Grab, GoTo deny merger discussions but speculation fuels fears over foreign control, state involvement

[JAKARTA] Singapore’s Grab and Indonesia’s tech behemoth GoTo have denied reports of merger talks, but the speculation alone has reignited deeper anxieties over consolidation in Indonesia’s digital economy, where concerns about foreign influence, job security and the potential reach of the state abound.

Both tech giants issued statements on Monday (Jun 9) denying any ongoing talks. GoTo, in a stock-exchange filing, stated that it “cannot comment on market speculation”.

Beyond the denials, the episode has put the spotlight on some structural risks, such as market concentration and regulatory uncertainty.