they're super apps at the forefront of
mobile tax and they're not based in the
u.s. or China but Southeast Asia go
chicken grab started as uber clothes
carrying passengers and delivering food
now they're an indispensable part of
daily life but the rivals are also
leading online payments revolution is
this the future of digital banking
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Southeast Asia has a population of 650
million and for most people here the
only way to get online is a mobile phone
for Girja can grab that's a huge market
one that's helped them to grow into
multi-billion dollar companies Indonesia
the world's fourth most populous country
is where the battle is most intense
their apps have helped small businesses
like Roberto ko to expand and thrive
Brewery says that seems signing up with
payments provider ovo in 2018 her sales
have taken off she now delivers as far
as 20 kilometres away
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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 two dollars a
month by linking with go jack she's now
doing what she was trained to do and
earns about 200 times more patents had
to hurry to Peking rat Rattus Rattus
lima full uri puss and buy to a lettuce
what's more her husband johannes works
full-time as a go jack driver after
finding he could earn more 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 Gajic and graves
expansion but like other fast-growing
internet startups actual profitability
is an aspiration rather than a short
term or even medium term goal
the companies are burning through cash
as they attempt to reach more and more
consumers offering ever more options and
what they've realized is that these
services aren't the real prize the route
to profitability is the system that
underpins them all digital payments the
transformation taking place in Indonesia
goes beyond ride-hailing food delivery
even massages on demand to 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 gorgeou can grab essentially
Southeast Asia's answered a big tech are
radically transforming the way money
moves around Indonesia this is a digital
financial revolution ovo works closely
with grab I may be biased but I think
Indonesia is the center of FinTech right
now we see what's happening the in
Europe it's about cards it's about Bank
if you look in China and India it's
really completed now with the the
FinTech evolution that went away the
next biggest society is Indonesia
grab-and-go Jack offer basic financial
services to those without a bank account
they're evil it can be topped up
anywhere but now they're moving into
core banking services like business
loans and micro lending I would like to
see a world where most Indonesians have
access to some sort of accounts and
accessing you know financial products
will be as easy as as you know you just
click on buy things 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 pomo runs one
of the most popular food stalls in the
central Javanese city of Semarang I
actually new job
my salary too young salmonella confirmed
Alisha Elena top Italian male 2
completely taken come up you can accept
he used to deal only in cash and he even
paid for a new home with $100,000 worth
in notes but primo has now gone digital
and runs his business almost entirely
through an app due to losses and through
to novocaine are Opaka ones I have to
sort of unit economy tomorrow we could
go for one would be fun traditional
banks have found it hard to provide for
people like primal but is linked with
go-jek makes them a far more attractive
prospect who people really - if you say
laputan around public official and a new
heritage in ghana under bank and
unbearable in country is so huge it's
more than 50 percent right now it's a
huge opportunity on its own I think our
enemy is cash people behaviors is still
toward cash it's actually a big
opportunity for us to change this
behavior toward a better payment
community these digital payment
platforms are spreading through the
economy the l.joe dban have been
Mayfield living on the streets of
simmering for more than a decade
dedicate our economy Mandela million you
look there where you belong
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Muraki
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yes Elena Qataris are separa damn
currents party artists artists like
selenium commodity could bury MJ - yeah
we need this current constant Omega T
goodbye
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religion is getting in on the act to the
Biderman mosque now gets nearly a third
of its donations through mobile apps
even government services can be topped
up by phone
critics say the two companies are
creating a jewelley with huge influence
like their beat tech peers in the US 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
insofar as their core use cases you know
ecommerce ride-hailing social messaging
and so on for the most part not really
stringently regulated to begin with
obviously moving into financial services
anywhere involves quite a lot of
regulatory oversight and 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 its tech
ambitions on manufacturing but within a
few years grab and go Jack have changed
that they may have started out as
copycats but it's now the Western peers
that are looking to Asia it's here they
can get a sense of what's possible in
the next phase of the internet
revolution