Grab-GoTo merger could be ‘colossal’ for Indonesia’s fintech hopefuls, say analysts

[SINGAPORE] Amid a leadership reset and Jakarta’s push for a golden share of a potential Grab-GoTo merger, a 3.1 trillion rupiah (S$241.8 million) fundraising bid by Grab-backed Superbank could prove most critical for a merged entity’s fintech ambitions.

A Grab-GoTo merger would shake up the region’s ride-hailing and food-delivery markets, but the mega-deal could also send ripples through Indonesia’s digital banking industry.

Two of the country’s most promising digital banks – Bank Jago and Superbank – are, respectively, backed by GoTo and Grab, meaning that a merged entity could strengthen its grip on the country’s dynamic fintech scene.