Techinasia Conference 2019 Takeaways

Quick recap on attending what probably the biggest tech and startup conference in South East Asia. I only attend day 2 hence this might be short. Hopefully still useful.

Enjoy!

View from the front seat

Xendit on Running Experimentation and Hiring Practices

Moses Lo and Tessa Wijaya from Xendit shares their experience scaling startup beyond series A. Xendit itself is a payment gateway, enabling apps or website to do everything related to payments.

First interesting insight from them is their dead simple guidelines on running experimentation : 3 months, 7% growth per week. Any experimental product which consistently passing those bar will get invested more. Below the bar, project will be scraped. Nothing happened to the team, they will be assigned for something else. Any point of time, Xendit will have 3 or 4 “business as usual + 1” experiments , new product which adjacent to their current offering.

This is a good innovation practice by nurturing exploration while still budget conscious. Moses learned this from his time in Y Combinator.

Second one is their hiring practice to do trial day. Candidates applying for Xendit will have to spend one day to work with the team as part of their hiring assessment. By doing this both the team and candidates can sense whether they can fit together or not. Since interview is a bad predictor of performance, Trial Day help Xendit avoids bad hiring by test the candidates on real working condition.

OVO on Solving Problems Using Fintech

On main stage, Jason Thompson from OVO delivered quo vadis speech on where the fintech is going. It was the best presentation ive seen on Day 2. Jason gave insightful and humble presentation on OVO’s journey so far.

Three key points from Jason’s speech.

First, OVO achieved 10x growth due to strategic partnership with Grab and Tokopedia. Grab Bike & Grab Car contribute high frequency of transactions while Tokopedia drives the value of the transactions. On top of that, OVO itself boost ubiquity and reason to use by having presence in almost every shopping mall in Indonesia.

Jason Thompson, CEO of OVO

Second, answering on the skepticism on cash-back, the growth of OVO has been healthy. This is due to the growth in both users and value, is followed by growth in stored value fund. Seems like users are more comfortable to left their money in OVO balance.

Third, OVO aimed to expand beyond wallet into other financial services. Investment will be their first expansion, powered by Bareksa acquisition. Jason spent quite a time emphasizing how big investment opportunities in Indonesia while investment in adoption is still very low compared to the region.

Massive opportunities in Indonesia investment market

Lending and insurance will be next. OVO transaction data will be leveraged to make their financial services attractive for each users ( e.g credit scoring for cheaper lending and insurance).

I predicted OVO’s move to expand into other financial services back in May. Do read my analysis here. I also channeled Jason’s optimism on Indonesia investment market.

And yes, Jason also confirm OVO status as the fifth unicorn in the country.

Tokopedia on Their Next 10 Years

William Tanuwijaya interview was probably the most sought-out session in Day 2 of the conference. Main stage area was jam-packed with people, i could barely saw the stage.

William, Tokped founder versus Willis, TIA founder

Guided by Willis Wee of Techinasia himself, William talk about a decade of Tokopedia journey, key decisions thats important for growth of Tokped and also his personal growth as a founder CEO.

Three important takeaways for me.

First, asked about early decisions that has been pivotal for Tokped foundation, Willliam answer was the decision to not blindly copy global ecommerce promotion day (e.g 11.11 in China, Black Friday). Relying on big-bang promotion day to boost sales is not only unsustainable, but also many of these promotion day is out of context for Indonesian hence it doesnt bring good result. Tokopedia choose to pick promotion day on the last week before lebaran. Smart move considering most office workers already got their THR bonuses during this time. This is also a subtle jab for Bukalapak which make promotion day every single month (1.1, 2.2 and so on).

Second is about their Super Ecosystem strategy. Tokped is exploring many new things such as financial services, selling tickets and bill payment. However, William emphasized that Tokopedia will prefer collaborate with aligned partners rather than building their own. Different path from what Amazon is going where they start to develop many in-house verticals. Hence Tokped platform will be geared to be more open and William invites startups and other institutions to develop the ecosystem together.

Last and the most interesting one is his vision on Tokped next 10 years. Tokopedia next decade vision is to enable smalll business owners in rural Indonesia to have the same capabilities as national (or international) retailer. William cited that he wants store owner in Aceh can possibly make their business big without having to move to Jakarta to get better access to market. This could contribute into decentralization of economy of Indonesia and also reverse urbanization.

To realize this vision, Tokopedia will make most of their e-commerce capabilities as a services for this small business. For example, if a seller need logistic or warehousing capabilities to do overnight delivery, Tokopedia could provide it. This also goes for marketing, payment and other capabilities.

In their last impact report, Tokopedia claimed to contribute 1% of Indonesian economy. William aim to push this into 5% in the next decade.

The Curious Case of T-Cash

This is series of study case analysis that i like to write from time to time. Check out my first post on Traveloka.

This week in fintech, state-owned e-wallet provider T-CASH announced that they will transform into LinkAja. Not only the name change, the new T-Cash will be backed not only by Telkom group but also six other state-owned enterprise (SOEs) : Bank Mandiri, BRI, BNI, BTN, Jiwasraya and Pertamina. The change will be implemented late February and current T-Cash users will only need to update their app once LinkAja launched.

T-cash QR Payment feature. image credit from kanalaceh.com

Couple of interesting points from this.

Continue reading “The Curious Case of T-Cash”

Apa yang dicari para investor dalam pendiri startup?

Ini adalah thread quorayang saya jawab beberapa waktu lalu. Platform Quora ini cukup menyenangkan dan saya aktif disana. Cek kesini untuk melihat semua jawaban yang saya tulis.


Skena dari film The Founder dimana Michael Keaton memerankan Ray Kroc

Di satu konferensi, saya berkesempatan mengobrol dengan Pak Jefrey Joe dari Alpha JWC Venture. Seorang venture kapitalis yang portfolionya bisa dilihat dilink dibawah

Portfolio | Alpha JWC Ventures

Pertanyaan saya senada dengan ini :

“ Bagaimana menilai probabilitas kesuksesan seorang founder, terutama jika startupnya masih early sekali “

Continue reading “Apa yang dicari para investor dalam pendiri startup?”

Mengapa saat ini di Indonesia, startup fintech lebih banyak dibanding startup lain

Ini sebenarnya adalah thread Quora yang saya jawab beberapa waktu lalu Karena responsnya cukup bagus, saya menambahkan beberapa materi dan memposting ulang disini.

Platform Quora ini cukup menyenangkan dan saya aktif disana. Cek kesini 
untuk melihat semua jawaban yang saya tulis.

Image result for fintech indonesia
Lanskap fintech di Indonesia. Gambar dari Convergence Ventures
Continue reading “Mengapa saat ini di Indonesia, startup fintech lebih banyak dibanding startup lain”

Three Great Business Books To Start Your 2019

I cant believe how fast 2018 have been going for me. I went lot of new challenges, good thing most of them turn out quite well. In 2018, I’ve ventured into new areas at work, managed bigger team and took terrifying steps into the big financial commitment (i bought a house on mortgage). Been hell-a-lot of personal developments which was exciting and scary at the same time.

Three good books i recommend to read

Speaking of personal developments, ill share top three great books that I’ve read last year with interesting points from each. These books helped me find perspective and calmed me down during roller coaster ride. I hope this list give you ideas on what to read to start your 2019 right.

Lets go!

Continue reading “Three Great Business Books To Start Your 2019”

Three Challenges Startup Faced in Serving Indonesia’s Unbanked Population

In Indonesia, access to basic financial service such as saving and lending is a priviledge. The country with more than 250 million people has only less than 40 million recorded bank account according to World Bank. The country stands at the top of  Asia Pacific in terms of unbanked population with three quarter of total population are still outside of conventional financial system.

At glance, these statistics looks bleak. But for entrepreneurs and startups, it means massive opportunity fintech. Indonesia is currently a fintech hotbed with more than 150 startups and record-high investment of USD 57 million in 42 deals by last year alone. Half of that deals went to lending and payment startups.

andy-al-mesura-204460-unsplash
Picture of shallot sellers in Jogja, one of the many millions unbanked population in Indonesia. Photo by Andy Al Mesura on Unsplash

I work as a product and business development guy in a peer-to-peer lending startup. Our startup focus is to provide microlending to millions of unbanked and underbanked women entrepreneurs in Indonesia. In this post, i will share three challenges that i have to deal on a daily basis. The challenges will slightly skewed to lending business model but i try to make it relevant for other fintech as well.

Lets start!. Continue reading “Three Challenges Startup Faced in Serving Indonesia’s Unbanked Population”

Adapting Into My New Job in Amartha

Since coming back home to Indonesia, ive been working in a fintech startup called Amartha. Amartha is a peer-to-peer lending platform targeting unbankable populations in rural Indonesia. Inspired by Grameen Bank, loan was disbursed through group-lending mechanism and all of Amartha’s mitra (lender) is exclusively women.

My time here has been great so far, the company value resonate with me , i have a good team and im learning so much day by day. However the business model, the industry and startup environment is completely new to me hence i need jam lot of knowledge just to stay afloat.

IMG_20171212_115858 (1)
Amartha’s field officer (Anis) and operation analyst (Icha) was testing Amartha Go android apps for one of lender a.k.a mitra

Another thing that forced me to learn many things at once is my double role in Amartha. I am currently responsible for Amartha Go, initiatives to optimize our loan-collection process using combination of agency model and android apps. At first, I was responsible for business direction of this initiatives. However, the product manager resigned, hence i took those responsibilities. Hence not only i am managing a strategy team, i also need to manage team of developers as well.

In this post, i will share several resources which have been helpful so far in speeding up my adaptation process. Hopefully it will be useful for you as well. Continue reading “Adapting Into My New Job in Amartha”