temporarily and resign after improving profitability, as he splits his time between it and a private equity firm he co-founded, according to sources. The prominent Indonesian dealmaker, whose private equity firm Northstar Group was one of the earliest backers of GoTo's ride hailing business Gojek, was named as the CEO of GoTo last week. GoTo was created in 2021 through a merger of Gojek and e-commerce firm Tokopedia. Walujo, who will continue to manage Northstar, does not plan to stay for a full three-year term as GoTo CEO, said three sources, including people briefed by him and company investors. The sources said the timing of Walujo's tenure was likely to depend on how quickly he can trim spending and improve profits.

Persons: GoTo, Patrick Walujo, Walujo, Goldman Sachs, Fanny Potkin, Miyoung Kim, Robert Birsel Organizations: Northstar Group, Northstar, Reuters, Thomson Locations: SINGAPORE, Indonesian, Gojek, HK, The Jakarta, U.S, Singapore

☆ GoTo's gross revenue declined on a sequential basis, says DBS Bank
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoTo's gross revenue declined on a sequential basis, says DBS BankSachin Mittal of the Singapore bank discusses the Indonesian tech giant's earnings and says "cost-cutting was clearly the focus."

☆ Shares of Indonesia's GoTo fall more than 4% as 2022 loss swells to $2.6 billion
▼ + stars: | 2023-03-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

GoTo Group posted a wider full-year 2022 net loss of 40.4 trillion rupiah ($2.63 billion) in its latest earnings report. Shares of GoTo Group fell as much as 4.62% on Tuesday after the Indonesian tech giant's annual net loss for 2022 widened. The full-year net loss came in at 40.4 trillion Indonesian rupiah ($2.63 billion) last year, according to its latest earnings report. Here are the key takeaways:Net revenue: 11.3 trillion rupiah, vs. 5.2 trillion rupiah in 2021Adjusted loss before interest, taxes, depreciation and amortization: 16 trillion rupiah, vs. 16.5 trillion rupiah in 2021Net loss: 40.4 trillion rupiah, vs. 25.9 trillion rupiah in 2021And in the fourth quarter of 2022:Net revenue: 3.4 trillion rupiah, vs. 4.5 trillion rupiah in the third quarterAdjusted EBITDA loss: 3.1 trillion rupiah, vs. 3.7 trillion rupiah in the previous quarterGoTo, the combined entity between ride-hailing giant Gojek and e-commerce marketplace Tokopedia, went public on the Indonesia Stock Exchange last April. "This strategy enabled us to reduce incentives and product marketing in fourth quarter 2022 by 34%, or 2.8 trillion rupiah, year-on-year.

☆ 20 years of digital transformation, as seen by an IT expert
▼ + stars: | 2023-03-17 | by ( Sponsor Post | Created Insider Studios With Goto | ) www.businessinsider.com time to read: +7 min

Back then, the average person would hear the term "remote support" and probably think it meant getting help for their TV controller. Jaromi said he has seen teams increase their productivity between 20% to 50% by letting GoTo Resolve's efficiencies work for them. For SMBs, GoTo Resolve can often be their main IT presence. But Rescue and GoTo Resolve have constantly stayed a step ahead, building in the most secure layers possible. Looking to the futureOver his 18 years at GoTo, Jaromi has seen the company endure significant changes, from being an upstart innovator to an established industry leader.

☆ 42% of IT professionals will quit in the next 6 months. Here's how the right software can help them avoid burnout.
▼ + stars: | 2023-03-01 | by ( Sponsor Post | Created Insider Studios With Goto | ) www.businessinsider.com time to read: +8 min

The right software can help businesses who can't find the staff they need. Worldwide the talent shortage could result in unrealized output of $449.70 billion. Alarming numbers underscore the fact that the talent shortage is everywhere. GoTo Resolve can help irrigate the IT desert by providing remote access troubleshooting, support, ticketing, and camera sharing a click away. Essentially, many of the services an enterprise needs to hire for can be procured through Rescue and GoTo Resolve.

☆ Top 4 customer support trends of 2023
▼ + stars: | 2023-02-27 | by ( Sponsor Post | Created Insider Studios With Goto | ) www.businessinsider.com time to read: +7 min

Customer support trends reflect the changing ways we work, including the need for remote support. Customer support trends have changed as the need for speed and seamlessness has increased. Today, remote tools can be used across the entire ecosystem of an enterprise, from customer support to cybersecurity. So what are the emerging customer support trends for 2023, and how can technology help your business address them? Rescue's suite of turnkey services is generally geared toward enterprise customers, and supports internal IT teams and external customer support teams working through call centers or support centers.

☆ Southeast Asian venture capital firms expect to be pickier in 2023 than in 2022
▼ + stars: | 2022-12-20 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

Venture capital-backed companies only raised $369 billion for the first three quarters of 2022, according to Crunchbase data. Malte Mueller | Fstop | Getty ImagesVenture capital firms in Southeast Asia will probably be pickier next year, with valuations plunging and economic headwinds slowing growth in 2022. Sequoia Southeast Asia raised a $850 million fund in June, East Ventures raised $550 million in July, and Insignia Ventures Partners raised $516 million in August. Indonesia-based e-grocery company HappyFresh ceased operations in Malaysia after seven years, while Grab discontinued its quick commerce service GrabMart Kilat in Indonesia. "The 15-minute model of quick commerce in Southeast Asia is very difficult because the unit economics are very negative.

☆ UBS expects this global tech stock to see a 60% upside despite headwinds and reopening challenges
▼ + stars: | 2022-12-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

UBS is bullish on GoTo Group , and changed its 12-month rating for Indonesian e-commerce and ride-hailing giant from "sell" to "buy." GoTo shares surged as much as 33% during Tuesday trading after the Swiss investment bank did a double upgrade of the stock. Despite subsidy reductions and tough macro conditions, GoTo has been growing quarter-on-quarter in key segments, UBS said in its report. UBS Still, UBS lowered its 12-month price target for GoTo by 33% to 160 rupiah, from a previous target of 240 rupiah. "The expiry of lock-up and steady progress towards profitability in end-2023 should help the stock re-rate, in our view," said the UBS report.

☆ Indonesia's GoTo has lost almost 70% of its valuation since its April IPO
▼ + stars: | 2022-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

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 year, GoTo shares sold off after pre-IPO shareholders opted out of a secondary offering following the lock-up expiration on Nov. 30. GoTo Group is the merged entity between Indonesia's two largest tech companies: ride-hailing giant Gojek and e-commerce marketplace Tokopedia. On Wednesday, the last day of the lock-up, GoTo said those pre-IPO shareholders decided to not proceed with the secondary offering. It was last seen trading near 123 rupiah, giving the company a valuation of about 126 trillion rupiah.

☆ Indonesia's GoTo says some pre-IPO shareholders not taking up secondary offering
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Dec 1 (Reuters) - Indonesian biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) said on Wednesday evening that some of its pre-IPO shareholders had decided not to take up a secondary offering of shares at this time. The shareholders were those who considered the proposed transaction, GoTo said in a statement without naming them. Shares of GoTo closed down 6.79% on Wednesday to 151 rupiah a piece prior to the announcement. The announcement came as the eight-month lock-up period for pre-IPO shareholders expired on Wednesday. GoTo, which raised $1.1 billion in an IPO last April, said in October that the purpose for a coordinated secondary offering of shares was to "facilitate an orderly sale through the negotiated market."

☆ Shares of Indonesia's GoTo fall 6% as nine-month loss swells
▼ + stars: | 2022-11-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Indonesia's GoTo Group reported its nine-month accumulated losses surged from a year ago, even as quarterly losses shrank as the company cut costs. GoTo accumulated a loss of 20.32 trillion rupiah ($1.29 billion) between January and September, far more than the 11.58 trillion rupiah loss reported a year ago. For the third quarter, GoTo reported an adjusted EBITDA loss of 3.7 trillion rupiah (about $235 million), about 11% smaller than the 4.2 trillion rupiah adjusted EBITDA loss posted a year ago. That's also 10% narrower than the 4.1 trillion rupiah EBITDA loss reported for the second quarter and marks the third consecutive quarter of shrinking losses. GoTo Group is the result of a merger between two of Indonesia's largest tech companies — ride-hailing, food delivery and payments giant Gojek and e-commerce marketplace Tokopedia.

☆ Indonesia GoTo's Jan-Sept 2022 net loss at $1.3 bln, despite improving Q3 results
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 21 (Reuters) - Indonesian tech firm PT GoTo Gojek Tokopedia Tbk (GOTO.JK) reported a net loss of 20.32 trillion rupiah ($1.29 billion) between January and September 2022, according to financial statements published on Monday, amid a sell-off in tech stocks. Losses widened from the same period last year, when the firm reported a 11.57 trillion rupiah net loss, according to the statements. GoTo said in a press statement following the result that it saw financial improvements in the April-June 2022 period and expected to see more over the coming quarters. In Q3 2022 alone, GoTo's gross revenue was up 30% from the same period last year to 5.9 trillion rupiah and its adjusted EBITDA loss narrowed by 11% year-on-year to 3.7 trillion rupiah. Shares of GoTo closed at 210 rupiah per share on Monday, down 5.41% in intra-day trade.

☆ E-commerce firm Blibli up nearly 5% in Indonesia stock debut
▼ + stars: | 2022-11-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: 1 min

Shares of Indonesian e-commerce company Blibli rose 4.9% in its Indonesian stock market debut Tuesday, in what was the country's second-largest initial public offering this year. Shares of PT Global Digital Niaga Tbk, which owns Blibli, climbed as high as 472 rupiah in early trading, up from its IPO price of 450 rupiah per share. In early afternoon trade, the stock was trading at about 452 rupiah. Blibli is the latest tech company to list in Southeast Asia since Indonesian unicorns Bukalapak's $1.5 billion share sale in August 2021 and GoTo's $1.1 billion IPO in April. Blibli, an online marketplace selling a range of household and lifestyle goods, was founded in 2011 and is owned by the Indonesian e-commerce group PT Global Digital Niaga which also runs an online travel business and supermarket chains.

☆ Japan Prime Minister Fumio Kishida appoints former health minister Goto as next economy minister
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: +1 min

A photo of former health minister Shigeyuki Goto at the prime minister's official residence on October 04, 2021 in Tokyo, Japan. Japan's Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Japan's Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Speaking to reporters on Tuesday, Kishida said he picked Goto based on his "political experience, high presentation skills and passion for economic and social reforms." Goto's appointment comes as the government faces the urgent task of compiling an economic stimulus package and a fresh extra budget.

☆ Indonesia's GoTo considering secondary offering of shares
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Oct 24 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia Tbk (GOTO.JK) is exploring a coordinated secondary offering of shares held by pre-IPO shareholders after a lock-up period ends late next month, the company said on Monday. It said it would not issue or sell new shares, so there would be no dilution of GoTo's shares. The remaining shares are held by some of GoTo's executives and shareholders, each with ownership of less than 5%. Shares of GoTo closed at 190 each on Monday, a drop of 5%. GoTo debuted on April this year, raising $1.1 billion in an IPO by selling around 4% of its shares at 338 rupiah each.

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