The market is currently worth USD40 billion, with a thriving number of unicorn start-ups owing their success to technology
On Thursday, John Riady, director of PropertyGuru Indonesia Award-winning firm Lippo Group, told CNBC that the country’s technology sector is currently at an inflection point and forecasts a substantial growth between USD200 to 300 billion in the next two to three years.
“Indonesia is the most exciting digital and technology market in Asia and arguably the world,” said Riady, adding that when their group “first invested in technology in 2012, the size of the entire technology market in Indonesia was approximately USD100 million. That same asset class today is about USD40 billion.”
Lippo Group is among the biggest conglomerates in the country, with businesses in several industries, from real estate and retail to healthcare and telecommunications.
Since its first tech venture in 2012, the group now boasts 30 investments in Indonesia’s tech arena, including Jakarta-based digital payments platform OVO. He believes that the country is reaching an inflection point in technology, comparable to China in the early 2000s when tech adoption surged swiftly.
Indonesia is the fourth most populous country with over 275 million people and is the second-largest economy in Southeast Asia. CB Insights revealed that it is home to unicorn start-ups or private companies that are valued at USD1 billion and above, including OVO and e-commerce firm Bukalapak.
Investors agree that the country is ready for a digital boom due to the expanding middle class and the increasing number of internet users. Although, some may find the market quite complicated to handle seeing as the population is scattered across 10,000 islands, most with its own language and culture.
Nevertheless, the tech sector’s great potential for growth has enabled internet start-ups to prosper and have caught the eye of foreign investors.
ACS Integrated pays homage to Sri Lanka’s legendary design pioneer
Director and Principal Architect Nandike Samaranayake is honouring the remarkable architectural legacy of Geoffrey Bawa through his work
Lui Violanti on Australia’s state of the market and its strong appeal to Asian investors
Experienced architect and chair of PropertyGuru’s Australia awards series believes that the property scene Down Under will continue to bear fruit for the region's investors
New transit lines and upgrades in Asian metropolises open new investment frontiers
Asia’s sprawling cities have long been notorious for their traffic issues, but new advancements will take the strain off overloaded roads
Meet Curtis Chin, a passionate advocate for sustainability
He has been tirelessly advocating for sustainability both in his role as US ambassador to the Asian Development Bank and now as a consultant for think tanks and private sector firms