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Bank DBS Indonesia Shares Tips for Startups at Tech in Asia Jakarta 2018


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INDONESIA,23 October 2018 -

Indonesia’s startup industry has attracted many international investors and companies thanks to the vast opportunity in the Indonesian market. This year, Tech in Asia, the biggest and most promising startup ecosystem in Southeast Asia, presented “Tech in Asia Jakarta 2018”, a conference that offered an opportunity for Indonesian entrepreneurs to expand their network, gain insights and learn about new trends in international business. Bank DBS Indonesia participates in the event as one of the main speakers in the ‘Make Your Revenue Forecasting Reliable’ session.

“One of the things startup founders can do to make revenue forecasting more accurate is by managing expenses through cost efficiency measures. One example is the use of co-working space that is more efficient than leasing an office in an office building. Apart from cost efficiency, co-working space is also helpful in creating an opportunity to meet with other businesspeople to expand network, " said Rudy Tandjung, Director of Bank DBS Indonesia.

Indonesia ranks sixth in the world in terms of the number of startups, according to Startup Ranking. The latest data (October 2018) show that there are a total of 1,923 startups in Indonesia, placing the country sixth behind the United States (45,759), India (5,710), UK (4,812), Canada (2,397) and Germany (1,942). Minister of Communication and Information Technology Rudiantara said that the rapid development of start-ups has also boosted the economy and state finances.

DBS Bank has collaborated with various startups in Asia and understands some of the biggest challenges startups are facing in managing their business. Among these challenges is making accurate predictions of business directions and ensuring that startups find best practices in dealing with them. Unlike businesses in general, startup founders often fail to make accurate and reliable predictions for managing expenses to increase profits. In the session 'Make Your Revenue Forecasting Reliable', Rudy Tandjung, Director of Bank DBS Indonesia, offers tips for keeping expenses low in agreement with accurate business estimates.

"Employee productivity and efficiency must also be considered. For example, if a startup has five team members, an accountant is not really necessary and they can consider using accounting software. Collaboration with big companies or banks is worth considering to meet the company's financial needs. The use of digital banking can also save money and time, which should be dedicated to company development. The selection of partner banks also requires careful attention. Startups need to strike partnership with partner banks that can give not only transaction benefits but that are also able to provide access for business development and network expansion, as well as provide industry and business insights, such as the DBS Business Class platform provided by Bank DBS," Rudy Tandjung added.

DBS Business Class is a platform that helps entrepreneurs develop business and networks, receive news of the latest market trends, and gain exclusive access to a community of well-informed Asian business experts. Connect with DBS business advisors and attend networking events to meet key influencers in the business, including venture capitalists, DBS SME specialists, and industry partners from across Asia. Information about DBS Business Class can be accessed at go.dbs.com/businessclassid.

'Tech in Asia Jakarta 2018' was an annual conference held not only in Indonesia but also in Singapore and Tokyo that brought together more than 13,000 individuals from the Asian technology community such as startups, investors, technology talents, companies, government institutions, and more. The Tech in Asia conference showed trends and insights from industry leaders as well as various opportunities.

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About DBS

DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

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