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14/6/2019 – Indonesian fintech firm Achiko is planning to list 100 million shares on SIX Swiss Exchange, the principal stock exchange board in Switzerland. While it did not disclose its expected share price for the listing, its shares were valued at US$0.70 during its last financing.
Achiko, which is backed by Indonesia’s largest media company MNC corporation and MOX, the Mobile Only Accelerator of SOSV the first accelerator group in Asia, is a relatively new holding company founded only last year in 2018.
However, the company oversees established subsidiary companies including Kryptonite and also seven-year-old Mimopay, which is its primary business.
Mimopay is a provider of payment services in Indonesia for people who do not have a bank account or credit card. People can pay for digital gaming content and services via a range of payment channels, such as telecom billing, game vouchers, and at over 10,000 convenience stores and 100,000 ATMs.
“We’re excited about the future and the opportunities that financial and digital inclusion can bring to the 1.7 billioin unbanked adults around the world,” said Allen Wu, the Chairman of Achiko.
“We’re inspired by the success of platforms like WeChat and Kakao, that combines payments with a wide-range of services, and believe that model provides a roadmap for our own global ambitions.”
Building on Mimopay’s 2 million end-user customers in Indonesia, Achiko said it plans to expand its system’s physical and digital footprints through strategic partnerships in the Philippines, Myanmar, and Vietnam in the next 18 months.
“There are many developing countries across the world like Indonesia that have high mobile penetration, yet a large population of unbanked who cannot pay for online services through traditional payment channels. These markets represent tremendous growth opportunities for us,” said Kenneth Ting, the CEO of Achiko.
In Indonesia, Achiko’s Mimopay operates in a space currently dominated by two giants: Grab-backed OVO and Go-Jek’s GoPay. While many of Mimopay’s services compete directly with the OVO and Go-Pay, the company has started to target a segment that has yet to be optimally captured by others, which is the gaming market.
Mimopay is currently helmed by an experienced management team which has worked on and delivered multi-billion US dollar projects at internationally-recognized digital businesses for companies such as Disney, WarnerMedia, Samsung, Kakao, and Leon Entertainment.
Moving forward, the company also plans to diversify its revenue beyond payments.
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