PT GoTo Gojek Tokopedia Tbk (GOTO) is no longer relying only on Gojek’s mobility and delivery businesses, as its financial technology (fintech) business becomes a larger contributor to the company (31/08).

GoTo President Director Hans Patuwo said the company’s ecosystem is increasingly supported by GoPay and related services.

The company’s fintech business has recorded profitability and, for the first time, has surpassed its On-Demand Services (ODS) business.

“We expect the contribution from the On-demand Services business to decrease, while the Fintech business will provide a greater contribution,” Hans told the media on Monday (31/8/2026).

The change in GoTo’s business mix is important for the outlook of GOTO shares because investors are looking not only at the company’s ability to increase transactions but also at its ability to generate sustainable profits.

New Commission Scheme Gives Drivers 92% of Fares

The government has introduced a new revenue-sharing scheme for online motorcycle taxis, under which two-wheel driver partners receive 92% of the trip fare while application platforms receive 8%. The new commission scheme for two-wheel transportation services took effect on July 1, 2026. (01/07)

The platform commission was reduced from around 20% previously to 8%.

Regulations for food and goods delivery services are still being discussed by the government.

The government is seeking a balance between the interests of drivers and the sustainability of application companies. Deputy Minister of Communication and Digital Nezar Patria previously said the government wants drivers to receive fair rights while platforms maintain sufficient margins to sustain their businesses.

GOTO Faces Regulatory Risk From Gojek Commission Changes

Regulatory developments remain a risk for GOTO, particularly because changes in online motorcycle taxi commissions can affect the unit economics of Gojek’s business.

Kiwoom Sekuritas analyst Abdul Aziz said the impact of changes to the floor price on GOTO shares could be temporary. After technical pressure eases, investors are expected to focus again on the company’s fundamentals.

“I see room for GoTo to strengthen its fundamentals because GoTo is an integrated digital ecosystem. So if Gojek’s performance is affected, there is still GoPay,” Abdul said.

According to Abdul, regulatory flexibility is an important factor in determining the sustainability of GOTO’s business model.

If regulations continue to give platforms room to determine prices and maintain service quality, GoTo is considered to have an opportunity to maintain its profitability momentum.

GoTo Targets Adjusted EBITDA of Up to Rp3.4 Trillion

Abdul is optimistic that GoTo can achieve its full-year 2026 adjusted EBITDA target of Rp3.2 trillion to Rp3.4 trillion.

“When the sustainability of the ecosystem becomes a regulatory priority, this will become a positive sentiment and catalyst for GoTo shares,” he said.

PHOTO: GOTO

This article was created with AI assistance.

We make every effort to ensure the accuracy of our content, some information may be incorrect or outdated. Please let us know of any corrections at [email protected].