 01-May-18, Asian Banking & Finance 

When it comes to growth opportunities for digital payments, Indonesia is in a league of its own. The prospect of tens of millions of new digital payment customers is too much for digital companies and investors to ignore. The likes of SoftBank, Alibaba’s Ant Financial, and Chinese ride hailing giant Didi-Chuxing are injecting billions of dollars into companies with a chance of gaining a foothold in the market.

In the past year local and international tech companies PayPal, T-Cash, Go-Jek and Grab have been jostling for position in Indonesia’s payments market, snapping up small local payment companies in short-order. Grab, backed by Japan’s SoftBank and Chinese ride-hailing group Didi Chuxing, bought Kudo, a local online-to-offline payments company in early 2018.

Go-Jek, the ride-hailing market leader, made its own steps in the space with the purchase of three Indonesian digital payments companies and the launch of its own e-wallet Go-Pay. The investments were funded by a cash infusion from Chinese technology giant Tencent and heavy-hitting private equity houses KKR and Warburg Pincus, who value the company at USD3 billion. T-Cash, on the other hand, has focused on organic growth and is the only platform that allows for payments outside of its network.

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 Financial Services insights