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Trust is not branding: What Indonesia’s recent market turbulence really reveals

In a global financial system that prizes transparency, data reliability and predictability, institutional credibility matters

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    • Indonesia’s trust evolved under different historical and political conditions. Where institutions have been inconsistent and laws fluid, trust has naturally migrated into families, networks and personal relationships.
    • Indonesia’s trust evolved under different historical and political conditions. Where institutions have been inconsistent and laws fluid, trust has naturally migrated into families, networks and personal relationships. PHOTO: REUTERS

    Joel Shen

    Published Wed, Feb 25, 2026 · 07:00 AM

    INDONESIA has had a bruising start to the year.

    A string of high-profile startup scandals has shaken confidence in the country’s once-celebrated tech ecosystem. Global index provider MSCI has warned that Indonesia risks being reclassified as a frontier market, triggering a sharp sell-off in equities and pressure on the rupiah.

    Most recently, Moody’s revised Indonesia’s sovereign rating outlook to negative, citing concerns around policy predictability and governance.

    IndonesiaCorporate governanceMSCIMoody'sEmerging marketsPrivate capital

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