Green SM Secures Backing, ICEx Launches, Blibli Gains Momentum

Green SM Gets Backed , ICEx Goes Live ,Blibli Gains Momentum

Dear subscriber,

Welcome back. This week, the deals are talking, and they’re saying Indonesia means business. From a sovereign wealth fund launching the country’s first aviation leasing platform, to domestic banks co-financing AI data center buildout, to a homegrown crypto exchange finally getting the institutional infrastructure it deserves, the throughline is clear: capital is moving with conviction, and a lot of it is staying local. Add Blibli’s strongest financial performance yet and a former KKR dealmaker betting his next fund on Indonesia’s overlooked mid-market, and you have a week that feels less like news and more like a thesis being confirmed in real time.

Beyond the deals, the regulatory front is heating up in ways that matter. PP Tunas is putting global tech giants on notice that Indonesia’s underage social media users are no longer an afterthought, and Danantara is quietly consolidating the country’s asset management landscape into something that can actually compete regionally. The ADB’s latest report says it plainly: digital FDI is surging, and the economies investing in the right infrastructure today will lead the next decade. Indonesia, this week at least, looks very much like one of them.

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What’s New

Green wheels, green financing. Green SM Indonesia the all-electric ride-hailing operator powered by VinFast vehicles has just locked in an IDR 600 billion, five-year investment loan with BCA, formalizing a financial partnership that began when the company launched in Jakarta back in December 2024. With major banks now willing to put structured capital behind EV fleets, the shift from pilot programs to institutional-grade financing signals that sustainable transport is no longer a nice-to-have story, it’s a bankable one. Indonesia’s appetite for cleaner commutes just got a very serious backer.

Indonesia’s crypto market grows up. A consortium of 11 licensed digital asset traders including Tokocrypto, Indodax, and Upbit Indonesia has officially launched Indonesia Crypto Exchange (ICEx), an integrated platform combining trading, clearing, and custody under a single OJK-regulated framework, backed by approximately $70 million from 11 licensed digital asset traders. ICEx is a deliberate move to build homegrown market infrastructure rather than importing foreign models. With institutional-grade standards now in place, the stage is set for Indonesia’s crypto market to finally move beyond retail dominance.

First REIT exits Indonesia. Singapore’s First REIT has proposed to divest its entire Indonesia portfolio hospitals, malls, and non-core assets for S$471.5 million, a 2.1% premium over independent valuations, with a potential further S$294.8 million via put options on six remaining hospitals. The buyer is CVC-backed Siloam International Hospitals, doubling down on its domestic footprint. While First REIT pivots toward developed markets, the other side of the trade is a domestic consolidation story: Indonesian healthcare assets moving into Indonesian hands at a premium.

Blibli shows omnichannel can actually work. PT Global Digital Niaga (Blibli) posted full-year 2025 net revenues of Rp22.4 trillion — a 34% year-on-year jump, while simultaneously improving its EBITDA trajectory by 60 basis points, proving that scale and efficiency can move together. The company’s take rate expanded from 6.9% to 8.5%, driven by a strategic push into higher-margin categories like smartphones and home appliances, now backed by 265 consumer electronics stores and 57 Ranch Market outlets. The full rollout of Unified Membership and Blibli Tiket Rewards across Blibli, tiket.com, Ranch Market, and Dekoruma created the kind of cross-platform stickiness that most e-commerce players only dream about. With management targeting 15–20% net revenue growth in 2026, the integrated omnichannel playbook is looking less like a theory and more like a proven model.

Southeast Asia’s startup pulse: Pallav raises new funding. In this week’s funding roundup, Pallav an Indonesia-based fintech secured fresh capital in a move that adds to a growing list of mid-market B2B financial services startups attracting investor interest across the region. The deal joins a broader trend of Southeast Asian fintech backing shifting away from consumer lending toward business-facing financial infrastructure, credit management, embedded finance, and working capital solutions, which are proving more resilient in a tighter macro environment.

An ex-KKR dealmaker is going long on Indonesia’s overlooked middle. Jaka Prasetya, a former KKR partner, is raising a $100–150 million fund under Leafgreen Capital targeting Indonesia’s mid-market, companies too large for microfinance and too small for mega-PE, yet representing a significant chunk of the country’s real economic activity. This segment has historically been underloved by institutional capital, which tends to chase headline deals at the top tier. With large-cap Indonesian PE valuations stretched, the mid-market thesis is gaining serious credibility and at $100–150 million, Leafgreen is exactly the right size to move fast and own the narrative.

Danantara just made Indonesia a player in global aviation finance. In partnership with Mandiri Investment Management and Ireland’s SMBC Aviation Capital, Danantara has launched Indonesia’s first aviation leasing fund with an initial portfolio target of $800 million positioning the country not just as a high-growth airline market but as an active owner and fi