Electronic Payment Platform T-money owned by Finnet - Photo by the Company

JAKARTA (TheInsiderStories) – United States-based, Weyland Tech Inc. (WEYL) announces has get an approval from Bank Indonesia (BI) for its co-branded online electronic money (eMoney) license, said the company on Jan. 28.

The global provider of mobile business applications has formed a strategic partnership with Indonesian telecom services and bill payment provider, PT Finnet Indonesia. Both parties has sighned the partnerships in August 2018.

Finnet founded in 2005, is 60 percent owned by telecommunication provider PT Telkom Indonesia Tbk (IDX: TLKM), the largest provider of telecom services in the country. Currently, the provider is the largest fixed-line provider with over 10 million households and businesses as their clients.

In August 2018, Weyland signed an agreement with Finnet to provide QR code based services to Weyland’ AtoZPay branded customers and to Finnet’ customers. Currently, in Indonesia and many other emerging markets where cash payments are the standard, mobile smartphone users make payments in cash to ‘agents’ and then receive credit on their phones via a scratch-off card.

Furthermore, Finnet and AtoZPay have applied to the Bank Indonesia for licensing approval to provide the QR code-based service to customers of which only 34 large banks and telecom services companies hold. The license was approved on January 18, 2019 and the joint launch will begin February 15th, 2019.

“Leveraging both Finnet’ 80,000 and ATM network also channel relationships with retail chain Alfamart (14,000 locations) is expected to provide upside to our current forecasts which rely solely on AtoZPay’s own direct sales,” Brent Suen, CEO of Weyland, said.

Hermawanto Djunaedy, President Director of AtoZPay comments, “Our partnership with Finnet is expected to accelerate adoption to over 200,000 merchant outlets using AtoZPay QR technology after our expected launch on February 15th.”

Weyland is targeting $100 million in Gross Transaction Volume (GTV) by 2020. Recent initial public offerings and transactions, including the acquisition of Kudo by Grab Pay for $100 million, value eWallet companies at as high as 2.4X to 4X GTV.

Last year, Telkom Indonesia sharpened its nails in the financial technology (FinTech) business by acquiring a mobile payment company from Hungarian Cellum Global Zrt, through its other unit the digital service provider PT Metranet. Its unit to acquire a 30.4 per cent stake in Cellum in two steps.

In the same year, its other subsidiaries, PT Multimedia Nusantara (Metra Telkom) has acquired 51 percent of PT Swadharma Sarana Informatika, a company supporting financial services. While, its unit cellular operator, PT Telekomunikasi Seluler (Telkomsel) built a FinTech provider, PT Fintech Karya Nusantara (Finarya) to support the company’ eMoney business on Jan. 21, 2019.

Telkom has announced to acquire three foreign firms as part of an effort to expand its businesses. Telkom it said dealt with FinTech and satellites, and had a total worth of Rp10 trillion (US$729.93 million) investment to reach it.

Furthermore it said, the move is part of Telkom Indonesia’s merger and acquisition initiative, adding that it would also expand its tower business through its subsidiary, PT Dayamitra Telekomunikasi (Mitratel).

US$1: Rp14,100

by Linda Silaen, Email: linda.silaen theinsiderstories.com