In recent months most attention went to the merger of Indonesian ‘superapp’ Gojek and e-commerce giant Tokopedia – including their plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). But we should not forget that another Indonesian e-commerce giant (and tech startup unicorn), called Bukalapak, is scheduled to list on the IDX on 6 August 2021.

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The recent banking crisis that started with the collapse of three regional American banks (in the second week of March 2023) – and spread further when Credit Suisse was on the brink of collapse before a forced take-over by UBS Group – can be linked to the tech sector (although we emphasize that weak corporate management at the banks in combination with central banks’ ultra-low interest rate environment and the huge quantities of free money that were pumped into economies are the primary reasons for the recent banking crisis).

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While the benchmark stock indices in the United States, China and Japan all showed steep declines in 2022, Indonesia’s benchmark stock index (IDX Composite or IHSG) managed to rise 4.09 percent to 6,850.62 points last year.

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