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In focus
- Indonesia’s digibanks are getting money
- Delivery Hero’s Asian retreat continues
- Take a look back at how Singapore’s digibanks performed last year
Hello reader,
Several fintech companies in the Philippines have reported profits in the past months. One of them is Tonik Bank, which announced last week that it had become the first standalone digital bank in the country to hit the milestone.
As my colleague Jofie highlights in this edition’s featured story, a similar trend has been emerging in Indonesia. Almost all the major digital banks in the archipelago recorded a net profit before tax last year.
Superbank, backed by Grab and Singtel, is among them. It flipped into the black and pulled off a US$158 million IPO. Grab also stepped up to take majority control of the digital bank.
But the undisputed top player in Indonesia right now is SeaBank. In 2025, the company raked in a staggering US$499 million in net income – more than triple that of its closest competitor, Bank Jago.
The two firms dominating by net income highlight that ecosystem players have a leg up.
In Bank Jago’s case, the digital bank is integrated into Gojek’s suite of services, giving it access to the latter’s large pool of users. For SeaBank, it’s the service’s integration with Shopee.
Jofie digs into more numbers, including who’s winning the efficiency race and how banks are dealing with bad loans.
Also in this edition, we take a look back at our coverage of Grab’s takeover of Foodpanda Taiwan. As it stands, it seems Uber’s not taking a slice off Foodpanda anymore – it’s eyeing the whole pie.
Miguel Cordon, journalist
Top Story
Indonesia’s leading digital banks in 6 charts
Photo credit: Bank Jago
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Spotlight
Delivery Hero recently confirmed that it had received a takeover offer from Uber. The Financial Times has since reported the offer, which valued Delivery Hero at over US$13.39 billion, was rejected, with Uber considering a higher bid.A visual story you shouldn’t miss
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