Indonesia’s Go-Jek acquires three FinTech firms
Ride-hailing company Go-Jek, one of Indonesia’s fastest growing startups, has acquired three local FinTech firms in the aim of bolstering its position in the country’s digital payments market.
Go-Jek launched its epayment platform GoPay this year in the aim of capitalising on the Indonesian ecommerce market – a market that saw $7bn in spending this year according to Statista.
In the aim of further expanding within the industry, Go-Jek has acquired Kartuku (a leading offline payments processing company in Indonesia); Midtrans (Indonesia’s main online payment platform); and Mapan (a community-based saving and lending network).
“We are now taking GO-JEK to the next stage,” said Nadiem Makarim, Founder and CEO, Go-Jek. “Through the acquisitions announced today, we will be working hand in hand with three likeminded companies who share our vision and ethos. This marks a significant development in our position at the heart of Indonesia’s vibrant FinTech industry.”
The total value of the deal remains undisclosed, however, according to Tech In Asia, the three companies process around $5bn of credit transactions, debit transactions and digital payments annually.
“The acquisitions will immediately accelerate the acceptance and market leadership of GO-PAY in the offline space through Kartuku as well as the online space through Midtrans, while also increasing financial inclusion for the unbanked through Mapan,” said Andre Soelistyo, President, Go-Jek.
“This approach to finance, implemented by leading home-grown Indonesian technology businesses within Go-Jek Group, will accelerate financial inclusion for millions of Indonesians and stimulate economic productivity throughout the country.”
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson