Indonesia's TikTok Shop conundrum grows

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} In the past week, social media has been abuzz with arguments for and against the closure of TikTok Shop in Indonesia. Some agree with the government's decision, but many, particularly sellers, are against it. The comment sections on Instagram posts from Trade Minister Zulkifli Hasan and Cooperatives and SMEs Minister Teten Masduki are flooded with protests from TikTok Shop sellers and affiliates who feel aggrieved. Logistics couriers have also expressed their concerns about the closure. However, TikTok Shop is preparing for a comeback as a standalone app. Some sellers have tried their luck on other platforms, but a few are still active on TikTok while waiting for the new app to be launched. The possible return of TikTok Shop in the archipelago raises questions about the government’s true purpose of banning ecommerce transactions on social media. If the issues the government tried to address were predatory pricing and TikTok’s algorithm, which was suspected of directing users to specific products, both may still be present in the future TikTok Shop app. TikTok is likely to connect its algorithm on social media with its ecommerce app. It may also continue to implement the same subsidy strategies as before. So, the government may need to focus on regulating these issues rather than outright banning transactions on social media. -- [Jofie Yordan]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [TikTok Shop ban in Indonesia: Who is it really protecting?]( The country's ecommerce ecosystem is pondering its next moves in the aftermath of this regulatory setback. 2. [Selex Motors bets on battery swapping to lead Vietnam’s EV revolution]( The electric vehicle startup is raising a US$20 million series A round to scale its ecosystem of e-bikes and battery-swapping stations. 3. [After layoffs and losses in 2022, Coinhako on track to be profitable]( The Singapore-based crypto exchange was in the black in 2021, but it posted a roughly 70% year-on-year reduction in revenue in 2022. 4. [Mapping AI startups pushing SEA into the spotlight]( In 2022, a record-breaking 32 AI startups secured funding in Southeast Asia, a large portion of which followed the release of ChatGPT. 5. [Udaan’s cuts losses by 33%, but revenue takes hit as it shrinks operations]( Cost-cutting measures such as layoffs and scaled-down operations in non-core markets brought down Udaan’s losses in FYE 2023. 6. [VN fintech unicorn MoMo’s revenue grew 18% to top $355m in 2022]( MoMo's net operating loss widened by 38.8% last year but the dollar-value increase in revenue still exceeded the uptick in cost. 7. [CoinGecko remains profitable in crypto winter, believes the worst is over]( CoinGecko has adopted a more conservative approach: assuming a 50% to 70% revenue dip during bear cycles. 8. [As Maya’s revenue grows, its digital banking bet deepens losses]( Lending fees could amount to a significant revenue stream in the Philippines-based digibank’s future. 9. [Malaysia budget: Expect more goodies for tech and startups]( Greater allocation for startups may be on the horizon. 10. [Line Man posts 52% increase in 2022 revenue, EBIT losses improve]( Line Man's recent acquisitions of Rabbit Line Pay and FoodStory may diversify its revenue mix beyond food delivery in the coming years. --------------------------------------------------------------- TECH IN ASIA CONFERENCE 2023 T-minus three days to Tech in Asia Conference 2023! 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