JAKARTA (TheInsiderStories) – TNG FinTech Group, Hong Kong-based financial technology company, announces the acquisition of Indonesian based PT WalletKu Indompet Indonesia (WalletKu) for undisclosed amount.
As an engaging platform and technology ecosystem in Indonesia, WalletKu offers a range of digital products, including prepaid mobile phones credit top up, bill payments, hotel, airline, and sports ticket bookings and payments, others, which efficiently facilitate the finance cycle in Indonesia and help bridge with overseas financial systems.
It has recruited over 3 million users and achieved average 27 percent monthly compounding growth since January 2018.
“64 percent of Indonesia’s population is unbanked and they take up a significant portion of WalletKu’s user base. The acquisition is a perfect portfolio fit to further strengthen our leading FinTech position in Asia,” says Mr. Alex Kong, Founder and Chairman of TNG in a written statement released on Monday (22/10).
TNG owns and operates its flagship e-wallet application TNG Wallet in Hong Kong, which provides financial inclusion and FinTech services to its users, tapping into the market of 1.2 billion unbanked population in Asia.
After the acquisition, WalletKu will be integrated into “Global E-Wallet Alliance”, an initiative by TNG in 2016, which includes TNG Wallet and 12 member e-wallets in China, Indonesia, the Philippines, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan.
Commenting on the deal, Farid MN, CEO of WalletKu says, “This is an outstanding opportunity to enhance our existing suite of digital solutions and supercharge WalletKu’s growth, leveraging TNG’s technology and infrastructure.”
Tri Putra Permadi as founder and COO of Walletku added, “And in the future, we will launch several services, namely Walletku Mart (the most complete groceries store that provides a variety of needs ranging from food, beverages, fresh food, to the needs of household appliances), sales of insurance premiums, sales of books and school uniforms, and electronic money services. or what is called ‘wCash’. ”
Walletku currently has more than 22,000 networks spread throughout Indonesia with a focus on targeting small and medium enterprises. This is because Walletku wants to empower micro, small and medium businesses and make them independent entrepreneurs and increase their income through the My Wallet application.
Since it was officially established in 2017, Walletku has recorded more than 3 million users transacting to date through Walletku merchants, and TNG has recorded a compound annual growth rate of 27 percent.
By putting it in the TNG map, it is hoped that it will further strengthen TNG’s leading position in Asia and My Wallet in Indonesia. E-wallet users who are registered as members can make real-time transfers with each other, as well as instant messaging and P2P calls, allowing social and financial transactions to be combined.
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