SEA Weekly - Episode 10: The 8% Decree — When the State Becomes Your Platform's Largest Stakeholder

Indonesia capped ride-hailing commissions at 8% on May Day — a 60% drop in platform revenue per trip — while sovereign wealth fund Danantara simultaneously holds stakes in the companies bearing the shock. The state that sets the price is also a co-owner of the business that has to live with it. Miguel Santos and Chloe Tan join host Emily Chen to unpack why this is industrial policy, not labor policy; what the Pertamina model applied to platforms means for every FDI model in Southeast Asia; and why the 8% decree may paradoxically be the best thing that ever happened to GoPay and OVO. Trust Bank Singapore's first monthly profit — achieved with no state co-ownership — provides the instructive counterpoint.Read the article at https://expertlinked.in/posts/2026-05-03-sea-weekly-the-8-percent-decree/