SeaBank Triples Up 💰, Bybit Widens the Menu 🪙, IDX Gets a Refresh 📈

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Welcome to this week’s tech and market roundup, covering key digital shifts across Indonesia and the region. The update highlights impressive quarterly gains from SeaBank and resilient operational progress from GoTo Group. Also featured are VinFast’s showroom expansion, Bybit’s new local products, and structural revamps on the IDX. We also take a close look at Bukalapak’s latest growth strategy and Telkom’s massive infrastructure restructuring. Dive in to see how these major players are shaping the landscape.

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• SeaBank’s Profit Surge. SeaBank Indonesia’s second quarter profit more than tripled to $20.94 million, driven by stronger lending income and a sharp rise in fee income. The digital bank’s loan book expanded 53.1% year on year while its customer base reached 35 million, with average daily transaction value hitting 7.1 trillion rupiah. Its return on equity more than tripled to 23.64%, a sign of healthy unit economics as digital banking matures in Indonesia. SeaBank’s expansion, including a ninth branch opened in Medan, signals growing confidence in reaching Indonesia’s underbanked population. Read the full breakdown of the numbers.

• VinFast Teams Up With Gowa Motor. Vietnamese EV maker VinFast has partnered with Indonesia’s Gowa Motor Group to launch a joint venture that will open at least 30 new showrooms and service centres nationwide. The move builds on VinFast’s existing network of more than 40 outlets and its manufacturing base in Subang, West Java, with plans to add over 150 more showrooms in the coming years. Gowa Motor brings deep local dealership experience, giving the EV maker a stronger foothold to accelerate distribution across the archipelago. Both companies frame the tie up as part of a shared push toward Indonesia’s green transition. Get the full details on the expansion plan.

• GoTo’s Profit Beats the Noise. GoTo Group is set to exit the MSCI Indonesia index by the end of August, a move the company describes as a technical response to low share price and liquidity rather than business performance. Despite the index change, GoTo logged its second consecutive quarterly profit, with net income of $14.1 million and revenue up 31% year on year to 5.7 trillion rupiah. Adjusted EBITDA jumped 137% to cross the 1 trillion rupiah mark for the first time, underscoring real operational progress beneath the headline volatility. The company is also moving ahead with a share buyback of up to 3.5 trillion rupiah, a signal of confidence in its underlying value. Read more background on the exclusion decision.

• Bybit Indonesia Widens Its Menu. Bybit Indonesia is expanding well beyond spot trading, lining up a slate of new products including derivatives, tokenised stocks, futures, a Shariah compliant account and payment tools. The rollout, led by its local leadership team, aims to widen its user base in one of Southeast Asia’s fastest growing crypto markets. Offering a Shariah account is a notable move for a country with the world’s largest Muslim population, potentially unlocking a new segment of retail investors. As Indonesia’s digital asset regulation matures, platforms broadening their product range point to a more competitive market ahead. Explore the full lineup Bybit has planned.

The BOD team of Bybit Indonesia / Bybit

• Bukalapak Looks Past Gaming. Bukalapak says gaming still drives the bulk of its revenue today, but the company is determined not to let a single business line define its future. Executives point to its gaming unit and other verticals as part of a broader strategy to build multiple long-term growth engines. The approach reflects a maturing playbook among Indonesian tech platforms, diversifying beyond an early breakout product toward more resilient, balanced revenue streams. It’s a hopeful sign for investors watching how local platforms evolve past their original core businesses. Read the full strategy behind Bukalapak’s next chapter.

• Gold Goes Digital on IDX. Indonesia has launched five new gold ETFs on the stock exchange, giving investors a fresh, liquid way to gain exposure to bullion through the capital market. Managed by five leading asset managers including Trimegah, Mandiri and BRI, the funds are part of OJK’s push to deepen and modernise Indonesia’s financial market. Officials note that global gold ETFs already hold $559 billion in assets, showing significant room for Indonesia’s bullion ecosystem to grow. With single investor identifications up 48.67% year on year to over 30 million, retail participation in the market continues to climb. Learn more about the launch and what it means for local investors.

• Telkom’s Fibre Business Gets a Boost. Telkom Indonesia is moving ahead with the second phase of its fibre infrastructure carve out, valuing the transfer to subsidiary Infranexia at $2.8 billion. The deal builds on the first phase completed in December 2025, further positioning Infranexia as a dedicated vehicle for monetising external wholesale fibre demand. Shareholders are set to vote on the proposal on September 30, marking another step in Telkom’s broader shift toward a strategic holding structure. The restructuring reflects growing confidence in Indonesia’s digital infrastructure backbone as connectivity demand keeps rising. See the full breakdown of the fibre carve out.

IDX Gets a Structural Refresh

The Indonesia Stock Exchange plans to lower its minimum share price from 50 rupiah to just 1 rupiah, a move designed to improve liquidity and price discovery starting September 7. In tandem, OJK is finalising a demutualisation regulation for the exchange, with state institutions like Danantara, the Finance Ministry and Bank Indonesia under consideration as new shareholders. The reforms aim to modernise the bourse and lift domestic institutional participation from around 8% toward a target of 25%. Together, these structural changes signal Indonesia’s capital market is entering a genuinely transformative phase. Dive into the details on the pricing overhaul and the plans for exchange ownership.

Danantara Thinks Big

Danantara’s newly formed financing arm is lining up capital for some of Indonesia’s most ambitious infrastructure and industrial projects, from a national car programme to an EV motorcycle initiative and a giant sea wall. The unit is designed to prepare, structure and mobilise long-term investment capital at scale. Separately, Danantara’s $2.5 billion bet on Brazilian meat giant JBS is aimed at building out Indonesia’s domestic protein industry, not just gaining overseas exposure. Both moves point to a sovereign wealth fund thinking boldly about long-term, strategic bets on the country’s future. Explore the financing plans and the rationale behind the JBS deal.

Pokemon Pokopia’s Breakout Run

Nintendo’s new life simulation title, Pokemon Pokopia, has crossed 5 million copies sold worldwide in just over four months, becoming the second best selling game on the Switch 2. The milestone lifted Nintendo’s shares by 7%, showing how a single hit title can reshape investor sentiment around hardware momentum. For a region like Southeast Asia, where mobile and console gaming continue to grow fast, strong software cycles like this often translate into rising demand for accessories, distribution and localised content. It’s an encouraging signal for the broader gaming ecosystem heading into the year’s second half. Check out the full story on Pokopia’s breakout run.

Bappenas released its Digital Infrastructure Roadmap for Indonesia 2026-2030 in July 2026, developed with MASTEL and contributors including Telkom, PLN Icon Plus, Huawei, APJATEL, APJII and IDPRO. The document’s central idea is the “Gigabit City,” a model for integrating Indonesia’s digital infrastructure across five pillars: national connectivity, cloud and data centers, cybersecurity, data and analytics, and emerging technology.

Rather than treating high speed internet as the endpoint, the roadmap frames Gigabit City as a readiness model that can be applied to metropolitan areas, industrial zones, special economic zones, education and health hubs, logistics centers, and tourism regions, turning each into a testbed for integrated fiber, 5G, edge computing, digital ID and public digital services.

The data paints an encouraging but nuanced picture. Indonesia’s 4G coverage has reached a strong 97.1%, and median mobile download speed sits at 50.77 Mbps with fixed broadband at 43.18 Mbps, according to Ookla figures cited in the report. The gap shows up in 5G maturity: Indonesian networks spend only around 1% of connection time on 5G, well behind regional peers like Singapore at 23%, pointing to real headroom for growth as spectrum refarming and network densification progress.

To close that gap, the roadmap sets clear national targets through 2030, including more evenly distributed internet access at 100 Mbps, fiberization reaching 90% of sub-districts (kecamatan), fixed or fiber connectivity for 50% of households, IPv6 and SRv6 adoption, 400GE/800GE backbone capacity, WiFi 7 rollout, and satellite and Non-Terrestrial Network integration to close remaining blank spots, working toward universal minimum access by 2030.

For Indonesia’s market, this roadmap matters well beyond telecom. The report’s own digital economy landscape map shows how deeply connectivity, data centers, and cloud infrastructure already underpin the country’s e-commerce, fintech, logistics and platform economy, from marketplaces to digital banking to ride hailing. A more reliable, higher capacity, better distributed digital backbone directly strengthens the operating environment for the startups and platforms this newsletter tracks, while opening fresh opportunity in fiber buildout, data center capacity, cybersecurity services and edge computing as the country works toward its Indonesia Emas 2045 ambitions.