Indonesia’s KinerjaPay to acquire Digital Payments firm Mitra Distribusi Utama



8/10/2018 – Indonesia’s digital payments and ecommerce platform KinerjaPay recently announced that it has acquired Mitra Distribusi Utama (MDU) through its subsidiary Kinerja Indonesia.

Financial details of the deal were not disclosed but it is expected to be completed by the end of 2018. The deal will also see an additional profit to the company with a total sales increase of US$39 million.

KinerjaPay is confident that, the integration of Mitra Distribusi Utama and Kinerja Indonesia will grow and strengthen its business throughout the country.

Edwin Witarsa Ng, the Chairman, and CEO of KinerjaPay said, “This acquisition will transform KinerjaPay’s position in the market to become one of the leading mobile prepaid companies in Indonesia.”

“With the current average transaction volume of more than 2 million transactions per month, MDU will contribute significantly to the total transaction volume and revenue for the company,” said Ng. “We look forward to being able to offer all of KPay’s other products to MDU’s 2 million existing customers.”

Established in 2007, MDU is a mobile prepaid top-up data package provider for all telco operators in Indonesia. It offers digital payment solutions for mini-market entrepreneurs, supermarkets, convenience stores, restaurants, workshops, and e-commerce sites.

Last year, the company recorded over US$30 million of sales, mainly in selling prepaid top-up balances and data plan for internet usage to Indonesia’s ever-growing mobile internet users. Moving forward in the near future, MDU also has plans to expand their digital payment service to other e-commerce verticals such as travel market, delivery services, and online gaming.

KinerjaPay, on the other hand is the first Indonesian ecommerce company to be listed on the US OTC Market, It is a digital payments company providing payment solution for online shopping and with its current omnichannel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance, and direct money transfer.

Earlier this year, the company acquired Kinerja Indonesia, whose line of businesses includes data center, web hosting and development, network solutions, e-wallet, and games.

The acquisition gives KinerjaPay the access to cloud network and IP technology, a sector which the company has been looking to enter into with its very own KinerjaCloud. The technology will also enable the company to expand beyond Indonesia into Vietnam and Thailand.

Tencent, KKR to invest US$175 million stakes in Philippines fintech firm Voyager



5/10/2018 – Chinese web giant Tencent and private equity firm KKR has picked up a substantial minority stake in Philippines tech company Voyager Innovations for a total price of US$175 million.

The substantial minority stake was purchased from Voyager’s parent company PLDT, which will remain the majority shareholder in the fintech startup when the deal closes in the fourth quarter.

The agreements signed separately by KKR and Tencent also contain provisions for Voyager to issue additional shares to other investors which could reduce PLDT’s ownership to less than 50 percent while still retaining it as the largest shareholder.

The deal also sees Tencent bringing its battle with Ant Financial to the Philippines. In 2017, Jack Ma’s investment arm Ant Financial has invested in Mynt, a financial venture from Globe Telecom which is a competitor to Voyager.

Besides, this marks the largest investment to date in a Philippines technology company, as well as being KKR’s first private equity investment in the Philippines.

Terence Lee, the Southeast Asia Director KKR comments on the deal, saying “We are excited about Voyager Innovations and to further invest behind online payments leaders in emerging markets. Voyager Innovations provides critical digital and financial services to millions of Filipinos looking to join the digital economy for work and play.”

Founded in 2013, Voyager Innovations provides a host of digital financial services to local consumers. It mainly develops fintech platforms, with digital wallet PayMaya which allows Filipinos to send money, shop, and pay bills online being its most recognizable product.

Apart from PayMaya, Voyager also operates a mobile-based remittance network under Smart Padala, digital lending platform Lendr. And free internet and rewards app Freenet.

Moving on, PLDT chairman, president, and CEO Manuel V. Panglinan is excited to welcome the two global powerhouses KKR and Tencent as investors in Voyager Innovations.

“It demonstrates not only their confidence in the company’s ability to execute its vision but also their confidence in the Philippine technology industry as a whole,” Pangilinan said.