Why Indonesia isn’t at the top of global Islamic fintech

More: SG ecommerce solutions startup raises $10m. [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](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [Indonesia and its path to Islamic fintech dominance]( - The US$10 million fundraise of a Singapore-based ecommerce solutions startup - Other newsy highlights such as Cars24 shutting down operations in Indonesia --------------------------------------------------------------- Hello {NAME} As a Dallas Mavericks fan, this past NBA season was a tough one. After making it to the Western Conference Finals last season, the team didn’t even make the playoffs this time. There are a myriad of reasons for this - I could spend an hour just complaining about team owner Mark Cuban. But suffice it to say, not even making the postseason when you have Luka Dončić on the team is the very definition of unfulfilled potential. Similarly, Indonesia - which has the biggest Muslim population globally - is lagging behind in Islamic fintech. The archipelago trails Malaysia and Saudi Arabia in market size. Read on to find out more about the obstacles that Indonesia has to overcome if it’s to fulfill its potential in this space. -- Winston  ---------------------------------------------------------------  THE BIG STORY [Indonesia’s ascent to the top of global Islamic fintech faces obstacles]( The archipelago has more Shariah fintech players yet a smaller market size than Malaysia and Saudi Arabia. --------------------------------------------------------------- TRENDING NEWS [Cars24 shuts down operations in Indonesia, impacting 100 employees]( The closure only affects its Indonesia business, sources told Tech in Asia. [Bukalapak’s financial performance in 7 charts]( These charts help visualize the latest financial figures reported by Indonesian ecommerce major Bukalapak. [Singapore VC closes $90m fund for fintech, insurtech, digital health]( This brings Integra Partners’ total committed capital to over US$140 million. [Ex-TradeGecko execs’ ecommerce solutions firm bags $10m]( Jungle Ventures and Openspace Ventures participated in The Commerce Co’s fundraise, according to VentureCap Insights data. ---------------------------------------------------------------  LISTICLE OF THE DAY [Meet the 100 top-funded startups and tech companies in China]( Here are the companies in China that are attracting tons of investors and have the resources to spend on software, talent, and expansion. ---------------------------------------------------------------  TECH IN ASIA'S PRODUCT DEVELOPMENT CONFERENCE 2023 How do you make magical products? Find out from these PDC speakers For Product Development Conference 2023, we’ve brought together some of Asia’s top experts who are chief product officers at various companies. Some big names you’d probably like to catch include Dana Indonesia’s Rangga Wiseno, Yuhki Yamashita from recently acquired Figma, and Hadikusuma Wahab of Vidio. Be sure to check them out at the conference by [getting your tickets here]( ---------------------------------------------------------------  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)! - [Tech in Asia’s Founders Meetup: Malaysia on May 23]( Our networking event, Founders Meetup: Malaysia, is happening in Kuala Lumpur on May 23 at WIP on the Park at Marc Residence. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Register today! ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Tech Lead - Golang]( at SIGMATECH Jakarta, Indonesia - [Senior Business Development (remote)]( at Content Collision Hanoi, Vietnam - [Head of Supply Chain Management]( at Little Joy Indonesia Jakarta, Indonesia - [accountant]( at Gulf Test Indonesia Bulk Terminal, Indonesia - [Senior Back-end (Jakarta)]( at Andalin Jakarta, Indonesia - [Performance Marketing Specialist (Ads)]( at Flash Express 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. 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