Singapore’s Ambassador to urged Singapore investors and start-ups to knock potential of the digital economy in Indonesia

Indonesian Ambassador to Singapore Ngurah Swajaya has urged Singapore traders and start-ups to tap in the capability of the digital economy in Indonesia. 

A complete of 59 investors, venture funds firms and startups attended the conversation, entitled “Indonesia 101: The State of Indonesia?s Digital Ecosystem”, based on a statement from the Indonesian Embassy in Singapore on Friday.  The event is used as attended by Co-Founder of East Ventures, Willson Cuaca, and Chairman of Singapore Fintech Association, Chia Hock Lei.

During the opening ceremony , Indonesian Ambassador to Singapore Ngurah Swajaya opened a conversation by conveying the capability of Indonesia`s digital economy , which is presently the largest in ASEAN . 

Ambassador Ngurah also asked venture capital ( VC ) firms and traders to participate in the Regional Investment Forum on March 11 in Jakarta and explore investment possibilities in the digital economy in Indonesia . 

“Indonesia`s innovation and young talent is the main reason for the development of 4 unicorns from Indonesia that had been developed by young talents, which presently has an economic valuation above the US $1 billion,” based on Ngurah. 

“In addition , the Indonesian Government provides powerful commitments to develop conducive conditions , particularly in the ease of doing business for investments and ecosystems that assistance investment in the startup sector and the digital economy ,” he said . 

Ambassador Ngurah`s statement was reinforced by testimony provided by Willson Cuaca , who had invested and participated in the development of several unicorns in Indonesia since 2010 . 

“Indonesia has an excellent ecosystem for startup development , not just because of the many issues that startups can discover and improve with digital applications , but also a promising market followed by good talents , development and increasingly favorable regulations for startups companies ,” he said . 

“This makes Indonesia one of the countries in ASEAN that is very appealing at this time , and into the future ,” he continued . Some Indonesian unicorns have even penetrated into ASEAN nations by utilizing the ASEAN Economic Community ?s more than 600 million residents . 

Meanwhile, Chairman of the Singapore Fintech Association, Chia Hock Lai, who will soon be starting a coding school for fintech and blockchain, also been to the event, accompanied by the Chairman of Nongsa Digital Park, President of Citramas Group, Kris Wiluan, and CEO of Glexindo , Hadi Lee, along with a number of top venture capital firms, traders and Singaporean startups. 

Chairman of the Singapore Fintech Association, Chia Hock Lai, who will soon be starting a coding school for fintech and blockchain, also been to the event, accompanied by the Chairman of Nongsa Digital Park, President of Citramas Group, Kris Wiluan, and CEO of Glexindo, Hadi Lee, along with a number of top venture capital firms, traders and Singaporean startups. 

The total investment from Singapore into Indonesia during 2018 has increase by 9 .1 percent , or USD 9 .2 billion , and this once again places Singapore as the biggest investor in Indonesia . 

Chia Hock Lai also discussed his experiences in investing in Indonesia . He is now revolutionary the opening of a coding school , in collaboration with business players from Indonesia . 

Talking in front of other potential investors , Chia Hok Lai expressed her determination for investors to invest in Indonesia , and praised the cooperation and support of the Indonesian Embassy in Singapore . 

“For 2019 , we are planned increasing our investment in Indonesia , particularly in the field of Education , because the quick development of the digital economy requires new talents ,” he explained . 

“We also provide a strong commitment to the development of the startup’s network and the spirit of entrepreneurship in Indonesia,” he continued.
The Indonesian Ambassador invited almost all Singaporean investors and startups to attend the 2019 Regional Investment Forum ( RIF), that should be held on 10-13 March 2019 by the Indonesian Investment Coordinating Board in Jakarta. 

Some 25 venture capital firms have said interest in attending the event . As a side event , the Indonesian Embassy may also hold a side event to explore investment possibilitiesin the field of digital economy , on the sidelines of the RIF , on March 11 , 2019 . 

Ambassador Ngurah also stated that the Indonesian Embassy generally stands prepared to assist venture capital firms to visit and meet up with Indonesian startups , for extensive consultations , such as match-making , explanations of taxation regulations and labor consultations .

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