Name: Gojek and Grab: the rise of the south-east Asian super app | FT
Uploaded: 2020-03-21T17:51:13.000Z
Duration: 8 min 14 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

They're super APS at the forefront of mobile tank, and they're not based in the U.

Go check and grabs started as Hoover clones carrying passengers delivering food.

Now they're an indispensable part of daily life.

But the rivals are also leading online payments.

Revolution is least the future off digital banking.

Southeast Asia has a population of 650 million, and for most people here, the only way to get online is a mobile phone, for God's sake and grab.

That's a huge market, one that's helping to grow into multi $1,000,000,000 companies.

Indonesia, the world's fourth most populous country, is where the battle is most intense.

They're APS have help small businesses like Rachael Bubba Co.

Rory says that seems signing up with payments provider OVO in 2018 for sales have taken off.

She now delivers as Faras, 20 kilometers away when you are running at Emma, trained as a masseuse.

But the only job she could find while living in the same city as her Children was to work in a laundry, earning just $2 a month by linking with Gogic she's now doing what she was trained to do and earns about 200 times more So.

Harry Comic Con tika order The buttons are too hurry to begin.

Data data data stream a pool report some by those.

What's more, her husband, Johannes, works full time as a project driver after finding he could earn Maur doing that than selling baby food.

The size and scale of the opportunity hasn't gone unnoticed.

Big ticket investors have spent billions to fuel Gogic and grabs expansion.

But like other fast growing Internet startups, actual profitability is an aspiration rather than a short term or even medium term gold.

The companies are burning through cash as they attempt to reach more and more consumers, offering ever more options.

And what they realized is that these service's aren't the real prize.

The route to profitability is the system that underpins them all.

The transformation taking place in Indonesia goes beyond ride.

Hailing food delivery, even massages on demand.

Two companies that didn't exist a decade ago are inserting themselves into the daily lives of Indonesians in a way that is inconceivable to those living in Europe or America.

Gogic and grab essentially southeast ages, answered.

A big tech are radically transforming the way money moves around Indonesia.

I may be biased, but I think Indonesia is a center of fintech.

Right now we see what's happening that in Europe it's about cards.

If you look in China and India, it's really completed.

Now, with the Fintech evolution underway, the next biggest society is Indonesia.

Grab and go Jek offer basic financial service is to those without a bank account their evil.

But now they're moving into core banking.

Service is like business loans and micro lending.

I would like to see a world where, um, most Indonesians have access to some sort of ah accounts.

And accessing financial products will be as easy ists, you know, just thinking about.

But Indonesia's population of 264 million is spread across 17,000 islands.

Less than half of those people have a bank account, and even now, most of Indonesia's economy runs on cash.

Digitizing will take a radical change of mindset.

Primeau runs one of the most popular food stalls in the central Javanese city of simmering.

I really believe I can sum up you cannot.

He used to deal only in cash, and he even paid for a new home with $100,000 worth in notes.

But Prime oh has now gone digital and runs his business almost entirely through an app.

That would be from traditional banks have found it hard to provide for people like Primal, but his link with Gogic makes him a farm or attractive prospect under bank and unthinkable in country.

It's actually a big opportunity for us to change this behavior toward a bad third payment.

Community thes digital payment platforms are spreading through the economy.

Pl Jodie banned have been making a living on the streets of simmering for more than a decade.

I need something religion is getting in on the act to buy.

German Mosque now gets nearly 1/3 of its donations through mobile APS.

Even government service is be topped up by phone.

Critics say the two companies are creating a duopoly with huge influence, like their big tech peers in the U.

And Europe, this dominance may result in greater scrutiny.

Well, I think the regulatory challenges faced by big tech are to some degree common across markets in so far as their core use cases.

You know, e commerce ride, hailing social messaging and so on for the most part, not really stringently regulated.

Obviously, moving into financialservices anywhere involves quite a lot of regulatory oversight on.

As a consequence, many of these companies are not really that well designed from the outset for that level of supervision.

Indonesia used to center it's tech ambitions on manufacturing, but within a few years, grab and go Jek have changed that.

They may have started out as coffee packs, but it's now the Western peers that are looking toe Asia.

 They can get a sense of what's possible in the next things off. 