TNG FinTech Group has acquired PT WalletKu Indompet Indonesia, a digital wallet and payments platform.
The Indonesian FinTech offers a number of online services including prepaid mobile phone top-ups, bill payments, event bookings, and payments, among others. The company has around three million registered users and has an average 27 per cent monthly compounding growth since the start of the year, according to the company.
TNG operates an e-wallet app in Hong Kong which aims to support financial inclusion for the underbanked in Asia. TNG Wallet empowers users to complete P2P payments, pay for Hong Kong taxis within a few clicks, pay bills and consolidate all payments received from a company’s store, website and mobile app.
Other services include foreign currency exchanges, cash withdrawal, and bank transfers.
Following the acquisition, WalletKu will become a part of the Global E-Wallet Alliance which was established by TNG. The group is comprised of TNG Wallet and 12 other e-wallets from China, Indonesia, the Philippines, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan.
As part of the alliance, the company will access financial and social inclusion infrastructure.
Any e-wallet in the alliance enables users to make real-time money transfers to other e-wallets, and send instant messages.
TNG founder and chairman Alex Kong said, “64% of Indonesia’s population is unbanked, and they take up a significant portion of WalletKu’s user base.
“WalletKu and TNG share the same commitment and strategy to bring value to the unbanked community. The acquisition is a perfect portfolio fit to further strengthen our leading FinTech position in Asia.”
Last year, TNG Wallet collected $115m in its Series A round which was led by New Margin Capital. The funds were raised to support its growth in the South Asia.
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