Will Indonesia’s big banks extend lead at the top?

More: GoTo cuts 600 jobs in the latest round of layoffs. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} Layoffs, aggressive rate hikes, and a strained funding environment had created a gloomy outlook for startups, but Silicon Valley Bank Financial Group’s collapse on Friday marked a sudden storm. The startup-focused lender left billions of dollars belonging to companies and investors stranded, making it the largest bank to fail since the 2008 financial crisis. The episode sent shockwaves through startup ecosystems across the world and erased over US$100 billion in market value from US banks last week. While US regulators have since stepped in to backstop the embattled bank, a swift resolution doesn’t appear to be on the cards. Moreover, New York regulators closed Signature Bank on Sunday, marking the third-largest failure in US banking history. With matters of a much more serious nature gripping the banking sector of the world’s largest economy, concerns over the high net interest margins (NIMs) of Indonesia’s banks have taken a backseat. However, the issue is certainly worth another look. For starters, the average NIMs of the four biggest Indonesian banks is well over twice that of the three largest banks in Singapore. What’s more, three of the four major banks in the archipelago are state-owned. In today’s featured piece, Tech in Asia brings to fore how the top banks of Indonesia have been stacking up the dough. Further, the premium story highlights why there’s no time for these banks to rest on their laurels as rising digitalization begins to shift the banking landscape in Southeast Asia’s largest economy. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Indonesia’s big four banks are minting it but need to watch their backs]( BRI, Bank Mandiri, BCA, and BNI may boast high net interest margins, but they shouldn’t be complacent. --------------------------------------------------------------- TRENDING NEWS [GoTo to shed 600 workers to focus on core operations]( The company will trim down certain parts of Mitra Tokopedia as it moves away from non-core businesses, said CEO Andre Soelistyo. [Indonesian lending firm shifts focus from students to businesses]( Pintek’s website currently has no student loan services on its product list. [Sea Group’s triple win: how it pulled off a stunning reversal]( The tech company’s turnaround in its fourth quarter results was about more than just cuts to its sales and marketing budget [Green Li-ion bags $20m to transform energy storage industry]( The firm, which facilitates the full processing of used lithium batteries, aims to deliver 50 modular units of battery-recycling machines per year. [JD.com posts profitable Q4, cautioning about China’s slow recovery]( It saw US$441 million in net income in Q4 2022, recovering from a net loss of US$712 million in the same period in 2021. [UAE wealth fund to invest $500m in India’s Lenskart]( The deal will boost Lenskart’s valuation to more than US$4 billion, Bloomberg reported. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Product Development Conference 2023]( from May 16 to May 17 Tech in Asia’s Product Development Conference is back! This year’s edition, which will be held in person in Jakarta, will feature over 20 industry leaders, experts, and innovators sharing the latest trends and strategies that can accelerate product development growth. [Register now]( to get 40% off (get additional discounts exclusively for TIA subscribers)! ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Data Analyst]( at Graha Karya Informasi Indonesia Bulk Terminal, Indonesia - [Software Engineer (React/JavaScript)]( at One X Tech Singapore, Singapore - [Senior Performance Marketing Consultant]( at Ematic Solutions Kuala Lumpur, Malaysia - [Senior UI Designer]( at Female Daily Network Jakarta, Indonesia - [Project Officer (Vietnam)]( at Jala Tech Ca Mau, Vietnam - [HRGA Staff]( at PT. Ichigo Indonesia Inti Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Tech in Asia thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Too many emails? 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