Cloud kitchens evaporating in Indonesia

More: Sam Bankman-Fried gets convicted and top AI developers reach a collective agreement. [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} Just one year ago, I felt like cloud kitchen startups were a dime a dozen. Whether it was reading the Tech in Asia news page or writing the daily newsletter, it was common to see new cloud kitchens being launched or raising money. All told, things were looking good - until they weren’t. Starting this year, I don’t think I can recall reading or writing about any cloud kitchen startup. To be frank, I didn’t even notice this happening, but reading today’s premium story brought everything back. Now, I’ve got a better understanding of just what happened to the sector - at least in Indonesia. -- Jonathan  ---------------------------------------------------------------  THE BIG STORY [Indonesia’s major cloud kitchen chains close shop, but it’s not all doom and gloom]( After the departure of GrabKitchen and DishServe, smaller chains like Portale are still optimistic about turning a profit. --------------------------------------------------------------- TRENDING NEWS [South Korea’s Shinhan taps PasarPolis to enter Indonesian market]( Shinhan will bring its expertise in microinsurance products while leveraging PasarPolis’ full-stack ecosystem. [Mitsui pours $58m into Axiata’s AI unit]( The deal, which values ADA at US$550 million, comes after Axiata reported a surge in debt following overseas expansion efforts. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [VC funds tracker: East Ventures, August Global, others add $913m in new funds]( Fundraising is difficult. To make things easier, we have compiled a detailed list of the most recent VC funds for our subscribers. --------------------------------------------------------------- GET 20% OFF YOUR TICKET TO SINGAPORE FINTECH FESTIVAL Join this year’s SFF on November 15 to 17 at the Singapore Expo Join the 8th Singapore FinTech Festival (SFF), organized by the Monetary Authority of Singapore, Elevandi, and Constellar. This year, SFF is all about the growth and adoption of AI and Web3 in financial services, public policy, and technology. Attendees will learn how the intersection of these developments could accelerate the transition to a low-carbon future, revamp financial systems for the underserved, and fortify the digital economy against modern risks. With five specially curated zones, the festival offers an avenue for knowledge exchange with experts from across the globe and an environment that supports business development, partnerships, and investments. Excited about SFF 2023? All TIA newsletter subscribers get a 20% discount on tickets to this event. [Get yours now]( ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [AD] [StartmeupHK Festival]( on November 8 to 17 It might be a little early, but it does feel like we’re already getting closer to the festive season. And what better way to be festive than with, well, a festival? We’re about a week away from Hong Kong’s biggest tech startup event, the StartmeupHK Festival, which will kick off with a series of activities at Ocean Park Hong Kong. It’s going to be a packed eight days filled with seminars and exhibitions, as well as pitching, business-matching, and networking opportunities. Sounds good? Get your tickets [here]( before they run out! - [Tech in Asia’s Founders Meetup: Vietnam on November 30]( Did you miss us last June? Great news - we’re coming back to Ho Chi Minh City on November 30 for another round of our networking event! With over 3,000+ startups and four unicorns, Vietnam is poised to become a prominent startup hub in Southeast Asia. While opportunities abound in Vietnam’s startup scene, issues like talent shortage and regulatory hurdles also persist. Need some insights on how to navigate and thrive in this scene? Come join us at the Hive Villa (29 Nguyễn Bá Lân, Thảo Điền, Quận 2, Thà nh phố Hồ Chí Minh 713385, Vietnam) from 6:30 p.m. to 8:30 p.m (GMT+7). Connect with fellow startup leaders to learn how you can grow beyond the early stages of your journey and explore solutions to pressing concerns. [Sign up now!](  - [Brushstrokes to Success: Design a Solid Growth Plan for 2024 on November 16]( Time to get creative and spice up your decision-making game with fellow senior leaders, talent managers, and founders! Hosted at Bridge+ on November 16, mingle with peers from Meta, P&G, GoTo, UOB, Oracle, Agoda, Obayashi, VMLY&R, Ant Group, Circles.Life, and more to get insider tips on supercharging your strategies. Come enjoy an evening filled with networking opportunities, free-flowing refreshments, fun quizzes, an interactive panel, an open Q&A, a modern calligraphy activity, and more - it’s all on the house! [Tickets are almost gone so grab yours now](  - [Tech in Asia x Airwallex - Exclusive Mixer]( Mingle with APAC's Payment and Growth Leaders on November 14 Meet and connect with your peers at Exclusive Mixer: Mingle with APAC's Payment and Growth Leaders, an invite-only networking event on November 14 co-hosted by Tech in Asia and Airwallex. This isn’t your run-off-the-mill corporate event. It’s a gathering of forward-thinkers across Asia Pacific and anyone eager to discover best practices in optimizing and streamlining payment journeys at scale. Grab drinks and light bites while soaking up Singapore’s cityscapes from Honcho’s rooftop bar as you mingle. Come hang out and unwind at this relaxed and casual mixer - all refreshments are on the house [Get your ticket]( to this closed-door event and build lasting connections. Slots are limited so secure yours NOW! ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this]( page](. Our team will get back to you by the next business day. - SPH Media - [SPH Media to acquire Tech in Asia]( SPH Media today announced that it has entered into an agreement to acquire Tech in Asia Pte. Ltd. - Coin98 Finance - [Coin98 Finance Becomes Ninety Eight: Expanding Vision and Product Scope for Mass Adoption]( "Ninety Eight” reflects our ambition to transcend our original identity and embrace a broader spectrum of possibilities beyond finance. - Viction - [TomoChain’s rebrand to Viction paves the way for a victory vision]( Viction emerges as TomoChain's new name, reflecting a transformative decision to make a meaningful impact on humanity and the Web3 community. - Ultimate Fintech - [The Core Values Driving the Success of Global Broker AAAFx]( AAAFx excels by inspiring confidence and empowering traders globally with integrity and expertise. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Cyber Security Specialist]( at Pintar Ventura Group Jakarta, Indonesia - [Sales Admin - Internship]( at Pasifik Satelit Nusantara Jakarta, Indonesia - [Cashier (Bank & Treasury)]( at detik.com Jakarta, Indonesia - [Merchant Acquisition Specialist]( at PT. Wahana Pembayaran Digital Jakarta, Indonesia - [Research and Development Associate (CPD)]( at Scout.inc Jakarta, Indonesia - [Frontend Developer (Speed Engine)]( at Dealls 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? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894