Asked about possible actions to restore Go-to’s share price towards its original IPO levels, he cited the need to understand and rethink its social contract with the public because “when our drivers and our partners do well, then we do well”.
He added that improving investor trust was necessary and that transparency and consistency were key given how investors are “very sophisticated” these days.
“They will make up their own minds and their own decisions on whether we are a good investment or not and what will happen to the share price,” Patuwo said.
He further noted that the nature of business has shifted in the AI era, requiring a focus on velocity – a combination of speed and direction – rather than speed alone, and noted that Go-to has built “sufficient technological muscle” in the past years to outsmart scammers.
Ng Tian Chong, CEO of Singtel Singapore, echoed these sentiments on the strength of Indonesia’s consumer base, dismissing recent market noise as “transient” and noted Indonesia’s demographics as a huge driver.
“The mid-to-long term opportunities are still there. The market is being repaired in some industries, especially like mine, and I think those are some green shoots to hold onto,” he added, pointing to Singtel being the largest minority shareholder with its long-standing stake in Indonesian Telco Telkomsel.
Aileen Goh, country manager for Indonesia and Timor-Leste at Mastercard, added that “there is no doubt Indonesia is going to be a powerhouse as far as the digital economy is concerned.”
“As a technology company, we are here for the long term. Mastercard’s view has always been that we follow the government vision and follow the industry to scale that vision and we build talent to sustain that vision,” she said.
Panellists also shared their visions on accelerating their companies’ progress ahead of Indonesia’s centennial in 2045, with a focus on digital economy readiness, AI-driven workflows and potential dangers.
For instance, Ng said Singtel has been tapping AI and machine learning while working with regulators to combat scam calls, although bad actors are constantly “changing their modus operandi”, adding that Singtel has been blocking about 10 million scam calls and text messages monthly.
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