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Six Capital Funds US$9.17 Million Indonesia Innovation Center

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Singapore-based fintech company, Six Capital, will provide Gadjah Mada University US$9.17 million to build a digital innovation center in Indonesia.

Indonesian Minister of Industry Airlangga Hartarto, present during the signing of the MoU between Six Capital and UGM in Davos on the sidelines of the World Economic Forum, explained that the funds will support six projects, including the construction of the Digital Innovation Center, as well as related digital research and innovations.

The funds will also support the mapping of 110,000 acres of peatland in Padang Island, Riau Province, by using LIDAR (Light Detection and Ranging) technology.

“Six Capital will also provide 1,000 free smartphones for residents in several Yogyakarta regions, to allow them access to a preventive healthcare program. The program supports the government’s target to create 1,000 technopreneurs,” he added in the Ministry of Industry Press Release from Davos, Switzerland, Friday 20 January.

He is also certain that the partnership will support the growth of digital startup entrepreneurs, especially in the face of the Industrial Revolution 4.0.

Meanwhile, Six Capital Singapore’s Founder and Chairman Patrick Teng expressed his optimism that with the second largest population in Asia, Indonesia will be one of the region’s digital economy giants.

“Along with UGM, we will boost Indonesia to be one of the largest economies in Asia as President Joko Widodo said,” he noted. “SixCap and UGM are building the new Davos where voices from the bottom of the pyramid will also be heard. Davos must not only be for the elite. That is what responsible and responsive leadership should be.”

Technologically Aware

To achieve higher growth, Airlangga encouraged Indonesian youth to be technologically aware, so that they can become the next digital startup entrepreneurs.

In line with that projection, the Ministry of Industry is running several strategic programs to boost the competence of the Indonesian human resources, including vocational training, internships, and certification programs.

“These human resources-centric programs are one of the focal points that President Joko Widodo stresses because it will be a crucial element in Indonesia’s new economic strength,” he said.

He added that his ministry is developing a digital infrastructure for small and medium industries (SMIs), which is called the e-smart SMI program in an effort to expand Indonesia’s market in the global supply chain and better prepare the country to join the Industrial Revolution 4.0.

Social innovation will be the next phase of industrial progress which includes creating smart villagers with more efficient transportation and healthcare systems. “Our aim is to boost the income of farmers and rural areas so we can slow down urbanization,” he noted.

Given the current pace of development, the Indonesian village may all but disappear in the future. To prevent this, rural incomes must be increased and new opportunities created.

“The average income of a farmer is Rp1 million a month. Can the digital economy solve this problem? The industrial Revolution 4.0 will merge the human brain with artificial intelligence but we should not forget our communities,” the minister said. “We must ensure that no community is left behind.”

Indonesia must build both regional and global value chains if the country is to harness the full benefits of the digital economy. In doing so, it must also equip its people with new skills and knowledge. The jobs of the future will be somewhere between the current blue collar and white collar jobs.

This is where the partnership between Six Capital and UGM can play a pivotal role, Airlangga noted. The new innovation center can help bridge the digital divide in the country.

“President Jokowi has declared inclusive growth as the main program for the nation over the next three years,” he said. The goal is to retrain one million graduates in the new industry. We cannot have entrepreneurs if we do not have new skills.”


SIXCAP Founder and Chief Dealer Patrick Teng, UGM Rector Dwikorita Karnawati, SIXCAP Group CEO Paul Teng, and Indonesian Minister of Industry Airlangga Hartarto during the MoU signing in Davos, Switzerland, during the World Economic Forum.

Ruli Harahap

Ruli Harahap

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