Digital Asia News Update
The transaction details were not disclosed.
This is TNG’s second such a deal in a week, following its acquisition of Malaysia’s payments company Ekuinas Tranglo.
After the acquisition, WalletKu will be integrated into Global E-Wallet Alliance, an initiative by TNG launched 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. Users of any e-wallet within the alliance can conduct real-time money transfer to users of another e-wallet.
Additionally, users can send instant message and conduct P2P call to communicate with each other, blending the need for simultaneous social networking and financial transactions.
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As per an official statement, WalletKu has recruited over three million users and achieved average 27 per cent monthly compounding growth since January 2018.
“About 64 per cent of Indonesia’s population is unbanked and they take up a significant portion of WalletKu’s user base,” said Alex Kong, Founder and Chairman of TNG. “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.”
TNG provides financial services to the 1.2 billion unbanked population in Asia. Its flagship e-wallet application, TNG Wallet, provides 24×7 cash-in, cash-out and remittance services to its users through a network of 900-plus banks and over 200,000 cash pick-up points globally.
Farid MN, CEO of WalletKu, added: “This is an outstanding opportunity to enhance our existing suite of digital solutions and supercharge WalletKu’s growth, leveraging TNG’s technology and infrastructure.”