One Year of Operation, GoBear Indonesia Reportedly Closes Services [UPDATE]

Article update as of November 21, 2019: Country Director GoBear Indonesia clarify rumors circulating. He said GoBear would not close its operations in Indonesia.

Services aggregator Singapore-based financial product GoBear will soon close its business in Indonesia. This news circulating after two co-founder they, namely Ivonne Bojoh (CTO) and Marnix Zwart (CCO) resigned from the company.

To the media, GoBear CEO Adrian Chng confirmed a change in the company's management. However, he said, the company will continue to focus on pursuing long-term growth through its business model in the Asia Pacific market, armed with the funding it has obtained.

Regarding the closure of its business unit, we have tried to ask for clarification from the GoBear Indonesia team. They just haven't been able to comment on it yet.

In addition to the two above, there is Frank Stevenaar who is also a co-founder, currently serves as CFO. The GoBear service has been planning to expand to Indonesia since mid-2018, but only officially aired in March 2019.

Last May 2019, the company also just booked venture round from a number of investors, the value reached 1,15 trillion Rupiah. With this funding, they had revealed that they would increase their business in Indonesia, by completing product variants and expanding outside Java.

At the end of October 2019, the company held a pers conference. To the reporters present, GoBear Indonesia Country Director Tris Rasika explained her focus on adding more business partners in Indonesia. He also expressed his vision to make GoBear the most complete financial product supermarket in Indonesia.

In the seven countries GoBear operates, it is claimed that there are more than 40 million users. Has 1800 products from 100 partner financial institutions. In Indonesia, GoBear is listed as a digital financial innovation (IKD) under the OJK. Financial institution partners that have joined GoBear include Standard Chartered, OCBC NISP, DBS, Commonwealth, Citibank, Simasnet Insurance, and Future Ready.