Ant Group financial technology have turned to the Indonesian market

Chinese capital Financial technology giant Ant Group and Shunwei Capital founded by Xiaomi smartphone founder Lie Jun reportedly stop financial investments plans in India after India setback strong FDI policies.

Financial technology turned to the Indonesian market to surge 55% in the first half of 2020. Xu Dalai, the co-founder of Shunwei Capital said that he will not make new investments in India for the time, but focus on funding deals in the Indonesia market.

Chinese venture capital and technology investors have driven the Indian technology startups and investments in many local companies including payment companies, Paytm, food delivery company Zomato and education platform ByJu’s.

In April, Indian government made changes in Foreign investments with more tough rules in investing and funding companies in order with national security and sovereignty. Zomato has not yet received $100 million in financing.

Some founders in Indonesia also tried to copy the business model of Indian companies like BukuWarung seeks to play the same market role in small businesses as KhataBook, headquartered in Bangalore India.

KhataBook is a bookkeeping platform with a valuation of close to $US300 million within 18 months of its establishment.