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JEFF BEZOS • CRP GROUP OCTOBER 2018 • VOLUME 9 ISSUE 10 WWW.FORBESINDONESIA.COM MAN OF THE HOUR LUHUT B. PANJAITAN: RP 50,000 IMF-WORLD BANK MEETINGS IN BALI DEMONSTRATE RI’S REGIONAL LEADERSHIP OCTOBER 2018 FORBES INDONESIA | 1 We make sure your banking needs will be fulfilled at real time, no matter where you are. Free cash withdrawal at any ATM Bersama’s link with myCARD. Real time digital banking through myONLINE or myMOBILE. 2 | FORBES INDONESIA OCTOBER 2018 www.myonline.id Take Us Anywhere With You... OCTOBER 2018 FORBES INDONESIA | 3 Contents OCTOBER 2018 36 “THE MAIN OBJECTIVE OF HOSTING THE MEETINGS IS TO SHOWCASE INDONESIA AND ASIA AS REFORMED, RESILIENT, AND PROGRESSIVE ECONOMIES.” LUHUT B. PANJAITAN 10 | FACT & COMMENT // Steve Forbes ISSUE & IDEAS Time to terminate “Assisted Dying” 14 | UPDATES 22 | MAKE HASTE, NOT WASTE Unilever Indonesia Enters Chili Sauce Business and In Bali, an NGO and private businesses join forces to Gerard Inzerillo Appointed as CEO Diriyah Gate address the island’s dire trash problem. Development Authority BY MARELLA PUTRI 16 | UPDATES Mayapada Property Arm IPO and Salim Group invests in 24 | MONEY & MARKETS // Rainer Michael Preiss startups Indonesia and the Emerging Markets Crisis 18 | TOPICAL SUBJECTS // Taufik Darusman 25 | CEO WISDOM // Andrew Tani Evil Leaders Making Indonesia 4.0 19 | SUSTAINABLE DEVELOPMENT // Scott Younger ENTREPRENEURS Lombok – Further Quake Reminders 26 | SUCCESS INGREDIENTS Nirmal Rajaram made Cita Rasa Prima one of the fastest growing F&B companies in the country. COVER STORY BY ARDIAN WIBISONO 36 | MAN OF THE HOUR 30 | BUSINESS & ECONOMY // Victor Davis Coordinating Minister for Maritime Affairs Luhut B. Panjaitan The Inevitable Threats To F&B Companies Today is at the helm of the national committee that organizes the IMF-World Bank meetings in Bali. 31 | FOCUS ON EUROPE // EIBN BY TAUFIK DARUSMAN Corporate Sustainability Strategies and Governance COVER PHOTOGRAPHS: IWAN STRATOCASTER FOR FORBES INDONESIA 4 | FORBES INDONESIA OCTOBER 2018 OCTOBER 2018 FORBES INDONESIA | 5 Contents OCTOBER 2018 COMPANIES & PEOPLE 32 | SUITABLY BESPOKE Four generations on, Wong Hang Tailor rebrands itself and moves into high gear. BY ULISARI ESLITA TECHNOLOGY 47 | INVESTMENT IDEAS // Teguh Hidayat Investment Opportunity in ‘Consumer Goods’ Stocks 48 | DEALING WITH RISKS Insurtech Pasarpolis offers insurance to all at a price cheaper than a cup of coffee. BY MARELLA PUTRI 50 | BREAKING HEARTS HeartFlow has raised $467 million for a test to detect heart disease. Problem: It might not make patients better off. BY ELLIE KINCAID 52 | WHERE E-CASH IS KING China’s fintech giants are consolidating their gains and using their capital heft. BY SARA HSU 54 | CRYPTO BOSS The mining billionaire no one has heard of. 26 BY JASMINE TENG FEATURE STORY FORBES LIFE 56 | BEZOS UNBOUND America’s most innovative—and feared—business leader is coming off a three-year run that has made him the richest person of all 64 | AMERICA’S TOP COLLEGES time. Now he tells Forbes he’s only begun to grow. Corporate America, you’ve been warned. 70 | THE TOP-EARNING RAPPERS BY RANDALL LANE 71 | SCORE THE SKI WATCH, BOOT THE BORDEAUX Expert advice on luxe investments. 32 BY CHRISTIAN KREZNAR 72 | A SEDUCTIVE BENZ The Mercedes-AMG GT C is the most powerful yet liveable from the AMG GT line up BY YESSAR ROSENDAR 74 | REJUVENATING MOMENTUM Nissan’s Yutaka Sanada aims to double its market share in Indonesia. BY YESSAR ROSENDAR 76 | THE EYE 6 | FORBES INDONESIA OCTOBER 2018 OCTOBER 2018 FORBES INDONESIA | 7 SIDELINES PUBLISHER Jusuf Wanandi EDITORIAL DEPARTMENT GROWING CONFIDENCE EDITOR-IN-CHIEF Taufik Darusman SENIOR EDITORS Ardian Wibisono, Ulisari Eslita, BY TAUFIK DARUSMAN Yessar Rosendar [email protected] WRITER Marella Putri SENIOR GRAPHIC DESIGNER Hidayat Abubakar GRAPHIC DESIGNER Dennis A. Pratama ot since the Non-Aligned Movement (NAM) summit in Jakarta, in PRODUCTION MANAGER Mudafid Riyanto VIDEOGRAPHER Wijayanto 1992, which was attended by heads of state from over 120 members, EXECUTIVE ASSISTANT Hanna Azuraa has Indonesia organized a behemoth international gathering on the CONTRIBUTING WRITER Aastha Saboo N scale of this month’s IMF-World Bank Annual Meetings in Bali (Oct. 8-14). INTERN Khansa A. Ryantono Coming on the heels of the much-acclaimed 18th Asian Games in August in Jakarta and Palembang, the Bali meetings define Indonesia’s growing BUSINESS DEPARTMENT EXECUTIVE DIRECTOR Tanti Jumiati confidence on the world stage. Confidence also figures high in Luhut B. Pan- DIRECTOR Ryan Wiranata jaitan, who as Chairman of the National Committee on the IMF-World Bank SENIOR EVENT & SALES MANAGER Bardan A. Sayid Annual Meetings, had pulled out all the stops to make it happen. ASST. MANAGER EVENTS & COMMUNICATIONS A former Red Berets commander and a retired four-star Army general, Rio Zikrizal EVENTS & SALES EXECUTIVE Melissa Tunggadjaja Luhut combined military experience, diplomatic skills (he was once am- MARKETING SUPPORT Josephine Hanna M. bassador to Singapore) and economic expertise (he is also a former trade CIRCULATION DIRECTOR Seli Widiati and industry minister) to organize the meetings – it will be attended by CIRCULATION MANAGER Habibie Hasanuddin over 16,000 delegates, investors, NGOs, academics and media representa- CIRCULATION EXECUTIVE Dahlia Komala Sari ACCOUNTING MANAGER Indrawati Sonjaya tives – in less than two years. ACCOUNTING SUPERVISOR Inge Stephanie While detractors question the wisdom of holding international meet- ACCOUNTING EXECUTIVES Tjhin Anna ings that cost billions of rupiahs of taxpayers’ money, the bottom line is ACCOUNTING STAFF Aldina Anggraini that all of that is well spent in terms of new infrastructure and job cre- Abdul Fachmi WEB PROGRAMMER ation for 32,000 people. Meanwhile, Bali’s economy is set to grow by 0.65% INTERN Dhiandra Liudianto, Sharana, Bianca Felizia within merely two weeks. As Luhut pointed out, high-profile investors such as Jack Ma and top ex- PT WAHANA MEDIATAMA PRESIDENT DIRECTOR Millie Stephanie Lukito ecutives of Black Rock and Facebook will also descend upon Bali. Over $40 VICE PRESIDENT DIRECTOR Dewi Victoria billion worth of projects are up for grabs by foreign investors, yet another PRESIDENT COMMISSIONER Jonathan Tahir testament that the Bali meetings are worth holding. FORBES MEDIA LLC The meetings could not have happened at a better time as, in the words CHAIRMAN & EDITOR IN CHIEF Steve Forbes of Finance Minister Sri Mulyani Indrawati, “we are amidst a global economy CHIEF EXECUTIVE OFFICER Michael Federle that is undergoing huge changes.” CHIEF CONTENT OFFICER Randall Lane However, despite what seemed to be an endless stream of trials and trib- CEO/ASIA William Adamopoulos EDITOR, FORBES ASIA Tim Ferguson ulations, Indonesia stands tall with aplomb. Already a member of the G20, SENIOR VICE PRESIDENT, FORBES ASIA Tina Wee Indonesia’s GDP recently hit the S1 trillion mark. It is now in the company of G8 and BRIC countries. OCTOBER 2018 — VOLUME 9 NUMBER 10 As Luhut pointed out, high-profile investors such as Jack Ma and top ex- ecutives of Black Rock and Facebook will also descend upon Bali. FORBES INDONESIA is published by PT Wahana Mediatama under a license agreement with Forbes LLC, 60 Fifth Avenue, New York, Another sign of encouragement comes from John G. Nelmes, who in an in- New York 10011. “FORBES” is a trademark used under license from FORBES LLC. ©2010 PT Wahana Mediatama • ©2010 FORBES LLC, terview published in this issue, said: “Indonesia’s economy is doing well. The as to material published in the U.S. Edition of FORBES. All Rights Reserved. ©2009 FORBES LLC, as to material published in the edition good news is we believe Indonesia has the appropriate tools to address chal- of FORBES ASIA. All Rights Reserved. FORBES INDONESIA is published monthly, 12 times per year. lenges and sustain and even raise economic growth over the medium term. Copying for other than personal use or internal reference or of articles Public debt levels and the budget deficit are low by international standards.” or columns owned by FORBES INDONESIA without written permission of FORBES INDONESIA is expressly prohibited. Lest there be any doubt over Indonesia’s economic viability, we suggest CONTACT INFORMATION all to read and re-read thoroughly that paragraph. We rest our case. F Forbes Indonesia: Mayapada Tower 1, 8th Floor, Suite-03 A Jalan Jendral Sudirman Kav. 28, South Jakarta 12920. Tel: (021) 522 6828, Fax: (021) 522 7208. Website: www.forbesindonesia.com : Forbes Indonesia Magazine : @forbes_id : forbesindonesia Subscriber Enquiries: Please contact Circulation Division. Email: [email protected]. Or visit www.forbesindonesia.com to subscribe or advertise. Single copy price Rp 50,000, local subscription rate Rp 480,000 + postal fee (Jadetabek) for 12 issues. 8 | FORBES INDONESIA OCTOBER 2018 OCTOBER 2018 FORBES INDONESIA | 9 FACT & COMMENT “With all thy getting, get understanding” TIME TO TERMINATE “ASSISTED DYING” BY STEVE FORBES, EDITOR-IN-CHIEF IN 2002 BELGIUM legalized the into going the assisted-suicide route murderously chilling act of euthana- to save money. “Why force me to end sia, whereby doctors and nurses kill my life?” the plaintiff asked. patients with their supposed consent. It’s one thing for people to de- Holland had formally done the same clare in writing when they are in the year before. This practice, all too good health and of sound mind that reminiscent of what Nazi Germany no “heroic” measures are to be taken, did before WWII to the mentally that medical staff should “let nature handicapped and to people with very take its course.” But it’s quite another serious disabilities, is justified these for medical personnel to actually kill days not by Hitlerian theories of “pu- patients, as is happening in Belgium, rifying the race,” of course, but as a Holland and elsewhere. “humane” way to deal with those who Research shows that many eutha- are suffering mortal illnesses and in extreme pain.