GoTo Invites Former Chinese Fintech Leaders to Become CFO

The joint venture of Gojek and Tokopedia, GoTo appointed Jacky Lo as Chief Financial Officer (CFO). Jacky previously served as CFO at a financial technology (fintech) company from China, OneConnect.

OneConnect is a technology-as-a-service (TaaS) platform provider for financial institutions affiliated with Ping An Insurance. OneConnect also operates in Indonesia through its subsidiary, OneConnect Financial Technology Indonesia.

Prior to that, Jacky worked as CFO and treasurer for Yum China Holdings Inc. This is one of the biggest restaurant companies in Panda Country.

He is responsible for managing the finance team of more than 600 people and leading the company to list shares or IPOs on the New York stock exchange or NYSE in 2016.

Jacky has also worked for Ernst & Young as both partner and deputy director at the Asia Pacific Capital Markets Center for 15 years. He has expertise in reporting for the United States Financial Services Authority (US SEC) and Sarbanes Oxley compliance requirements.

He is a certified public accountant and a member of the US and Hong Kong Association of Certified Public Accountants.

“While assembling the executive team, we knew that the company needed a CFO who not only has extraordinary experience and expertise to support long-term growth plans, but also has the same vision, mission and goal of creating a true Indonesian champion,” said GoTo Group CEO. Andre Soelistyo in a press release, Monday (7/6).

Plans to IPO This Year

On the one hand, GoTo plans an IPO before the end of this year. The technology giant will prioritize an IPO on the Indonesian stock market.

Andre explained that the company is currently focusing on preparing for an IPO after completing the merger process. The initial public offering will be carried out by GoTo as the non-operating parent company of Gojek and Tokopedia.

“Jacky’s track record as a strategic thinker and being able to build finance functions for high growth companies makes him ideal to join our leadership team,” said Andre.

This is in line with GoTo’s plan to realize development and accelerate growth. This is part of our journey to become a listed company on the stock exchange, he said.

Andre said Jacky will focus on building the company’s finance functions and teams in all areas including tax, treasury, financial planning, accounting and purchasing.

My focus in the weeks and months ahead will be to build the financial foundations and capabilities to support a growing business, which is now increasingly global and diversified,” said Jacky.

The Change in Incentive Scheme is Beyond Partners Expectation

Gojek has decided on a new incentive scheme for the GoTo on-demand service platform. However, this decision is considered to have the potential to reduce the daily income of courier partners on the GoKilat service.

This issue reinforces the urgency of the need for regulation to protect the rights of couriers as workers or as partners who are treated equally in the decision-making process.

In response, Chairman of the National Presidium of the Indonesian Two-Wheel Action Association (Garda) Igun Wicaksono said that the change in the incentive scheme was beyond the expectations of partners, considering that Gojek and Tokopedia had recently merged with high valuations.

“Initially, partners hoped that the GoTo merger could increase their incentives, but it didn’t, it’s now decreasing. We hope that GoTo will do an open clarification and have a discussion before making a decision,” he said (8/6/2021).

Issues like this are increasingly aware of the urgency of the need for regulation to protect workers with the status of “partners” in the midst of a flexible labor market trend, as well as the proliferation of the gig economy and digital start-ups.

Secretary General of the All-Indonesian Workers’ Organization (OPSI) Timboel Siregar assessed that there is a regulatory vacuum that cannot protect the rights of driver-partners, both as partners and workers.

As a result, partners are often forced to accept the company’s unilateral decisions. They also do not get social security protection like other workers.