The Korea Development Bank (KDB) held its special global event “KDB NextRound”, a venture company investment platform in Jakarta, Indonesia on September 18th. The annual event is held by the KDB in different countries every year and is aimed at startups and venture companies. In Indonesia, the event was carried out with the aim to attract investment activities and increase networking for Venture Companies and startups.

The ‘KDB NextRound’ was attended by venture companies from South Korea, government officials, KDB officials and startups. Mr. Chang Byoung don , the Executive Director of Innovation & Growth Banking Division at KDB opened the forum and welcomed all Indonesian government members, companies and participants at the event. KDB brought 14 VCs from South Korea to Jakarta for the event.

Korea strengthening ties with Indonesia

 Mr. Kim Chang-Beom, the Ambassador of the Embassy of the Republic of Korea in Indonesia talked about the relationship between both countries and how the ties were strengthened when the presidents of both the countries met in November 2017. “What we are witnessing now is the culmination of the efforts that were started in 2017 with meeting of the presidents of both countries. I believe that Indonesian future unicorns will be collaborating with Korean partners and hopefully they could be merged as next unicorns in the future,” Chang-Beom said. Mr. Lim Sungnam, the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to ASEAN talked about importance of investment in ASEAN countries and the importance of Indonesia as a trade partner with South Korea.

“The KDB NextRound is an excellent opportunity for networking, consultation and cooperation between startups and VCs of Korea and Indonesia. I hope to see many good outcomes out of today’s event and as the name NextRound implies there will be another next round and not just in Jakarta but many parts of ASEAN in months to come, years to come,” he said.

Indonesia: a promising future for investors

Representatives of Indonesia government participated in the event and prominent speakers from the government extended their cooperation with the Korean counterparts. Mr. Rudiantara, Minister of The Ministry of Communication and Information Technology (KOMINFO) talked about the phenomenal growth of the Indonesian economy and why it is an ideal destination for investing in startups. “By 2030 we will have 150 million consuming class, so Indonesia is right market for South Korea. Also, by 2020 the Indonesian digital economy will reach $ 130 billion. The government of Indonesia has now shifted its past role as regulators to facilitators for startups and companies and we have to be accelerators now,” Rudiantara said.  Imam Soejoedi, Director of Investment Promotion, BKPM (Board of Investment Indonesia) also spoke at the event. “Indonesia is a safe, stable and democratic country. Our government has the will to eliminate corruption and bring in reforms,” Soejoedi said.

 The KDB NextRound event is an important event for KDB and it has been held for the third time in Jakarta, Indonesia following Shenzhen and Shanghai.  For the first time, it was held in the ASEAN region, along with the ‘New Policy Towards South’ which was encouraged by the South Korean government.

Startups that attended the KDB NextRound

SICEPAT (Indonesia); CEO: The Kim Hai

SICEPAT is a courier provider providing fast and reliable delivery for E-commerce, SME, and Corporates with nationwide coverage and unique value added-services

DIVA (Indonesia); CEO: Raymond Loho

DIVA is a B2B2C digital company that develops a plug-and-play digital transaction platforms which enables small and medium enterprises to sell their own and other digital products, and to accept all modes of payment.

INGINE (Korea); CEO: Sung, Yong-jun

INGINE’s technology is designed to generate energy onshore, unlike most other ocean power technologies which require expensive underwater cables and deep waters. The INWave™ patented energy converter is compatible with small and mid-size projects, available for on-grid distribution as well as for off-grid use.

Aizen Global (Korea); CEO: Kang, Jung Seok

AIZEN is redesigning digital banking with ABACUS, a massive-scale Machine Learning Automation Platform specialized in Finance. ABACUS serves as a core AI ‘Logic Chip’ that integrates and converts cross-industry data into value-adding ‘credit’ information in Finance.

Andalin (Indonesia); CEO: Rifki Pratomo

Andalin is the first online export & import marketplace for freight forwarders in Indonesia

Dekoruma (Indonesia); CEO: Dimas Priawan

Dekoruma is an online retailer of furniture, home décor and in-house products which also offers a platform to connect customers with interior designers

C88 (Indonesia); CEO: J.P. Ellis

C88 Financial Technologies are experienced financial technologists who believe strongly in the power of technology to create customized, inclusive and equitable financial and insurance outcomes for a billion customers in emerging Asia who are only now becoming banked and insured.

SMARTSTUDY(Korea)

SMARTSTUDY is an edu-tech company that produce, publish, and services children education programs such as songs, games, and animations.

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