Paytm Lands in Jakarta 📦, Tokocrypto Goes Global 🪙, Xendit Goes Regional 🌏

Dear subscriber,

Hi RISE readers, what a week for Indonesia’s tech and capital markets! The IDX just wrapped its hottest listing week yet, with RANS, Prodia’s PRDL, INACO, and Jakarta Eye Center all making blockbuster debuts. Momentum kept building elsewhere too, from Xendit folding Dragonpay into its regional network, Paytm bringing its Soundbox to Jakarta with Flip, and Shopee jumping into quick commerce, to Tencent buying its first overseas carbon credits from Sulawesi. Even Danantara moved from planning to building, breaking ground in Bali and merging four state-owned asset managers. Grab a coffee and dive in, this edition is packed with reasons to be optimistic.

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• Xendit Completes Its Regional Puzzle Indonesia’s payments unicorn keeps stitching Southeast Asia together. Xendit has fully integrated Dragonpay, the Philippine payments pioneer it first backed in 2021, bringing its 905 merchants onto one platform. The network now spans seven markets including Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Singapore, and Hong Kong. Dragonpay merchants gain access to more than 100 payment methods plus cross-border and financing services. An Indonesian-born company is now exporting payments infrastructure across the region.

  

• Global Crypto Exchange BTSE Picks Indonesia International players keep voting for Indonesia with their feet. Global exchange BTSE has entered the market, launching spot trading for more than 200 digital assets locally. Its COO Jeff Mei put it plainly, saying the firm sees Indonesia dominating Southeast Asia in digital economy growth. With OJK data counting around 22.4 million crypto investors nationwide, the addressable market speaks for itself. Regulated competition should only make the ecosystem stronger.

• Conglomerates Go All-In on Digital and Green Indonesia’s big groups are repositioning for the next decade. Sinar Mas arm DSSA consolidated its digital infrastructure holdings in a Rp4 trillion ($222.8 million) deal covering stakes in XLSmart, Link Net, and Princeton Digital Group data centres. Meanwhile TBS Energi Utama secured up to $298 million in financing for its Cora Environment waste management business. Legacy capital is flowing decisively into connectivity and sustainability. That rotation widens the runway for the whole tech ecosystem.

• Tencent Buys Its First Overseas Carbon Credits, and They Are Indonesian Indonesia’s nature-based assets just went global. Tencent signed a 10-year deal for 300,000 carbon removal credits from an agroforestry project in Sulawesi, its first such purchase outside China. Google committed to 260,000 credits and McKinsey to 75,000 from the same project. When the world’s biggest tech names shop for carbon removal, they are shopping here. Expect more climate capital to follow the same path.

• Paytm’s Soundbox Finds a Home in Jakarta India’s most iconic merchant device is going bilingual. Paytm partnered with Flip to roll out its Soundbox technology through Flip Kasir, starting with selected merchants in Jakarta. The device gives instant voice confirmation when digital payments land, a proven booster of merchant trust across millions of Indian MSMEs. Reports also point to an equity investment of around $25 million by Paytm into Flip. Cross-border fintech playbooks are converging on Indonesian warungs, and MSMEs win.

• Shopee Joins the One-Hour Delivery Race Quick commerce just got its biggest entrant yet. Shopee launched Belanja Instant 1 Jam Tiba, promising groceries and daily essentials within an hour through partners like Klik Indomaret, Hypermart, Hero, and Segari. Momentum Works pegs Southeast Asia’s quick commerce market at $7.3 billion in 2025, while Indonesia’s online grocery penetration sits at just 2.8%, the lowest in the region. That gap is exactly the opportunity. The race for speed will lift logistics, retail partners, and consumer habits all at once.

• Tokocrypto Brings SpaceX and Nvidia On-Chain Global stocks are now a tap away for Indonesian investors. Fresh off crossing 5.5 million registered users, Tokocrypto launched tokenized stocks offering 24-hour exposure to SpaceX, Nvidia, Tesla, Micron, SanDisk, and Circle with 1:1 on-chain proof of collateral. The timing aligns with OJK drafting its 2026-2031 roadmap that puts asset tokenization front and centre. With global exchanges also entering the market, Indonesia’s digital asset scene is levelling up fast. Access to global markets has never been this democratized.

  

• IPO Update: IDX Wraps Its Hottest Listing Week Yet
  The IDX just closed its busiest listing week of the year, and every debut came in hot. Celebrity-founded RANS Entertainment surged 34.12% after attracting more than one million investor accounts, while Prodia’s diagnostics arm PRDL jumped 35% on a retail tranche oversubscribed 709.9 times. Earlier in the week, INACO producer Niramas Utama and Jakarta Eye Center operator JECX both hit auto-rejection limits within minutes, triggering trading halts. From creative economy to healthcare to everyday brands, homegrown names are commanding serious retail demand. Local capital is clearly ready to back local stories.

• Index Pressure Is Accelerating Real Reform Sometimes scrutiny is the best catalyst. S&P Dow Jones placed Indonesia on a downgrade watchlist over ownership transparency, echoing MSCI’s ongoing review. The response has been swift, with the free float requirement already doubled from 7.5% to 15% and the IDX engaging directly with index providers and the OJK. Reforms that once moved slowly now have a hard deadline in November. A more transparent market will emerge stronger from this test.

• Global Capital Builds Indonesia’s Logistics Backbone The warehouses of the digital economy are rising in Greater Jakarta. ESR and Mitsubishi’s MCUDI signed a joint deal to develop two Grade A logistics facilities in Karawang and Cikarang worth more than $80 million, adding 111,000 square metres of leasable space by Q3 2027. It is the second phase of a partnership whose first three parks leased up strongly. E-commerce and manufacturing tenants are the target. Structural undersupply means this buildout has plenty of room to run.

• BYD Crosses 17 Million EVs as Overseas Sales Soar The world’s EV leader keeps setting the pace. BYD has now surpassed 17 million new energy vehicles cumulatively, with overseas deliveries reaching a record 792,256 units in the first half, up 70.65% year on year. International markets now account for nearly 44% of its sales. As one of BYD’s priority expansion markets complete with a local manufacturing footprint, Indonesia rides shotgun on this momentum. Cheaper, better EVs arriving faster is a win for the whole transition.

• Danantara Shifts from Planning to Building Indonesia’s sovereign wealth fund is turning strategy into shovels. Danantara broke ground on a Rp3 trillion ($166.6 million) waste-to-energy plant in Bali that will process up to 1,500 tonnes of waste daily and cut emissions by up to 80% per tonne. In the same week, it completed the merger of four state-owned asset managers into a single entity managing around $8 billion, instantly the country’s largest. Execution at this pace signals a more disciplined, investable state ecosystem. That is good news for everyone building alongside it.

Food delivery in Southeast Asia has officially shaken off its post-pandemic slump. Momentum Works’ latest report shows regional platform GMV grew 18% to $22.7 billion in 2025, accelerating from 13% growth the year before and marking a second straight year of double-digit expansion. All six major markets posted double-digit gains, a sign the sector has moved from recovery into a genuine new growth phase.

The competitive map is getting more interesting. Grab strengthened its regional lead with around 55% market share, while ShopeeFood overtook Foodpanda in GMV for the first time, and Indonesia grew 18% to remain one of the region’s primary growth engines. Notably, growth is now coming from more users and higher order frequency rather than bigger baskets, as platforms push affordability to unlock mass-market demand. Food discovery is also shifting from search to content-led feeds and vouchers, opening a promising new ads revenue stream for merchants and brands.

For the region’s largest market, all of this points in one direction: more room to grow. Affordability-led competition is exactly the playbook that works for Indonesia’s price-sensitive but increasingly digital consumers, and ShopeeFood’s rise shows local scale can shift regional rankings. With platforms evolving into demand orchestrators spanning delivery, dine-out, and advertising, the ecosystem around them, from merchants to logistics, stands to ride the same wave. The story here is not just recovery, it is a bigger and healthier market than ever.