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World tech start-up leader: Indonesia’s big dream
With strong demand and huge market potential, local tech firms are expanding to smaller cities and rural areas while planning to go public.
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Indonesia's six unicorns shown on a screen on Tuesday, Aug. 3, 2021. The six are ride-hailing company Gojek, e-wallet OVO, online travel agency Traveloka, logistics company J&T Express and e-commerce platforms Tokopedia and Bukalapak. (JP/Norman Harsono)
F
rom Jakarta to Beijing and Washington, DC, governments are competing to intervene in private businesses, particularly technology, for better or worse.
In China and the United States, regulators are vigorously cracking down on tech firms. Digital companies are increasingly scrutinized for issues ranging from antitrust and data privacy to national security.
On Nov. 2020, Jack Ma’s record-breaking Ant Group initial public offering (IPO) was suspended. In 2021, China introduced antimonopoly and data-protection laws, and starting from March of this year, the state will demand access to the secret recipes of tech business – algorithms.
In the US, the House Judiciary Committee led a 16-month investigation into anticompetitive practices at Big Tech, such as Amazon, Apple, Google, and Meta. As the Federal Trade Commission renewed its antitrust case against Meta in January, Congress hopes to pass reform bills to contain the industry.
Such regulatory clampdowns have wiped billions off stocks and is part of a global trend in major economies. What about Indonesia?
The Indonesian government too is heavily involved in the tech industry, but, unlike other large markets, its policy hopes for innovation and investment. When others race to break up internet titans, Southeast Asia’s largest economy is actively expanding the ecosystem through law, strategy and fundraising.
From introducing a multiple-voting shares regulation to facilitating the country’s first tech IPO last year, the nation is ambitiously fighting to be the next digital leader.
