📌 TOPINDIATOURS Breaking startup: OJK leadership shifts 🏛️, Dash Electric secures

Dear subscriber,

This edition opens with regulatory developments at OJK, where recent leadership changes have put market stability and execution in focus, even as no immediate policy shifts have been announced. Against this backdrop, the market remains active but increasingly selective. Recent updates include early-stage funding in electric mobility, continued scale in food delivery, and a rare profitability milestone from a homegrown consumer brand. Strategic capital is still flowing into insurance, payments, and data infrastructure, supported by clearer policy direction and regional partnerships.

Not all bets are paying off. Una Brands’ exit from Indonesia highlights mounting pressure on aggregator and roll-up models, while leadership changes at major platforms and stricter fintech enforcement point to a more disciplined operating environment. Looking ahead, the APAC private capital outlook suggests a slow reset rather than a rebound, with Southeast Asia nearing the bottom of its venture cycle and investors prioritizing resilience and execution over rapid expansion.

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🚨 What’s New

• Top leadership turnover at OJK amid market volatility
  Indonesia’s Financial Services Authority (OJK) has appointed new commissioners following the resignation of its chair and senior officials amid recent market turbulence. The leadership change comes after volatility in Indonesia’s financial markets, estimated at around USD 80 billion, which has raised questions around regulatory confidence and stability. While turnover at the top of the regulator can affect the pace of policy execution and market oversight, no immediate regulatory or policy shifts have been announced. Key industry counterparts, including associations such as Amvesindo, also remain structurally unchanged.

  For fintech and other market participants, the impact is not operational at this stage. Regulatory direction and supervisory frameworks remain intact, suggesting continuity rather than disruption. The near-term risk lies more in execution speed and coordination during the transition, rather than changes to rules or enforcement. For startups, this development is best read as a signal to stay attentive, not to revise strategy.

• Sagana joins Dash Electric’s seed round
  Dash Electric secured fresh seed funding with Sagana coming in as a new investor. The funding signals growing interest in Indonesia’s electric mobility supply chain, especially beyond consumer-facing EV brands. Early-stage capital in this segment suggests investors are betting on long-term infrastructure demand. While the round size was not disclosed, seed activity remains selective in the current market. This reflects a cautious but continued appetite for climate and hardware-linked startups in Indonesia.

• Indonesia’s food delivery GMV hits USD 64 billion in 2025
  Indonesia’s food delivery market reached USD 64 billion in gross merchandise value in 2025. Growth was supported by high order frequency and deeper penetration outside tier-one cities. The scale confirms food delivery as one of the country’s most mature digital consumer services. However, competition and cost pressure remain key challenges. The number highlights why the sector continues to attract platform, logistics, and fintech innovation.

• Kopi Kenangan reaches profitability with USD 184 million revenue
  Kopi Kenangan reported USD 184 million in revenue and achieved profitability in 2025. This marks a rare milestone for a consumer startup operating at national scale. The result reflects disciplined expansion and tighter cost control after years of aggressive growth. It also shows that offline-first consumer brands can reach sustainable margins in Indonesia. The performance strengthens confidence in consumer startups with strong unit economics.

• Insurtech Igloo raises USD 5 million from Tokio Marine
  Igloo raised USD 5 million in funding from Tokio Marine, reinforcing strategic interest from established insurers. The investment highlights …

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  📌 TOPINDIATOURS Update startup: Data flows shift 🔄, venture debt rises 💳, AI momen

  Dear subscribers,

  This week, we unpack a series of pivotal shifts shaping Indonesia’s digital landscape, from a new cross-border data agreement with the United States and evolving digital tax commitments, to the rise of venture debt as startups seek smarter capital strategies. At the same time, Telkom Indonesia is doubling down on data center expansion, reinforcing the country’s ambition to anchor more digital infrastructure domestically. Beyond policy and infrastructure, Southeast Asia is entering a defining phase in its AI journey as enterprises move from experimentation toward scaled implementation, positioning the region as a strategic battleground for global technology players.

  Thanks for reading RISE by DailySocial! Subscribe for free to receive new posts and support my work.

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  🚨 What’s New

  • Indonesia and the United States have taken a decisive step in cross-border data governance.

    Under a newly announced trade agreement between President Prabowo and President Trump, Indonesia agreed to allow limited transfers of personal data to the U.S., provided they comply with domestic data protection regulations. The move reduces regulatory ambiguity around cross-border digital operations and signals a stronger alignment with global data flow frameworks. For technology companies, cloud providers, and cross-border platforms, this creates clearer operational pathways while maintaining obligations under Indonesia’s Personal Data Protection Law. The development reflects Indonesia’s growing role in shaping digital trade diplomacy while balancing privacy safeguards.

  • Alternative financing is gaining traction as venture debt emerges as a stronger funding option in Southeast Asia.

    Qverse, a venture debt platform founded by regional ecosystem players, is expanding its strategy to include private credit and larger ticket sizes. Venture debt provides startups with non-dilutive capital, offering founders greater flexibility during market slowdowns and tighter equity funding cycles. The growing adoption of structured financing instruments signals a maturing startup ecosystem that is becoming more sophisticated in capital management. As founders prioritize sustainable growth over aggressive burn, diversified funding options are becoming increasingly strategic.

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  👏 What’s Exciting

  • Telkom Indonesia is accelerating its data center ambitions as digital infrastructure becomes a national priority.

    The state-backed telco, Telkom Indonesia is actively seeking global partners to expand capacity and strengthen its position in the regional data center market. With demand rising from hyperscalers, enterprise clients, and AI-driven workloads, scaling infrastructure has become a competitive necessity. The company is also reportedly revisiting plans to divest a stake in its data center business, signaling confidence in asset value and investor appetite. This move reinforces Indonesia’s strategic push to anchor more digital infrastructure domestically while attracting international capital.

  • Digital taxation policy is entering a new chapter amid shifting global trade commitments. As part of the broader U.S.–Indonesia agreement, Indonesia is restricted from imposing discriminatory digital service taxes on major U.S. technology platforms. While the government maintains authority to implement fair and non-discriminatory taxation frameworks, the agreement provides greater regulatory certainty for global digital players operating locally. This clarity may enhance investment confidence and platform expansion within Indonesia’s digital economy. At the same time, policymakers will need to calibrate revenue strategies carefully within evolving international trade norms.

  • At the India AI Impact Summit 2026, Indonesia pushed for AI development that delivers real societal value beyond technical innovation.

    Deputy Minister of Communication and Digital Nezar Patria, Representatives from Indonesia emphasized that the impact of AI should be measured by how it improves public services and fosters equitable access, not just by technological sophistication. This shifts the narrative toward responsible and inclusive AI adoption, which aligns with Indonesia’s large, diverse population and its goal of leveraging digital tools to enhance education, healthcare, and economic opportunities for MSMEs and underserved communities. The message resonates within Indonesia’s broader digital policy framework that seeks to balance innovation with public benefit and underscores the country’s role as an active voice in shaping global tech governance.

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  🚀 What’s Next: Southeast Asia’s AI Inflection Point: Scaling Adoption, Unlocking Value

  The latest industry analysis titled AI in Southeast Asia: An Era of Opportunity, published collaboratively by McKinsey & Company, the Singapore Economic Development Board (EDB), and Tech in Asia, sho…

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