Indonesia
76 companies assessed. 41 of them, 53.9%, sit in the two least protected bands, against 53.3% across all 10,525 companies assessed.
Indonesia's biggest companies split cleanly into two groups. The banks, the state utility and oil monopoly, the food giants, and the mall and hospital builders are barely touched, because they run on cheap deposits, government backing, physical distribution, or brands people have trusted for decades. Bank Central Asia, Bank Rakyat Indonesia, PLN, Pertamina, Indofood and Astra all show low pressure scores because nothing has actually pulled customers away from them yet. The other group is anyone whose business depended on being first online with venture money: e-wallets, marketplaces, crypto exchanges, media companies, and app-only banks. Bukalapak, eFishery, Zenius and TaniHub already lost the fight to better-funded rivals or collapsed outright. OVO, DANA, Jenius, Kompas Gramedia and Indodax are all watching bigger ecosystems, mainly Shopee, Gojek/GoTo, and global ad platforms, take their users and ad dollars one point of share at a time. The one thing deciding survival here isn't AI directly, it's whether a company owns a distribution channel (deposits, a retail network, a super-app, a subsidy program) or just built a standalone app that a bigger platform can now bundle for free. Telcos and second-tier state banks sit in the middle, still solid but visibly losing ground to sharper digital challengers.
Every company in Indonesia is listed in the A to Z index and in its sector league.
- Which Indonesian companies are most at risk from AI and digital disruption?
- Bukalapak, eFishery, Zenius and TaniHub have already lost their footing, either shutting down parts of the business or entering liquidation. OVO, DANA, Jenius and Kompas Gramedia are under heavy pressure but still operating, mainly because bigger ecosystem players like Shopee and Gojek/GoTo keep out-competing them.
- Are Indonesian banks like BCA and BRI safe from fintech competition?
- Bank Central Asia and Bank Rakyat Indonesia show almost no customer loss in the data, protected by cheap deposits and branch networks that digital challengers like Bank Jago and SeaBank haven't matched at scale. Bank Negara Indonesia is weaker, already losing retail deposits to digital-first banks.
- What happened to Bukalapak?
- Bukalapak could not keep pace with the ad spending and logistics scale of Shopee, TikTok Shop/Tokopedia, and Lazada, and stopped selling physical goods in January 2025, shifting to gaming vouchers and bill payments instead.
- Is Indodax losing to Tokocrypto?
- Yes, Indodax's own CEO has acknowledged Tokocrypto pulling ahead with about 43% market share versus Indodax's 42%, while cheaper offshore exchanges also draw users away.
- Which Indonesian e-wallet is winning the market, GoPay, OVO, or DANA?
- ShopeePay and GoPay are ahead of both OVO and DANA, with ShopeePay hitting 88% Gen Z usage and 68% transaction usage in the ecosystem it's tied to, while OVO and DANA trail on daily use despite decent brand recognition.
- Will Telkomsel lose its lead to XLSMART or Indosat?
- Telkomsel still holds around 45% market share, but the merged XLSMART (XL Axiata and Smartfren) and Indosat Ooredoo Hutchison are both gaining subscribers and positioning around AI-network deals that put pressure on Telkomsel's enterprise business.
- Whether XLSMART and Telkomsel publish subscriber and ARPU numbers showing the gap narrowing or widening
- Deposit growth reports from Bank Jago, Superbank, and SeaBank compared to each other
- DCI Indonesia naming specific anchor tenants for AI compute deals