Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

With the advent of technology, Artificial Intelligence (AI) has emerged as a game-changer, revolutionising how we solve complex problems and make critical decisions. As AI is becoming increasingly integrated into our daily lives, organisations must take proactive steps to assemble teams that not only keep pace with the rapid evolution of this field but also drive its progress. 

The field of AI is characterised by its dynamic nature, with new breakthroughs and innovations occurring at an astonishing pace. This rapid evolution necessitates a team that is not only adept at current technologies but also capable of quickly adapting to emerging trends and paradigms. A future-proof AI team thrives on the ability to learn and apply new knowledge effectively, ensuring that they remain at the forefront of technological advancements.

Flux Series: Marketing Leaders

One of the foremost challenges confronting today’s marketing professionals in their quest for effective and seamless AI adoption is the significant knowledge gap. The rapid evolution of AI technologies and their applications in marketing necessitates a deep understanding of complex algorithms, data analytics, and machine learning principles.

Also read: Harness the power of Generative AI in marketing with the Inmagine CEO

Many marketing professionals may find themselves lacking the requisite expertise to harness AI’s full potential. Bridging this knowledge gap demands significant time and resources, which can be a formidable barrier for professionals already grappling with the demands of their roles. Moreover, staying updated with the latest AI trends and applications requires continuous learning, which can be a daunting task in an already fast-paced and competitive industry. Consequently, this knowledge gap poses a considerable hindrance to marketers seeking to integrate AI seamlessly into their strategies and campaigns.

With the goal of bridging this knowledge gap, the upcoming Flux Series: Marketing Leaders happening in Jakarta on November 15 aims to foster knowledge sharing among key industry stakeholders to help equip them with the tools and insights needed to achieve seamless AI adoption.

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One of the key topics that will be discussed is “Building A Future-Proof AI Team: Cultivating a Culture of Continuous Learning and Talent Development for Disruptive Technologies” where participants will learn strategies for creating a learning-centric environment within AI teams to adapt to disruptive technologies, insights on how to cultivate an adaptable and growth-oriented mindset in the hiring and team-building processes, ideas for effective hiring strategies that identify and recruit individuals with self-directed AI-learning capabilities, and ultimately, how to nurture a collective pool of self-learned AI expertise within your team.

Meet the speakers

The event will feature a slew of leaders in marketing who will be guiding the discussion to help empower participants with practical knowledge on how to build a future-proof AI team. These are some of the speakers who will be engaging audiences at the panel discussion:

Wilson Yanaprasetya holds a bachelor’s degree in Computer Engineering from the University of British Columbia. Upon graduation, he worked for TELUS for six years before returning to Southeast Asia and joining KPMG Singapore. Later, he joined Northstar Group for four years and was then hired as COO for one of the largest job portals in Indonesia, Qerja, where he grew the company’s revenue by 700% YoY and its monthly active users by 9x. He merged the company with karir.com and exited. Having experienced firsthand the profound challenges faced by rural communities in their country, Wilson and other founders combined their knowledge and expertise to build Dagangan.

Dagangan is the trusted tech-enabled rural commerce platform that provides access to daily necessities at affordable prices to rural communities. We are here to accelerate Indonesia’s economy by powering communities and providing greater economic opportunities for all.

Winston Lays is currently building Ajaib to democratise investing and financial services for millions of Indonesians. Before Ajaib, Winston founded Delos — a digital technology consultancy. They partner with enterprise leaders on how to best leverage technology and achieve better business outcomes. Their focus and speciality lie in delivering next-gen solutions for companies across industries such as FinTech, eCommerce, and F&B.

Currently, he is the Co-Founder and CTO of Ajaib, an online brokerage that allows Indonesians to buy and sell stocks, ETFs and mutual funds. They are Indonesia’s leading financial technology platform driven by a mission to educate the importance of investing for the future.

Also read: Learn how to achieve automation in operational processes and workflow at Flux

Dita Aisyah is the Co-Founder & Chief Commercial Officer of Binar, an EdTech company with a mission to close the education gap in Indonesia, preparing Indonesia’s future tech leaders with strong skills and character for the global stage.

In her capacity as Chief Commercial Officer, Dita masterminded the growth of the business, overseeing all segments, including B2C, B2B, and B2G. Under her leadership, Binar has grown exponentially, serving almost one million app users and partnering with hundreds of companies and government institutions to accelerate their digital transformation journeys. In 2022 alone, Binar empowered over 130,000 new digital talents.

In 2022, Dita earned a spot on Forbes’ 30 Under 30 lists in Indonesia and Asia, as well as the Gen T List by Tatler Asia in 2023. Prior to building Binar, Dita was the Commercial Marketing Manager of GoJek’s lifestyle products. She earned her Bachelor of Science in Economics from Georgia State University.

Moderating the session is Rama Mamuaya, the Founder and CEO of DailySocial.id, an Indonesia-focused startup media, research, consulting firm, and Founding Partner at DS/X Indonesia-first investment firm. Rama is also active at Amvesindo (Indonesia venture capital and startup association), Indonesia Digital Association, and numerous startup incubation programs both in Indonesia and abroad.

Through his work at DailySocial.id, he helps corporate clients engage with the startup community in their innovation programs such as research, hackathon, incubation/accelerator, and innovation training. DailySocial has worked with hundreds of clientele from multi-national companies, Fortune 500, state-owned enterprises, and major startups.

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In the age of disruptive technologies, building a future-proof AI team is not just an advantage; it is a strategic imperative. Cultivating a culture of continuous learning and talent development empowers teams to adapt to the ever-changing landscape of AI, fostering innovation, attracting top talent, and ensuring compliance with ethical and regulatory standards. By investing in the growth and development of their AI teams, organisations position themselves to lead the way in the exciting and transformative world of artificial intelligence.

Also read: Learn how to Harness AI for cost-efficient strategies with GDP Labs CEO & CTO

Join these industry leaders and more at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

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Singapore-based enterprise tech ecosystem VE Technology Group has announced a S$30 (US$22) million funding round led by alternative investments firm Mox Capital.

The company will utilise the capital to expand into Southeast Asia in preparation for an upcoming IPO listing for the group and its subsidiaries in 2024.

Also Read: Executing a winning ecosystem strategy: What we can learn from Arm and its upcoming IPO

Founded in 2019, VE Technology Group operates a unified ecosystem of B2B enabling enterprises and digital solutions. The network brings together over 15 acquired subsidiaries specialising in delivering end-to-end business solutions across artificial intelligence (AI), Internet of Things (IoT), cybersecurity, robotics, software development, and business consultancy.

Its portfolio currently includes the likes of Corsiva Lab, Web Imp, and Sellstream.

The group is also actively navigating the intersection of traditional enterprise solutions and emerging Web 2.5 trends. This shift resonates with Mox Capital’s work in nurturing technological innovators in the region.

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“The B2B SaaS is currently the fastest-growing market globally, especially in Southeast Asia. This is a clear indicator of the transformative opportunities of B2B-enabling tech — and the reason why this fundraising round represents more than just capital. It embodies our investors’ trust in our vision to empower the next generation of small-and-midsize businesses (SMBs), connected in what will become the region’s largest Web 2.5 technology ecosystem of high-potential digital solutions,” said Loh June Yong, CEO of VE Technology Group.

Also Read: Exit Strategies: Ways to get your money back besides IPOs and M&A

The group claims to have recorded 100 per cent year-over-year growth since its inception in 2019.

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There are several challenges faced by the Indonesian fishing industry, with one of them being the continuously decreasing number of fishermen working in the country. According to data, the number of Indonesian fishermen has declined to only 1.27 million by 2022, representing a five per cent decrease from the previous year.

However, the Ministry of Maritime Affairs and Fisheries has set an ambitious target for the sector’s contribution to national economic growth. They aim for a six per cent growth in 2023, which translates to a target production of approximately 20.54 million tons of fish and seafood products.

Local startup FishLog wants to help the country achieve that through its integrated fishery solutions.

It aims to improve operations for fishermen indirectly by enhancing the efficiency and transparency of the seafood supply chain. According to the startup, even if fishermen are not the end users of the platform, they benefit in some areas: Reduced waste, fair pricing, streamlined operations, market access, trust and reputation, as well as data for decision-making.

“Compared to existing alternatives which only do trading and supply-demand matching and basic inventory management system, FishLog provides a comprehensive, end-to-end solution that addresses the entire supply chain, making it more efficient, transparent, and equitable,” says Galih Husni Fauzan, Head of Marketing, Communications & Partnership at FishLog in an email to e27.

“It helps build a sustainable seafood industry by reducing waste, supporting fair pricing, and ensuring that fishermen are not left out of the benefits of improved supply chain operations.”

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According to Fauzan, the founders of FishLog–Abdul Halim (CBDO & Co-Founder), Bayu Anggara (CEO & Co-Founder), and Reza Fahlepi (CCO & Co-Founder)–had a background in the seafood industry and are supported by a team with expertise in supply chain management and technology.

They identified pressing problems in the fishery supply chain, such as inefficiencies, lack of transparency, and sustainability, then performed extensive market research to uncover the solutions.

“The development of FishLog’s solutions would involve building or partnering with tech experts or partners to create the blockchain-based traceability system, the B2B marketplace for seafood, and the warehouse management systems. This likely involved software development, hardware integration, and database design,” Fauzan says.

“The plan is to use the existing WMS platform that we have to enable the inventory visibility and then use B2B
marketplace as the solution for the raw material trading and arms it with the smart contract and financing to allow the buyer purchase in more quantity or having better cash cycle management on their side.”

By using blockchain in its Fishlog Trace product, the company wants to make the distribution of fishery products as traceable and trusted as possible.

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Building a more sustainable business

Through a partnership with Indonesia’s Ministry of Marine Affairs and Fisheries, Fishlog is able to secure its partners and visit fishery supply locations, enabling them to discuss pain points and start off collaboration.

Currently run by 154 people, Fishlog–who is an alumnus of the Startup Studio Indonesia programme–has three revenue streams: inventory selling, inventory management and inventory
financing.

“For inventory selling, we simply take margin from our supplier to our customer. Inventory management, on the other hand, we charge a very small percentage from our partner’s inventory, but for now, we partially waive that charge because we want to grow our partner base exponentially. For inventory financing, we simply take the rate between our lender and our borrower,” Fauzan elaborates.

The company is currently raising its Series A funding round and has engaged with global investors, particularly those from the Southeast Asian (SEA) region.

In 2024, Fishlog wants to focus on helping export contribution from 15 per cent to 50 per cent, entering the US market with new categories of tuna and shrimp, and expanding to SEA as a supply country.

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Image Credit: Fishlog

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The Global Startup Program, organised by the Italian Trade Agency (ITA) in collaboration with the Ministry of Foreign Affairs and International Cooperation, has returned to Singapore with a new group of eight Italian startups, pitching on the demo day of the 4th edition to be held in Singapore on November 7, 2023.

Hosted by the Accelerator Tenity Singapore, the programme presents an opportunity for the eight startups — from diverse sectors in fintech, healthtech, blockchain, health & fitness, sustainability, and HRtech —  to bolster their technical, organisational, and financial prowess, gearing up for global challenges and new markets ahead.

Also Read: Meet the startups joining Tenity’s latest incubation programme in Singapore

The program aims to empower Italian startups to conquer global markets, focusing on innovative products and services that showcase the excellence of ‘Made in Italy’.

Below are the brief descriptions of the startups pitching on the Global Startup Program demo day:

SPARKD BOX

A cognitive-motor training solution to enhance brain-body performance. SPARKD BOX can be deployed into existing facilities, including senior homes, assisted living and senior community centres, to enhance and complement existing wellness programmes.

Carchain

Carchain empowers car owners and businesses to establish immutable vehicle records using dynamic NFTs on the blockchain. The platform covers everything from tracking CO2 emissions and offsetting them, allowing both current and future owners to construct a secure and transparent history of a vehicle’s data, integrity, and lifespan. This information is captured within a digital ID that can be easily shared, sold, or transferred, ushering in a new era of trust and accountability in the automotive industry.

Coffeefrom

Coffeefrom transforms spent coffee grounds from the food industry into innovative and sustainable new thermoplastic materials. It offers three different materials, each with different characteristics and applications.

Also Read: The infinite game of leverage: A startup’s guide to time affluence and productivity

Fairtile

Fairtile is a credit intelligence and automation platform. It develops a modern hybrid multi-cloud platform for credit intelligence and automation solutions. The startup leverages Big Data, human science and AI to unleash real-time intelligence and automation at scale.

Hacking Talents

Hacking Talents is the digital solution that develops behavioural and communication skills in organisations through standard processes that allow each individual to work on their talents. It makes the entire organisation more sustainable and competitive within its market.

 iWise

iWise develops and markets software for business assessment and investment monitoring.

Sensosan Sell

Sensosan is an augmented air platform for indoor environments to impact neurophysical health & well-being naturally: breathing.

Wibiocard

Wibiocard specialises in cutting-edge smart card technology integrated with biometric fingerprint recognition. It delivers state-of-the-art solutions that provide secure access control, streamlined identification, and exceptional user experiences.

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Engine Biosciences, a Singaporean company leveraging machine learning and high-throughput biology to discover and develop precision oncology medicines, has secured US$27 million in a Series A extension funding round led by Polaris Partners.

Existing backers ClavystBio, Invus, and EDBI, along with new investors Coronet Ventures and SEEDS Capital, also co-invested.

This round brings its total funds raised since its inception to US$86 million.

The biotech firm will use the funds to support the translation of R&D programmes derived from its proprietary NetMAPPR machine learning network biology platform and CombiGEM combinatorial genetics system into clinical settings.

Also Read: Singaporean biotech startup Automera secures US$16M Series A financing

Established in 2014, Engine Biosciences discovers and develops impactful precision medicines by deciphering complex biology with integrated computation and experimentation, with particular depth in oncology. The firm is advancing its pipeline of oncology therapeutics towards the clinic internally and with collaborators, and in other disease areas through partnerships.

Engine Biosciences has identified over 30 new precision medicine opportunities with validation data.

It has also reported the identification of new patient selection biomarkers for different targeted therapies, which have been validated to enhance tumour sensitivity to specific investigational drugs by 100 times. These biomarkers offer the potential for near-term improvements in clinical outcomes, commercial viability, and drug development economics.

“We have witnessed first-hand Engine Biosciences’s considerable progress since our initial investment, advancing its technologies towards compelling precision medicines positioned for translation,” said Amy Schulman, Managing Partner of Polaris Partners.

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In the latest edition of the e-Conomy SEA report, Google, Temasek and Bain & Company revealed that despite global macroeconomic headwinds, the region’s gross merchandise value (GMV) continues an upward trajectory and is set to reach US$218 billion, growing 11 per cent year-on-year (YoY).

The report also reveals that the Southeast Asia (SEA) region’s revenue from the digital economy is poised to hit US$100 billion this year, growing 1.7x as fast as the region’s GMV.

Seeing this potential, the report highlights the need for startups (“digital companies”) to have clear pathways to profitability and prove to investors that they have dependable exit pathways.

This is especially true because SEA private funding has declined to its lowest level in six years after record highs, in line with global shifts towards the high cost of capital and issues across the funding lifecycle.

“These issues include a broader correction in valuations compared to the highs of 2021, uncertainty surrounding the profitability pathways of some companies and a challenging capital market environment which makes potential exits more difficult to achieve,” the report stated.

Also Read: Ecosystem Roundup: Grab rolls out Web3 wallet; PhonePe challenges Google with zero-fee app store

“Funding declines cut across all investment stages, with late-stage deal flow slowing down the most. DFS continues to be the top investment sector due to its high monetisation potential. A growing portion of deal activity is funnelled into nascent sectors, signalling that investors are diversifying portfolios.”

The report also spotlighted the growth trajectory for various tech verticals in the region:

1. E-commerce
A continuing growth trajectory with a 22 per cent increase in revenue YoY, reaching US$28 billion. The sector’s GMV grew to US$139 billion in 2023 and is expected to reach US$186 billion in 2025, growing 16 per cent.

2. Online travel
Following the pandemic, the section is on track to recover by 2024 as flight passenger volume nears pre-pandemic levels. The sector’s revenue, as accelerated by inflation, will reach US$14 billion, increasing 57 per cent YoY. Its GMV grew 63 per cent YoY, reaching US$30 billion in 2023, and is tracking towards US$43 billion in 2025.

3. Transport
The sector is seeing a strong recovery boosted by successful monetisation efforts as its revenue reaches US$1.1 billion, growing 47 per cent YoY.

4. Food delivery
As its revenue hits US$0.8 billion in 2023, the sector grows 60 per cent YoY despite the return to in-person dining and a pullback in promotions. In the short term, the sector’s revenue growth is driven by increased take rate while user and order growth will drive it in the long run.

5. Online Media
As the sector’s GMV grows to US$26 billion, increasing 10 per cent YoY, advertising and video streaming are expected to remain its long-term revenue drivers as the sector heads toward US$34 billion GMV in 2025.

Also Read: AI, transparency, and the rising threat of ad fraud in Google’s Performance Max

For businesses to maximise these opportunities, there is a need to expand the depth of digital participation.

“While digital inclusion has made inroads in SEA over the past years, consumers outside of metro areas are at risk of facing a widening digital economic divide when it comes to digital participation – active involvement in the digital economy through consumption of products or services across sectors,” the report said.

“Areas beyond metros are particularly vulnerable due to the challenging unit economics. Addressing these gaps is the collective responsibility of all digital economy stakeholders. Removing barriers, such as supply and security issues, can improve the participation of non-HVUs and enable SEA’s digital economy to reach its growth ambitions.”

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Blockchain’s potential uses in government are generating widespread interest. Blockchain’s potential to enhance the public sector has prompted governments to begin testing the technology. The public sector’s implementation of the technology, however, is still in the testing phase.

There is a possibility that governments may transition away from centralised systems that are insecure and towards alternatives that are decentralised and based on blockchain technology. The implementation of public blockchains has the potential to bring about fundamental changes across the board in terms of the organisational structures that underpin governmental departments.

Key governmental processes may be sped up using blockchain technology. These services include things like checking people’s IDs and providing official stamps of approval on things like medical records and property deeds.

For what reasons should governments adopt blockchain?

Introducing blockchain technology into state government systems has several potential benefits. Governments have an essential function in the safekeeping and management of confidential data. Information regarding citizens, property, organisations, and government actions is kept by states.

Keeping private information secret while storing critical public data can be difficult and expensive. The governments of the first world are not immune to the problem of data leaks.

It’s possible that using blockchain technology may make it simpler for governments to manage sensitive data. The government is able to accomplish this goal while also protecting the integrity of the data and restricting unauthorised access.

Blockchain technology combats government corruption

In many online government services, blockchain could replace the need for middlemen. Because of this, it plays a special part in the fight against corruption in the government.

The mix of security and convenience that this technology offers in terms of record keeping is astounding. When warranted, blockchains can enable states to operate with a decentralised model. Such methods improve trust, auditability, and smart contract capabilities in real-time.

Also Read: Decentralisation, AI, and blockchain: Crafting the future of civilization

By utilising blockchain technology, the government has the potential to become more efficient while also increasing citizen participation. With the assistance of technology, the operation of the government can also be made more straightforward.

Blockchain technology improves openness in funding distribution

Every year, a number of national governments hand over millions of dollars to fund a wide range of charitable organisations. Humanitarian aid, social assistance, educational assistance, artistic endeavours, and other forms of assistance are among the most important of these.

The procedure of grant disbursements is notorious for being murky, confusing, and wasteful in the vast majority of cases. During this procedure, economic rents are at a high level, and a significant portion of the money is paid out in the form of third-party fees and banking expenses.

Blockchain technology could be implemented for use in e-voting

The security of people’s votes is becoming a source of concern for an increasing number of individuals. Concerns that never go away include those regarding the authenticity of voter registration, the level of voter engagement, and the convenience of access to polling places.

The use of voting systems that are founded on blockchain technology has the potential to improve these vital aspects of democratic proceedings. The characteristics of blockchain technology are immutability, security, transparency, and independence from a centralised authority. These characteristics have the ability to raise voter turnout while simultaneously lowering the number of cases of fraudulent voting.

Because of the significance of elections, using an electronic voting system that is based on blockchain technology would be able to reduce the likelihood of voter manipulation and keep the integrity of the voting process intact.

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Sustainable development firm Chemonics International has announced a US$5 million investment into Philippine venture builder Talino Venture Studios.

The core mission of this strategic partnership is to harness their combined expertise to tackle the challenges of financial inclusion in emerging economies. The partnership will focus on fintech solutions, including one to expand financial inclusion among the 50 million unbanked citizens of the Philippines, as well as in other low-income economies.

Also Read: Talino Venture Labs banks US$1.25M to grow its inclusive fintech venture studio

“We’re devoted to closing the financial inclusion gap for the underserved individuals and communities in emerging nations worldwide,” Talino Venture Studios CEO Winston Damarillo said.

Talino Venture Studios is a global venture studio for inclusive fintech. Born in the intersection of Silicon Valley and Southeast Asia, it aims to bridge financial inclusion for over 1.7 billion people worldwide. It uses the venture studio model to build repeatable, scalable, and profitable fintech firms that empower underserved, underrepresented groups with financial access and mobility.

Also Read: Philippine insurtech startup Saphron raises US$1M from Sage Venture, Talino Labs

Founded in 1975, Chemonics is a global sustainable development consulting firm with over 6,000 experts in more than 100 countries. With deep experience in applying new technology, including digital payments, in some of the most remote and under-developed areas in the world, Chemonics has used drone technology to deliver and pick up medical lab samples in hard-to-reach areas of Malawi and has developed a technology-based forest and biodiversity conservation system in the Philippines.

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Vircle, a Malaysian neobanking startup helping parents raise money-smart kids, has secured an undisclosed sum in seed funding co-led by state-owned VC fund Kumpulan Modal Perdana (KMP) and Gobi Partners.

Gobi made the investment through the Gobi Dana Impak Ventures (GDIV) fund.

Also Read: Gobi Partners leads pre-Series A round of Malaysian reseller digital ecosystem Ejen2u

With this funding, Vircle aims to expand its services to public schools nationwide.

Established in 2019 by Gokula Krishnan, Vircle instils lifelong money habits among young children through partnerships with major schools across Malaysia. Its parental control technology empowers parents to oversee and manage their children’s expenses in and out of school. Its child-safe Visa prepaid card offers parents a regulated financial tool to help guide their children in navigating the cashless and digital banking environment with careful oversight, instilling financial responsibility.

Presently, Vircle provides services to families representing 130 nationalities and operates in partnership with over 58 private and international educational institutions.

“Our mission is to bank one million Malaysian children and a total of three million children across Southeast Asia within the next five years. We’ll achieve this by constantly innovating in collaboration with parents and regulators backed by funding from our investors such as KMP and GDIV,” said Krishnan.

Also Read: ‘Neobanks can create a better digital CX by leveraging AI, blockchain’: banco CEO

Gobi Co-founder and Chairperson Thomas Tsao added: “In a region where 160 million children lack access to banking services, Vircle emerges as a beacon of hope, introducing a safe passage into the cashless world. With an emphasis on cultivating crucial money management skills, Vircle addresses a significant gap in both the educational system and households across Southeast Asia.”

Established in 2001, KMP is wholly owned by the Ministry of Finance and under the purview of the Ministry of Science, Technology & Innovation (MOSTI). Since its inception, KMP has invested in more than 40 companies across IoT, advanced materials, semiconductors, automation, green technology, and renewable energy.

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GoTo Group, the Indonesian tech conglomerate, has announced its seventh consecutive quarter of adjusted EBITDA improvements as it continues its journey towards profitability.

In Q3 2023, the group’s adjusted EBITDA loss decreased to 940 billion rupiah (US$59.3 million), marking a significant 74 per cent improvement. According to CFO Jacky Lo, this achievement was attributed to the company’s efforts to reduce operating expenses by eliminating redundancies and leveraging technology.

Also Read: Ecosystem Roundup: Investree raises US$231M; GoTo scores US$150M; 3AC co-founder arrested

Furthermore, the company revealed that it has decided to put on hold its plans for an international IPO.

In terms of financial results, GoTo Group posted a net revenue of US$228.2 million for Q3 2023, representing a 21 per cent decrease compared to the same period the previous year. This decrease was mainly due to a catch-up adjustment in the same quarter in 2022. Excluding these adjustments, the net revenue for Q3 reflects a robust 19 per cent year-over-year growth.

The company also managed to reduce its net loss by 65 per cent, bringing it down to US$150.6 million, primarily driven by a 36 per cent reduction in total incentives and product marketing spend year-on-year.

Group gross transaction value returned to positive growth on a quarter-on-quarter basis, with strong performances from its e-commerce and on-demand services.

Regarding its e-commerce arm, the adjusted EBITDA loss narrowed by 84 per cent year-on-year to US$14 million. The company strategically invested in this business unit during the quarter, slightly increasing incentives and promotions while reducing platform fees.

Although the growth rate was relatively slower for its fintech arm, GoTo launched several new products, including the GoPay App, cash loans on Tokopedia, cash loans on the GoPay App, and GoPay Tabungan (Savings) by Bank Jago.

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