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Hello there,
In Bahasa Indonesian, the word ajaib means magical or miraculous.
That may be why an Indonesian startup by the same name has achieved great feats in a short span of time.
Stock trading startup Ajaib became the country’s latest unicorn — within just 2.5 years — making it the second fastest to achieve the milestone after payments platform Ovo.
The venture capital world expects Ajaib to become as big as US-based Robinhood, one of the pioneers of online stock trading.
As Indonesia wakes up to the new hobby of stock trading via apps, several others apart from Ajaib have joined the rush to grab a piece of the flourishing market.
These include names such as Stockbit and Pluang, as well as Indonesia’s major banks and asset managers that offer apps alongside their in-house services.
While it’s worth noting that Indonesia’s 2.7 million stock investors make up only about 1% of the country’s population, the growing interest from the younger generation, especially millennials and Gen Z, is making it a hot industry.
In today’s big story, my colleague Jofie Yordan dives deep into the bullish world of Indonesia’s stock trading sector. Read on to know more.
— Samreen
THE BIG STORY
Ajaib, Stockbit drive Indonesia’s stock-trading boom
Image credit: Timmy Loen
Ajaib, for one, became a unicorn in just 2.5 years. But rivals – including more diversified newcomers – are reaching for a slice of the pie.
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