Morning News Roundup: Indonesia proposes law that makes foreign talent hiring in startups easier

Business

Indonesia to have a bill that makes foreign talent hiring in startups easier

Lack of local viable engineers reportedly prompts the Indonesian government to give access to more foreign talents hired by startups through a new bill proposal, as shared by Nikkei Asian Review.

Being home to five unicorns doesn’t make Indonesia’s startup scene a strong one when it comes to local talents. Indonesia reportedly produces only 278 engineers per million people a year, which is still far behind compared to peers such as Malaysia or Thailand, which produce over 1,000, according to consultancy A.T. Kearney.

The change is a part of sweeping reforms that President Joko Widodo has put forward in a draft omnibus law on job creation, which packages a number of legal revisions into a single vote.

The copy of the job creation bill says that an employer categorized as a “startup” need not “have its plans to hire foreign workers approved by the central government”, which is quite a change from the previous labor law that only allowed “representatives of foreign countries that use foreign workers as diplomatic and consular employees”.

The 1,000-plus-page draft includes a simpler process for business permits and relaxed labor rules. In a separate bill about taxes, Indonesia vows to lower corporate taxes, as well as make internet companies that offer service in Indonesia without having a local presence pay taxes in the country.

Also Read: This Indonesian startup believes they have the solution to hiring Millennials

Indonesia’s President Joko Widodo hopes that by having this bill, the country can welcome more foreign investment and boost economic growth.

The bill, once submitted to the legislature, is likely to pass within six months, as Widodo’s ruling coalition controls about three-quarters of the 575 seats in the People’s Representative Council. The bill has already created a backlash as more than 4,000 people protested outside the legislature on Wednesday when the job creation bill was submitted.

Sea Group buys Singapore Premier League club Lion City Sailors, unveils new squad for 2020

Sea Group, the Singapore internet unicorn and owner of e-commerce platform Shopee and mobile gaming company Garena, has announced that it has officially backed Lion City Sailors, which was formerly known as Home United.

Sea becomes the club’s new owner right before its debut in the upcoming Singapore Premier League (SPL) season with a new name, kit, and squad.

Forrest Li, Founder, Chairman and Group CEO, of Sea, will serve as Chairman of Lion City Sailors FC.

“By uniting with a club with a rich heritage, exceptional fans, and a great organisation, we intend for Lion City Sailors to set a new benchmark for footballing excellence in Singapore and the region. As a passionate fan myself, I know that Singapore has a huge community of people who love football, and our hope is that Lion City Sailors will strengthen that passion and ignite a new era for the development of the game locally,” said Li.

Accomplished coach team led by the former Socceroos captain Aurelio Vidmar and more star signings to ignite the 2020 SPL season Lion City Sailors are said to be targeting domestic silverware and a place in the AFC Champions League. Some off-season signings including Lions stalwarts Hassan Sunny, Gabriel Quak, and Shahdan Sulaiman; Japanese defender Kaishu Yamazaki; as well as prolific Australian forward, Andy Pengelly.

Also Read: StoreHub set for SEA expansion after securing US$8.9M in Series A+ round

The launch of Lion City Sailors is set to inject fresh momentum for the SPL, with the Football Association of Singapore (FAS) welcoming more corporate involvement that can invigorate the league, identifying this pilot project as an opportunity to build a sustainable model for local football that will encourage other corporate partners to follow suit.

The new SPL season kicks off on February 29, 2020, where Lion City Sailors will take on defending champions Brunei DPMM at the Bishan Stadium.

Karbon, SBM Bank India to launch India’s first startup-friendly credit card

Powered by SBM Bank India, Indian fintech operating in the corporate cards solutions space Karbon announces the launch of Karbon Card, India’s startup-friendly corporate credit card. The corporate credit card features an expense management solution bundled with a reward program that comprises relevant offers from AWS, Freshworks, MakeMyTrip, and more.

Karbon Card will also help its customers network with venture capital players as well as empowering them to manage funds raised from their investors.

Sidharth Rath, MD, and CEO, SBM Bank India, said, “We firmly believe in Collaborative Banking – as the future lies in coming together of like-minded institutions to expand the market by creating more value per interaction for the target customers. Our focus is on enriching the ecosystem through collaborations, and this collaboration with Karbon in launching the initiative is a step in that direction.”

SBM Bank India becomes the first bank to receive a universal banking license from the Reserve Bank of India to set up and operate as a Scheduled Commercial Bank offering banking services through the Wholly Owned Subsidiary (WOS) mode. SBM Bank India has a network of 6 branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad, and Ramachandrapuram.
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