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Nusantara, Indonesia’s new capital city that was first unveiled in 2019, could host 4.8 million jobs across tech, petrochemicals, and renewable energy in 22 years – if all goes as planned, that is.
However, the Indonesian government faces an uphill battle in securing backers to finance the US$32 billion project before 2024, the deadline to complete its first phase of construction. That’s not counting the commitment it needs from companies to relocate and for talent to follow.
Should it succeed, though, the new capital could reshape Indonesia’s financial landscape, as my colleague Budi discusses in this week’s Big Story.
Instead of trying to emulate Asian fintech hubs like Hong Kong or Singapore, Nusantara wants to build its niche on its own terms, one that prioritizes local capital markets, financial inclusion, and domestic innovation.
In other news, WhatsApp has teamed up with Stripe to launch in-chat payments in Singapore. The new feature allows merchants to accept payments directly via the messaging platform.
Announced last week, the move makes Singapore the third market after India and Brazil where merchants have this ability. I look at how that will change the way people interact with businesses in this week’s Hot Take.
— Melissa
THE BIG STORY
Can Indonesia’s new capital Nusantara rival the fintech hubs of SG and HK?
Image credit: Timmy Loen
The government has prepared various fiscal and non-fiscal plans to bolster the investment climate in the new city.
THE HOT TAKE
WhatsApp’s launches in-chat payments, the missing piece SG has been waiting for
NEWS YOU SHOULD KNOW
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