Indonesia: New Horizons

The largest economy in Southeast Asia is entering a new era of sustainable growth.

Indonesia continues to demonstrate economic resilience despite global challenges, registering a 4.95% GDP growth year-on-year in the third quarter of 2024. The manufacturing and construction sectors were among the key drivers of this growth. As the largest economy in Southeast Asia, Indonesia is an attractive destination for investors, thanks to its political stability, favorable government policies, an abundance of natural resources and a large workforce. The country continues to attract domestic and foreign investment in diverse sectors, from construction and manufacturing to telecommunications and transportation.

Between January and September 2024, Indonesia attracted nearly US$81 billion in investment, mostly from foreign investors. The nation’s robust recovery in tourism is also boosting investor confidence. Indonesia attracted 10.37 million international tourists in the first nine months of 2024, marking a 20.28% increase compared to the same period in 2023. This positive trajectory in tourism has contributed to an increase in hotel investment. In June 2024, the Pan Pacific Hotels Group unveiled Pan Pacific Jakarta in Central Thamrin. The 158-room property reinforces the hotel’s role as a high-profile destination for both business and leisure travelers. It is the second of three properties that the hospitality group plans to open in Jakarta.

Startup Ecosystem Remains Vibrant

Meanwhile, Indonesia’s startup ecosystem remains vibrant, despite funding challenges due to global economic headwinds. In the first half of 2024, fintech, insurtech and enterprise applications emerged as the top sectors to secure funding, highlighting key areas of strategic growth within the industry.

Alpha JWC Ventures (Alpha JWC) remains one of the top venture capital firms in Southeast Asia, playing a key role in supporting some of the region’s most dynamic entrepreneurs in 2024. Locally, Alpha JWC is helping Indonesia strengthen its AI capabilities in a competitive global economy that is increasingly driven by technology. In August 2024, the firm officially launched the Artificial Intelligence Institute for Progress in collaboration with nonprofit organization Pijar Foundation, bringing industry players together to advance AI adoption in Indonesia.

Net Zero Commitment

Indonesia has made steady progress in energy transition as part of its commitment to achieve a net zero economy by 2060 or sooner. Over the span of almost a decade, the country’s new and renewable energy mix grew from around 5.35% in 2014 to 13.1% by the end of 2023.

At COP29, Indonesia reaffirmed its commitment to the Paris Agreement, unveiling plans to build 75GW of renewable power in the country in the next 15 years. The renewable projects will include solar, hydro, geothermal and nuclear power.

Pertamina, a state-owned energy company, is at the forefront of the country’s transition to a low-carbon future. The company is actively developing carbon capture and storage (CCS) and carbon capture utilization and storage (CCUS) technologies to boost oil and gas production while reducing greenhouse gas emissions.

In the downstream business, Pertamina continues to develop biofuels as part of its commitment to energy transition efforts. Its partnership with Toyota during an international auto show earlier this year showcased the potential of bioethanol as a sustainable transportation fuel.

Astra Group, one of Indonesia’s largest public companies, is also playing a part in Indonesia’s climate goals. The company is exploring new technological innovations and sustainable practices that could further enhance its environmental and social impact. One of the group’s flagship initiatives is its investment in electric vehicle infrastructure as part of its Future Mobility plan. It is also  expanding its Future of Mines initiative to transition away from coal dependence by exploring non-coal mineral mining. 

Indonesia’s pro-business climate is set to continue under the country’s new leadership. A new investment institution, Danantara, is designed to optimize the management of state assets outside the national budget and is projected to accelerate economic growth in the next five years. As Indonesia approaches its 80th year of independence, the nation is poised to embark on the next chapter with a clear vision and steadfast commitment to sustainable economic growth.

Advancing Sustainably Toward A Greener And Prosperous Future

Astra has made positive progress toward achieving its Sustainability Aspirations by 2030.

Menara Astra

As one of Indonesia’s largest public companies with more than 200 subsidiaries, joint ventures and associated companies, and more than 200,000 employees, Astra Group (Astra) recognizes that it has a role to play in addressing the climate-related challenges facing Indonesia and the rest of the world.

The concept of sustainability has long been at the heart of Astra’s business through its public contribution over many decades, spanning many community initiatives and positive environmental practices. Today, the Group continues to build on this legacy to drive long-term value while caring for people as well as the planet. Through its Astra 2030 Sustainability Aspirations, Astra is working to become a more sustainable and resilient company.

The roadmap guiding Astra’s sustainability efforts, known as its Triple-P Strategy, focuses on three main pillars: Portfolio, People and Public Contribution. This strategy provides the roadmap that guides the Group’s transition.

“Astra continuously integrates sustainability principles based on the company’s core values, Catur Dharma. This approach makes sustainability our primary focus, with the Triple-P Strategy serving as a foundation for building a sustainable business. For Astra, integrating sustainability into business and investment decision-making is not just about compliance—it’s a core belief,” says President Director of Astra Djony Bunarto Tjondro.

Making Meaningful Progress

In 2023, the Group, which has businesses spanning automotive; financial services; heavy equipment, mining, construction and energy; agribusiness; infrastructure and logistics; information technology; and property, marked an important milestone on its journey to translate its Sustainability Aspirations into action.

In the past year, Astra has made steady progress in reducing its greenhouse gas emissions by 13.96%, nearing the halfway mark toward its 2030 target of 30%. To achieve this, the company has implemented a series of initiatives to improve its energy effi ciency, including biomass utilization, solar panel installation across its facilities, the installation of methane capture facilities, advanced system and process equipment optimization, new compressor systems installation, inverter technology and booster pumps, and digital systems application to regulate electricity consumption in buildings.

Astra has utilized methane capture technology and installed solar panels as part of its sustainability business practices.

In addition, Astra uses a variety of energy from non-renewable and renewable sources across its operations and has procured a Renewable Energy Certificate (REC) from the State Electricity Company (PLN) and International REC (I-REC). Astra Group’s initiatives in renewable energy, including biomass utilization, biodiesel usage, and solar panel installations, have helped Astra achieve a 44.63% renewable energy mix, helping it to close in on its 50% target by the end of the decade.

Astra’s sustainability ambitions extend beyond the environment. The Group is equally focused on its people, particularly on building a more inclusive and safe workplace. By the end of 2023, Astra had achieved a 64% reduction in lost-time injury rates, ahead of its 2030 goal of 60%. Diversity and inclusion are also front and center. The creation of the Astra Women’s Network and other leadership development programs for women are positive steps toward fostering a more diverse workforce.

Astra’s contributions extend into the many communities it serves. At the end of 2023, the Group’s community development programs have impacted 2.27 million people, bringing it closer to its goal of benefiting 2.5 million people by 2030. These programs are focused on improving education,  healthcare, the environment and entrepreneurship across Indonesia.

The Group’s sustainability-focused governance structure has been strengthened to ensure that each business unit is accountable for its progress toward the achievement of its 2030 Sustainability Aspirations. This framework includes regular audits, performance reviews and external evaluations to ensure transparency and accuracy in reporting. These robust measures help Astra maintain momentum and stay on track to meet its ambitions, while also offering valuable insights for business improvement.

Strengthening Astra Group’s governance to international standards is a key enabler in integrating sustainability aspects more comprehensively throughout the organization and ensuring oversight and measurable targets for each pillar of Astra’s Sustainability Aspirations.

The Group has invested in electric vehicle infrastructure as part of its Future Mobility plan.

Exploring New Avenues

Astra is exploring new technological innovations and sustainable practices that could further enhance its environmental and social impact. One of the Group’s flagship initiatives is its investment in electric vehicle (EV) infrastructure as part of its Future of Mobility plan.

Recognizing the growing demand for cleaner transportation solutions, Astra is playing a pivotal role in Indonesia’s transition to EVs by investing in the country’s green mobility ecosystem.

The Group is also leveraging nature-based solutions under its Go Nature initiative, which aims to restore natural ecosystems by planting three million trees across Indonesia. This initiative is designed to support biodiversity while off setting carbon emissions.

Further, Astra is expanding its Future of Mines initiative to transition from coal dependence by exploring non-coal mineral mining. This supports the Group’s commitment to diversifying its portfolio and building resilience within its business model. By focusing on sustainable mineral sources, Astra aims to reduce its environmental footprint in mining and align its practices with global efforts to reduce fossil fuel reliance.

A Blueprint for Sustainable Business

Astra’s 2030 Sustainability Aspirations reflect the company’s broader vision of what a responsible business can achieve. They are supported by a robust framework that not only addresses immediate sustainability challenges but also paves the way for long-term positive impacts on society and the environment.

With more progress expected in the years ahead, Astra is committed to integrating its focus on climate and the planet by meeting the needs of current and future generations, contributing to Indonesia’s economic growth and resilience, as well as supporting an inclusive and prosperous society.

www.astra.co.id

Pertamina: Steering Indonesia’s Path To Low-Carbon Energy

Still going strong at 67 years old, state-owned oil and gas enterprise, Pertamina, fuels Indonesia’s progress toward a greener, cleaner future.

Pertamina manages the natural gas distribution pipeline network to households.

As the world shifts toward renewable resources and cleaner energy, Indonesia’s state-owned energy giant, Pertamina, is at the forefront of the country’s transition to a low-carbon future. Celebrating its 67th anniversary on December 10, 2024, Pertamina continues to demonstrate its resilience, foresight and commitment to a sustainable tomorrow for Indonesia.

Operational Excellence

Pertamina recorded strong performance in 2023, achieving a 17% increase in net profit to US$4.77 billion and a 6% increase in earnings before interest, tax, depreciation and amortization (EBITDA) to US$14.36 billion, while cost of sales and operating expenses fell by 11% to US$67.39 billion.

Fadjar Djoko Santoso, Vice President Corporate Communication of Pertamina, attributed the company’s financial success to its restructuring exercise which began in 2020. “Since the organizational restructuring, Pertamina’s financial performance has been positive and continues to improve year on year. Our financial performance in 2023 improved compared to 2022 due to efficiency management, cost optimization, and reduced liabilities and compensation payments,” says Santoso.

Pertamina’s success is also seen in the area of oil and gas production. Pertamina Hulu Energi (PHE), Pertamina’s upstream sub-holding company, recorded oil and gas production of 1.05 million barrels of oil equivalent per day, with oil production reaching 556,000 barrels of oil per day and gas production at 2.86 billion standard cubic feet per day.

As of June 2024, PHE has completed the drilling of six exploration wells and 334 development wells, as well as successfully discovered new oil and gas resources in South Sumatra, Riau and Central Sulawesi.

Global Recognition in Sustainability

What sets Pertamina apart from its peers is that the company was able to accomplish these achievements while contributing to the sustainability of the environment. In 2023, Pertamina recorded Scope 1 and Scope 2 emission reductions of 1.13 million tons of CO2e, surpassing its target of 910,000 tons. It is on track to achieve its goal of reducing greenhouse gas emissions by 29% to 41% by 2030.

Recognized for its efforts, Pertamina received an Environmental, Social and Governance (ESG) score of 20.7 by Sustainalytics in 2023, an improvement from its score of 22.1 a year ago.

With an ESG score of 20.7 as of November 2023, Per tamina ranks first among 61 integrated oil and gas players globally. “The  improvement in the global ESG ranking serves as a motivation for Pertamina to continue delivering positive impact and benefits for society, the environment, and the future of Indonesia and the global community,” Santoso says.

L-R: Pertamina’s Balikpapan Refinery, Jawa Satu Power and Upstream Rokan Field

New Renewable Energy Business Through Partnerships

When it comes to achieving ESG and sustainability goals, Pertamina understands that it is vital to form partnerships with various industry and ecosystem players.

One of Pertamina’s groundbreaking partnerships is with ExxonMobil for the Asri Basin CCS hub development. The collaboration aims to reduce carbon emissions by using carbon capture and storage (CCS) and carbon capture, utilization and storage (CCUS) technologies, while supporting economic growth for Indonesia. Pertamina also signed a memorandum of understanding (MoU) with Sucofindo, a testing and certification firm, to explore ISO standardization opportunities in the areas of CCS and CCUS.

Meanwhile, the joint technical studies by Pertamina, Japan Organization for Metals and Energy Security (JOGMEC), and Japan’s stateowned oil and gas firm JAPEX are showing progress. The studies, conducted in July 2023, aim to develop a commercial Carbon Dioxide Enhanced Oil Recovery (CO2-EOR) project in the Sukowati oil field.

Pertamina says that by using CO2-EOR as part of the CCUS initiative, it is able to achieve higher oil extraction rate while reducing carbon emission. “By simultaneously boosting production and potentially storing large amounts of CO2, Indonesia can attract investment in CCUS projects, especially from developed countries like Japan. It will not only increase CO2 storage capacity but also drive innovation in related industries,” Santoso says.

In the downstream business, Pertamina’s biofuels are in place for further development. Pertamina also partners with Japanese carmaker Toyota to promote biofuel development and utilization. During an international auto show earlier this year, Pertamina and Toyota conducted the first fueling and test drive using bioethanol (E100).

To further grow its green energy business, Pertamina has inked an MoU with Airbus to explore opportunities for Indonesia’s sustainable aviation fuel (SAF) ecosystem development. “This collaboration is a strategic step in supporting Pertamina’s commitment to sustainable energy transition and decarbonization of the aviation sector. The partnership with Airbus is expected to enhance Pertamina’s ability to innovate and develop the SAF industry ecosystem,” Santoso says.

Besides partnering with various ecosystem players, Pertamina is also calling for a change in the development of geothermal energy, which is seen as the best solution for Indonesia on its journey toward clean energy. According to Pertamina, there has been no new approach in geothermal development, partly due to high development costs.

“We need breakthroughs to reduce geothermal development costs and shift the paradigm through a new business model,” Santoso says.

Multiplier Effects for Communities

The Pertamina Gas Caspia is one of two new very large gas carriers (VLGC) optimized for transporting liquefied petroleum gas and petrochemical commodities.

Pertamina also focuses on the well-being of local communities across Indonesia, as it recognizes that its efforts in improving the lives of the underserved can have multiplier effects for the country.

Through initiatives like the Independent Energy Village (DEB) program, Pertamina has established energy-efficient communities that leverage local renewable energy resources to support small businesses and enhance household energy access.

As of October 2024, the DEB initiative has reached 102 villages across Indonesia, utilizing 64 solar power programs, 12 methane and biogas programs, six micro-hydro programs, two biodiesel programs, and one hybrid energy program. It has resulted in a reduction of 729,127 tons of CO2e a year. The DEB initiative is not only a boon for local economies but also advances the government’s rural electrification targets and demonstrates the socio-economic potential of renewable energy.

“We will continue to implement the DEB initiative so that more people can enjoy clean energy while promoting economic growth in rural communities,” Santoso says.

Over the years, Pertamina has showcased its commitment to becoming a sustainable energy leader. While the journey to achieving all its green energy goals is ongoing, Pertamina is setting a powerful example for both the nation and the world.

Elevating Luxury In Indonesia’s Capital

Pan Pacific Jakarta is setting a new standard for premium hospitality in one of Asia’s most dynamic cities.

In the bustling heart of Indonesia’s capital, Pan Pacific Jakarta has made a grand return to the city in 2024 with a fresh take on luxury and service for a new generation of travelers.

Rising majestically as the tallest luxury hotel in Indonesia, the 158-room Pan Pacific Jakarta spans the 71st to 90th floors of the Luminary Tower in Thamrin Nine. Its location in one of Jakarta’s prime commercial districts not only offers convenience but also reinforces the hotel’s role as a high-profile destination for both business and leisure travelers.

Pan Pacific Jakarta provides guests with convenient access to the city’s major shopping and entertainment venues. The Thamrin Nine complex is close to the city’s MRT, LRT and Commuter Line networks, offering guests unmatched connectivity to the rest of Jakarta. Furthermore, a nearby train service directly links the hotel to Soekarno-Hatta International Airport, making it particularly attractive to international travelers seeking efficiency alongside an upscale experience.

“At Pan Pacific Jakarta, we invite you to discover a world where luxury meets convenience, and where every stay is an unforgettable one. Our goal is to provide a seamless, premium hospitality experience that embodies the ‘Graceful Luxury’ defining the Pan Pacific brand,” says Sjefke Jansen, Complex General Manager of Pan Pacific Jakarta.

This “Graceful Luxury” is reflected in the hotel’s architecture and design elements. Developed by Kohn Pedersen Fox Associates, a leading American architecture firm, Luminary Tower’s structure incorporates modern aesthetics and functionality, creating a visually striking profile on the city skyline.

Upon arrival, guests are greeted by a lobby lined with elegant marble walls and softly lit by a chandelier centerpiece. The space feels tranquil, offering a warm and inviting start to their stay at the Pan Pacific Jakarta.

Every room, meanwhile, features a minimalistic elegance that combines soft hues with panoramic views, providing a serene retreat from Jakarta’s fast-paced environment. The hotel’s “Happy Sleepers” program further enhances this experience, offering guests a personalized pillow menu, turndown services and soothing mists to ensure a restful night.

“The hotel’s design resonates with the philosophy of “less is more,” where chic aesthetics harmonize with avant-garde designs,” says Jansen.

Keyaki Japanese Restaurant offers guests unrivaled views of the city.

Fine Dining Experiences in the Sky

Dining at the Pan Pacific Jakarta is an experience of its own, with two signature establishments that enhance Jakarta’s culinary scene. Perched on the 90th floor, Keyaki Japanese Restaurant blends traditional Japanese culinary techniques with a contemporary twist. Inspired by Japanese aesthetics, the restaurant’s design incorporates a vibrant palette of green stone and tiles to create a visually striking dining atmosphere.

For a more relaxed ambience, the Eden Bar, located nearby, offers a botanical themed escape with stunning views of the Jakarta skyline. The bar’s sustainability-focused mixology program incorporates locally sourced ingredients to create innovative cocktails.

Both Keyaki and Eden Bar hold the distinction of being the tallest restaurant and bar in Indonesia, according to the group, offering guests not only exceptional dining but also unrivaled views of the capital from the 90th floor.

Pan Pacific Jakarta’s well-appointed rooms and amenities reflect the brand’s fresh take on luxury and service for a new generation of travelers.

A Premium Space for Business Travelers

Recognizing the needs of business travelers, Pan Pacific Jakarta features the Pacific Club Lounge, an exclusive area offering both privacy and premium services. Occupying the top floor, the lounge provides an expansive view of Jakarta’s cityscape and offers guests an ideal environment for relaxation or informal business meetings. The lounge offers an exclusive experience for guests staying in Club and Suites rooms, featuring afternoon tea and evening cocktails that blend international flair with local flavours.

For those seeking a wellness experience, the fitness center on the 71st floor is fully equipped for workouts, while an indoor pool offers a calm environment for a refreshing swim. These amenities reflect Pan Pacific Jakarta’s commitment to delivering a holistic experience that caters to both the physical well-being and professional needs of guests.

Guests at the Pan Pacific Jakarta are also able to access the Pan Pacific DISCOVERY loyalty program. Members can utilize DISCOVERY Dollars, a digital rewards currency, to redeem benefits such as exclusive discounts on room rates and dining experiences across Pan Pacific’s global properties.

The indoor pool is an oasis of tranquility.

Commitment to Excellence

Through its strong commitment to excellence, Pan Pacific Hotels Group has introduced a property in Jakarta that is designed to meet the evolving demands of today’s luxury travelers. For those seeking a blend of convenience, connectivity and elegance, Pan Pacific Jakarta promises a memorable stay in the heart of Indonesia’s vibrant capital.

The luxury hotel is the second of three properties that Pan Pacific Hotels Group plans to open in Jakarta. Says Jansen: “The launch marks an important milestone for Pan Pacific Hotels Group, following the launch of PARKROYAL Serviced Suites Jakarta in early 2024 and the forthcoming PARKROYAL Hotel Jakarta, which promises an even more diverse and enriching experience in Indonesia’s business capital.”

Panpacific.com/Jakarta

Empowering Southeast Asia’s Startups To Build Resilient Businesses

Alpha JWC Ventures is helping the region’s startup founders realize their true potential in a challenging environment. 

As the startup scene in Southeast Asia evolves, Indonesia-based venture capital firm Alpha JWC Ventures (Alpha JWC) continues to play a key role in supporting some of the region’s  most dynamic entrepreneurs in 2024. Among other changes, investors today are demanding sustainable growth and profitability, leading to more realistic valuations for startups.

For Alpha JWC, an early-to-growth stage venture capital firm with over 80 active portfolio companies and US$650 million of assets under management, these changes have encouraged its portfolio companies to focus on bui lding solid business fundamentals and exploring strategic pivots when necessary. As a result, these businesses have become more resilient and are better positioned for long-term success.

Despite the shifting landscape, Alpha JWC has remained focused on supporting founders and helping them scale their businesses across the region. In particular, the firm seeks to take advantage of the increased deal volume driven by rising confidence in the region’s growth potential, a strong pipeline of quality startups and the maturing of Southeast Asia’s startup ecosystem.

“We have positioned ourselves to capitalize on these opportunities by building deep relationships with founders, leveraging our local expertise and expanding our network,” says Chandra Tjan, Cofounder and General Partner at Alpha JWC Ventures. “Our focus on investing in resilient business models and sectors with long-term potential has allowed us to stay agile and seize opportunities as they arise,” he adds.

Artificial Intelligence Institute for Progress by Alpha JWC and Pijar Foundation

Doubling Down on Innovation

Alpha JWC’s deals this year reffect its commitment to driving innovation through technology. The venture capital firm focused on investing in areas such as artificial intelligence (AI), fintech, consumer and healthcare solutions, as well as businesses that capitalize on Southeast Asia’s robust digital economy, which is expected to reach US$363 billion by 2025, doubling from US$174 billion in 2021.

“We have been actively deploying and prioritizing investments that address Southeast Asia’s unique challenges and drive growth in high-impact sectors. By investing in these sectors, we aim to support sustainable growth and serve as a gateway for global tech companies expanding into Indonesia and Southeast Asia,” Tjan says.

Some notable investments during the year included Peak3, a leading Hong Kong based software-as-a-service (SaaS) provider for insurance core systems, and Harrison.ai, an Australian medical technology company leveraging AI to tackle growing challenges in healthcare. Both companies have a presence in Southeast Asia, with plans to expand to Indonesia, where the market holds significant potential. As their partner, Alpha JWC is leveraging its expertise and deep local knowledge to facilitate this expansion, helping these businesses navigate Indonesia’s unique landscape and unlock growth opportunities. These deals align with Alpha JWC’s strategy of backing experienced entrepreneurs who can leverage technology to transform critical industries in the region.

The venture capitalist has been particularly bullish on the burgeoning AI space in the Asia-Pacific region. Through the Alpha JWC’s Artificial Intelligence Institute for Progress (AIIP) program, launched in conjunction with nonprofit organization Pijar Foundation, the firm has worked to advance AI adoption and development in the region, helping businesses and industries understand and harness the potential of this transformative technology.

Alpha JWC also works closely with startups and industry leaders to promote innovation in AI. By doing so, the firm is helping Indonesia, currently in the early stages of AI development, become competitive in a global economy increasingly driven by technology.

“To accelerate the adoption and development of AI, an institution like AIIP is essential to bring all players in the private and public sectors together to provide founders with resources, networks and a supportive community to succeed,” says Jefrey Joe, Cofounder and General Partner at Alpha JWC Ventures.

L-R: Chandra Tjan and Jefrey Joe, Cofounders and General Partners at Alpha JWC Ventures

Building Partnerships Based on Trust

Alpha JWC is committed to helping its startup founders overcome the significant challenges they face in today’s market, from navigating market volatility and attracting top talent, to staying competitive in an increasingly crowded landscape.

Beyond funding, the firm also provides strategic guidance to its portfolio companies through a “value creation” team that comprises experts in marketing, partnerships, business development and government relations. By maintaining close relationships with its portfolio companies, Alpha JWC ensures they can adapt quickly and make decisions that support long-term growth.

This approach to forging partnerships extends to the Limited Partners (LPs) that invest in Alpha JWC’s funds. “Our LPs’ investments in us also mean that they trust us to perform and deliver on their investments. We return that trust with a good track record that has been recognized by HEC Paris-Dow Jones Venture Capital Performance Ranking, placing us as one of the top 20 best performing funds for two consecutive years—the only Southeast Asia fund to do so,” Tjan says.

Carro and Kopi Kenangan are among unicorn startups backed by Alpha JWC.

Standout Successes

Despite the uncertain environment, several of Alpha JWC’s portfolio companies have made notable strides this year. Among them are unicorn companies Carro and Kopi Kenangan, both of which have demonstrated resilience and growth.

Carro has expanded its regional footprint and continues to innovate by enhancing its offerings to provide a superior experience for car buyers and sellers. The company’s ability to leverage technology to streamline the automotive buying and selling process has positioned it as a leader in the space.

On the other hand, Kopi Kenangan has continued to expand regionally, introducing Indonesian coffee through its signature Es Kopi Susu to the Singapore and Malaysia markets. In line with its mission to make quality coffee more accessible, the brand also launched Satu Kenangan, an affordable line aimed at a broader audience seeking quality coffee at a more wallet-friendly price.

“Despite a more cautious funding environment, these startups have adapted by optimizing resources, fine-tuning their of ferings and leveraging strategic partnerships to sustain their growth trajectories,” says Joe.

Looking ahead, Alpha JWC will continue to focus on sectors and businesses that are not only innovative, but also essential for the region’s development. With an almost 10-year track record of success, Alpha JWC has proven that its approach—combining strategic investments with hands-on support—works.

Says Tjan: “Alpha JWC aims to be a catalyst for innovation and growth by supporting visionary founders and scaling ideas. We envision playing a key role in building a more vibrant, resilient and competitive startup ecosystem that will contribute to Southeast Asia’s long-term economic development.”

www.alphajwc.com

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