GOTO s key 2026 focus is to drive sustainable ODS top-line growth and profitability, as well as to continue building on the solid momentum in Fintech. To date, there has been no update on regulations pertaining to the commission cap proposal.
Key 2026 focus.
- ODS. GoTo will continue to focus on improving top-line growth in a sustainable manner through service and value proposition differentiation, supported by backend capabilities (e.g., data science). Management also strives to protect and defend market share while maintaining sustainable cash flow and profitability.
- Fintech. The fintech arm has solid growth momentum, with continuation of the current strategy of customer acquisition, cross-selling, and monetization through consumer lending products. The company anticipates operating leverage in 2026, which should help margin expansion. GoTo is not overly concerned about credit quality, although this remains subject to macro conditions.
- In the longer term, GoTo expects the fintech bottom line to contribute more than the ODS segment over the longer term.
Competitive landscape.
- ODS. Competition remains intense within ODS. In mobility, Gojek and Grab combined have >90% market share. In food delivery, Shopee likely has 10 20% market share, with Gojek and Grab taking up the remainder.
- Fintech. In lending, Shopee has the largest loan book in Indonesia (Rp30.8tn as of Nov-2025; Rp28.6tn as of Sep-2025), while GoPay is likely the second largest (Rp7.6tn as of Sep-2025). In payments, Dana is the largest, with GoPay as the second largest. ShopeePay is also growing in payments, although its wallet users are still fewer compared to GoPay.
E-commerce service fees are expected to contribute ~USD45mn 50mn per annum.
No update on the reduced commission fee cap yet. The proposal to reduce commission fees has been discussed by various stakeholders, including but not limited to the government, platform companies, and driver-partner associations. Ultimately, the primary goal is to improve driver-partners welfare. However, as of today, the government has yet to release regulations pertaining to changes in commission fees, which currently sit at a 20% cap. GoTo has been implementing initiatives to support driver-partners welfare, such as distributing holiday bonuses for qualified driver-partners and providing health and accident insurance. Furthermore, GoTo has been working to increase transaction frequency for driver-partners to further improve their income, while also growing profitability at the same time.
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