Source: Ambassador Suryo Pratomo

DBS Bank’s Digital Economy Group organised a session 16th May 2024, featuring Minister Teten Masduki and prominent venture capitalists, fostering collaboration with Indonesian startups.

DBS Bank Singapore, through its Digital Economy Group, hosted a session titled “New Economy Connect | Navigating Early-Stage Ventures in Asia” on 16th May 2024. The event took place in Singapore and featured the Minister of Cooperation and SMEs, Mr. Teten Masduki, as the keynote speaker. The session included a panel discussion on early-stage investing across Asia, with representatives from venture capitals East Ventures, Jungle Ventures, and TNB AURA. Apart from that, the Ministry of Cooperative and SMEs brought along 15 Indonesian startups to connect with the bank and venture capitals.

The session underscored Indonesia’s strong foundation, marked by its young population demographics, stable governance, and an increasingly educated society, setting a fertile ground for economic progress. With the new government’s ambitious target of exceeding a 5% growth rate, there was a real sense of optimism for Indonesia’s economic trajectory. By emphasising the important role of SMEs as the backbone of the nation, this session highlighted their resilience, contributing significantly to Indonesia’s economic structure. 

Moreover, given the continued significance of ASEAN as a market, understanding Indonesia’s role is essential for effective market penetration. Along with highlighting the enormous potential in other consumer-based industries, the session also signalled plenty of room for expansion and investment in the clothing, services, food, and education sectors.

Furthermore, the evolving venture capital landscape, with a greater emphasis on growth indicators over profitability for early-stage startups, promises increased flexibility and support for budding entrepreneurs, driving innovation and economic dynamism.

In an effort to support startups and enhance collaboration between Indonesia and Singapore, the Ministry of Investment through IIPC SG, along with the Embassy of the Republic of Indonesia in Singapore, promised their cooperation. This initiative aims to serve as an accelerator for the startup ecosystem, facilitating further growth and fostering bilateral relations between the two countries.

Source: Indonesia Investment Promotion Centre Singapore