What Indonesia's new rules on foreign control mean for fintech firms

More: Vertex Venture’s next fund [Read from your browser]( Daily Newsletter Hello {NAME} , One thing about living in a pandemic is that I’ve come to terms with all the uncertainty. Who knows how many cases we’ll be seeing next? Will we be back in lockdown next week? What will the restrictions look like in a month? Things are constantly changing, and we just need to roll with the punches. The same applies to businesses. Regulations and guidelines can change pretty swiftly - as Indonesia’s fintech firms have found. With the country’s new rules around foreign ownership and control that have come up, fundraising and negotiating shareholder agreements may become much trickier. -- Stefanie --------------------------------------------------------------- THE BIG STORY [Indonesia fintech hits hurdle with new rules on foreign control]( Lawyers say that GoPay, Ovo, Dana, and other players can't raise more capital until they follow the new Bank Indonesia rules. --------------------------------------------------------------- TRENDING NEWS [SoftBank to lead $100m round of Indian roll-up ecommerce firm]( Although talks are still on, the round will likely value GlobalBees at US$500 million, reported MoneyControl. [UOB to invest $500m in digibank TMRW, other offerings across SEA]( Part of the capital will go into combining UOB’s digital bank, TMRW, with its mobile app, UOB Mighty, to create a unified platform. [Vertex Ventures eyes raising $400m in new SEA, India fund]( The VC firm is looking to invest with its fifth fund in 2023, after wrapping up its fourth fund by the end of next year. [Airwallex brings on former Google, Facebook execs]( Joanne Chin and David Bicknell bring close to four decades of HR and finance expertise to the company. [Funding deals in SEA tech startups hit record high in H1 2021, report says]( The first half of the year was also the first time that exit proceeds through initial public offerings exceeded those from trade exits or secondary sales. [Beenext co-leads $48m round of Indian healthtech startup]( MFine said its revenue has been growing 15% month-on-month amid booming demand for telemedicine in India. --------------------------------------------------------------- [Subscribe to Tech in Asia]( to help us uncover noteworthy startups as well as the real stories behind Asia’s leading tech companies. 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