Indonesian insurtech firm Bang Jamin has closed a $4-million pre-Series A round. Meanwhile, the Indonesian government has stated that it will exempt online motorcycle taxi services, gold traders, and mobile credit sellers from the new income tax collection rule.
Bang Jamin raises $4m in pre-Series A round
Indonesian digital insurance platform Bang Jamin has closed a $4-million pre-Series A funding round led by Singapore-based investment firms SBI Ventures and Braxton Capital, according to an announcement on Tuesday.
The announcement confirms DealStreetAsia’s earlier report in April 2025.
SBI Ventures and Braxton Capital each invested $1.5 million, while other participants in the round include BNI Ventures, along with existing investors Northstar Group and BRI Ventures.
Bang Jamin, formally known as PT Arkana Advance Technology, was founded in 2022 by insurance industry veterans Indra Baruna (CEO), Maruly Octavianus Sinaga (COO), and Morgan Andre Barry (Chief Product Officer)—all of who previously worked at Tugu Insurance.
The company offers a wide range of insurance products, including coverage for four-wheeler and two-wheeler vehicles, health, pets, and travel.
DealStreetAsia previously reported in March 2023 that the company had raised $2 million in seed funding from investors including Northstar Group, Venturra Capital, and BRI Ventures.
Online motorcycle taxis exempt from new tax rule
The Indonesian Directorate General of Taxation (DJP) has confirmed that online motorcycle taxi services, gold traders, and mobile credit sellers will not be subject to income tax collection under the newly issued Finance Minister Regulation (PMK) No. 37/2025. The clarification came in response to public concerns following the publication of the new rule, according to a media report on Tuesday.
Hestu Yoga Saksama, Director of Tax Regulation I at the DJP, stated that these types of services are explicitly exempted under Article 10 of the regulation. “The provision clearly outlines which parties are not subject to this income tax collection mechanism,” he said.
PMK No. 37/2025, which officially came into effect on July 14, primarily targets domestic individual and business traders operating through e-commerce platforms such as marketplaces, social commerce platforms, and classified ad sites.
Under the new rule, platform providers are required to collect, deposit, and report income tax from traders whose annual gross revenue exceeds 500 million rupiah ($30,705). These taxes are withheld at the rate stipulated by existing income tax laws. Meanwhile, traders whose revenue falls below the threshold must submit a formal statement declaring their annual earnings to be exempt from withholding.
The government argues that the regulation is part of its effort to expand the tax base and ensure a level playing field for all businesses, both online and offline. However, the exemption of certain services like motorcycle taxis and mobile credit vendors reflects the state’s consideration of sectors with slim profit margins or those operating under different business models, such as gig work or reseller schemes.
