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Cash Is Out as Southeast Asia Giants Bulk Up
The rivalry between Grab and Gojek (now GoTo) is no longer about cars and bikes hitting the streets.
Banking on it.
Photographer: JUNI KRISWANTO/AFPThis article is for subscribers only.
The rivalry between Southeast Asia’s leading super-apps just got more intense — and more intensely oriented toward fintech.
Last month, Singapore’s Grab Holdings Inc. said it’s going public in the U.S. through the largest-ever merger with a blank-check company. And now, Indonesia’s Gojek is merging with e-commerce firm PT Tokopedia to create a digital behemoth in the world’s fourth-most-populous nation. GoTo, the merged entity, will seek a dual listing in the U.S. and Indonesia this year.