Green SM secures $35.3m loan from Indonesia’s BCA

Green SM Indonesia, an Indonesia-based EV taxi operator, signed a five-year 600 billion rupiah (US$35.3 million) investment loan agreement with Bank Central Asia (BCA) in Jakarta to support its operational readiness and service continuity.

BCA corporate banking SVP Denny Haryanto said the bank sees sustainable transport as increasingly important for Indonesia’s urban development.

Green SM managing director Deny Tjia said the facility would strengthen the company’s finances and support service delivery in cities where it operates.

The company said it has expanded beyond its December 2024 Jakarta launch to Makassar, Bekasi, Surabaya, and Bali, and that the loan formalizes earlier cooperation with BCA on customer programs.

🔗 Source: Green SM

🧠 Food for thought

Implications, context, and why it matters.

A Vietnamese EV taxi operator is pouring money into Indonesia’s early-stage market

Green SM Indonesia is part of GSM (Green Smart Mobility), a Vietnamese electric-vehicle taxi and ride-hailing operator founded by Vingroup Chairman Pham Nhat Vuong, and it runs an all-electric fleet based on VinFast electric vehicles (EVs) 1.
The setup burns cash because electric cars in Indonesia cost about 47% more than combustion-engine vehicles 2.
The IDR 600 billion loan stands out since Indonesia’s total electric taxi market was projected at USD 22 million in 2026 2.
The move signals a bid to grab market share before rivals grow to scale 2.

The loan may speed up a partner-driven model meant to grow Indonesian operations

Green SM pairs owned assets, including the EV fleet and a technology platform, with local partners such as Bali’s Taksi Komotra cooperative (a member-owned local taxi group) 1.
Ties to super-apps like Gojek (an Indonesian app for ride-hailing, deliveries, and payments) can widen reach and raise the entry cost for local operators 2.
Results depend partly on Indonesian incentives, including VAT (value-added tax) subsidies linked to local manufacturing content rules that rise to 60% by 2029 2.
The funding buys time, yet meeting those thresholds may push VinFast to build production facilities in Indonesia 2.