JAKARTA (TheInsiderStories) – KinerjaPay Corp. (OTCBB: KPAY), an Indonesian-based secure digital payment and e-commerce platform, announced its initial coin offerings (ICO) sale plan. KinerjaPay is planning to raise up to US$5 million from its impending ICO.
The ICO, or initial token offerings, will be offered to institutional or private investors in the form of KCOIN, KinerjaPay’s own proprietary virtual currency. This move makes KinerjaPay to be the first Indonesian company to have an ownership in an international exchange.
Puerto Rico’s based Blockchain Industries, Inc. (OTCBB: OMGT), in partnership with Fintech Global Consultants, will be guiding KinerjaPay in their transition from an electronic payment platform to a token payment platform.
Under the terms of the Agreement, in exchange for a $100,000 investment, KPAY will become the exclusive, world-wide Game Publisher License for ACE games and will host all the games currently published by ACE on its own KinerjaGames platform.
To that end, the Company will integrate the source codes into the existing platform enabling users to enjoy more benefits, such as point rewards and KCoin rewards, by participating in the games. KinerjaPay will also provide R&D resources to help expedite the growth of ACE’s Game Development Studio.
According to Statista, Inc., Indonesia’s mobile games segment will generate approximately US$607 million in 2017, and is expected to show an annual growth rate of 17.4 percent resulting in a market volume of US$1,152 million in 2021. User penetration is currently estimated at 31.2 percent, with a current average revenue per user (ARPU) of US$10.40, and forecast to hit 51.4 percent penetration in 2021.
“KinerjaGames is a natural expansion of our platform. We already enable users to shop, pay bill and make deposits in a single, secure environment since most of them are playing games as well, it only makes sense to add this service to our offerings,” Edwin Ng, Chairman and CEO of KinerjaPay Corp., said.
“Indonesia’s thriving gaming market represents a substantial opportunity for the Company and we expect this feature will both attract new users and encourage broader use of our services by existing customers,” he added.
Ng went on, “The partnership with ACE not only helps expedite our entry in the gaming sector, it will also add another 300,000 members to our current user-base. This endeavor is part of our strategy to create an “Online Reality Game” effect – whereby we incentivize users to increase their platform interaction by providing them with valuable rewards and discounts in exchange for points earned across the KinerjaPay applications.”
KinerjaPay is a secure digital payment and e-commerce platform. The company KinerjaPay is planning to launch into other e-commerce verticals, such as delivery services, online gaming, and travel.
Blockchain Industries is a diversified fin-tech holding company with a portfolio across multiple classes and verticals. The company invests in a broad range of alternative markets and crypto-currency assets, with crypto banking, crypto trading and eco-mining, venture investing and ICO consulting, and media development and education as their four primary pillars of business.
The company is headquartered in Puerto Rico, with corporate offices in Santa Monica and New York, and a satellite office in Tokyo.
While, Fintech Global Consultants is one of the world’s leading fintech consulting firms with over US$1.1 billion under advisory from more than 6,400 clients in 82 countries. With a focus on wealth creation and preservation, the company has raised more than $150 million in initial coin offerings (ICO).
Despite the business growth, Indonesia is set to prohibit the use of cryptocurrencies within the nation. This will see Jakarta ban payment providers from collaborating with parties and platform that “facilitate digital currency transactions”.
Indonesia’s central bank has issued a regulation banning use of cryptocurrencies by financial technology companies involved in payment systems, and said it is examining whether there’s a need to regulate trading on virtual currency exchanges.
The regulation, signed in November but made public on Thursday, requires financial technology companies involved in processing payments, such as e-wallets, to register at BI to ensure virtual currencies are not used in payments.
Bank Indonesia (BI) first advised against using virtual currencies in 2014 and two years later banned payment system service providers from processing transactions using virtual currencies.
The central bank said it had issued the new regulation to enhance governance over virtual currencies that could pose a big risk for the economy.
BI Governor Agus Martowardojo has previously said Bitcoin is not recognized as legal tender in Indonesia and warned that virtual currencies could be used in money laundering and terrorist financing.
So far, trading of virtual currencies has not been regulated in Indonesia, but possible regulation of exchanges for them was something that the central bank “continues to look into”. (*)