Sector Snapshot of #Mobile #Banking and #EPayment
Growth in #Indonesia: (OTCQX: $WEYL) (NYSE: $BABA) (NASDAQ: $GOOGL) (LSE: BOKU)
Point Roberts WA,
Delta, BC – October 24, 2019 - Investorideas.com, a leading investor news resource covering
tech and mobile payment stocks releases a snapshot reporting on the rapid
growth of Fintech solutions in Indonesia and how unicorn companies like Gojek
and emerging players like Weyland Tech, Inc.
(OTCQX: WEYL) are benefiting.
Read this in full at https://www.investorideas.com/news/2019/technology/10241MobileBanking-ePayment-Indonesia.asp
According to one recent report, “Indonesia’s fintech industry is in the
midst of a period of significant growth. P2P lending recorded a triple-digit
increase in 2018, while e-payment services have grown more than six-fold since
2012, prompting a surge of new foreign investment into a vibrant and
increasingly diverse start-up community.”
A recent article from
FinTechNews reported on the growth of the Fintech
industry in Indonesia, with specific focus on one of the major players in the
industry, the private company Gojek.
“Jakarta, Indonesia,
is home to Gojek, one of Southeast Asia’s leading on-demand multi-service
platform and digital payment technology group. Gojek is the first Indonesian
unicorn company, and also the first “decacorn” company in Indonesia that’s worth more than US$10 billion.
Gojek operates Indonesia’s fourth biggest e-wallet service Go-Pay, and from its
headquarters in Jakarta, has expanded across the region to markets including
Vietnam, Thailand, Singapore and the Philippines.”
Weyland Tech, Inc. (OTCQX: WEYL) is also aiming to seize a part of this
giant opportunity. Weyland is a growing global provider of m-Commerce and
fintech business enablement solutions with its CreateApp™ Platform-as-a-Service
(PaaS) across three continents and 10 countries, including some of the
fastest-growing emerging markets in Southeast Asia, They recently reported selected preliminary unaudited financial
results for the third quarter and nine months ended September 30, 2019.
The company's
subsidiary, Weyland Indonesia Perkasa (WIP), operates AtozPay and AtozGo. The
AtozPay mobile payments platform serves the burgeoning m-Commerce and e-Payment
markets in Indonesia, the world's fourth most populous country. AtozGo is a
fast-growing short-distance food delivery service in Jakarta, Indonesia.
For the third quarter
2019, the company expects record revenue of approximately $9.0 million, which
would represent an increase of 6.6% compared to the third quarter of 2018. For
the first nine months of 2019, the company expects record revenue of
approximately $24.6 million, which would represent an increase of 42.6% versus
the same year-ago period. The company also expects to turn adjusted EBITDA
positive in the third quarter.
"These
anticipated record results reflect the accelerating growth in our recurring
revenue from CreateApp subscription fees," said Brent Suen, CEO of Weyland
Tech. "While we expect to generate positive adjusted EBITDA in the third
quarter, we plan to continue to reinvest in efforts designed to gain customers
and market share."
"The growth in
recurring revenue was largely due to greater adoption of CreateApp by SMBs in
our existing markets as driven by our highly-productive channel partners,"
continued Suen. "The increased adoption included new customers as well as
existing customers subscribing to additional features and modules. This momentum
has continued into the fourth quarter, keeping us on track for another year of
record growth."
Offered in 14
languages with more than 70 integrated modules, Weyland enables SMBs to create
and deploy native mobile applications for Apple iOS and Google Android without
technical knowledge or background. The technology empowers SMBs to increase
sales, reach more customers, manage logistics, and promote their products and
services in an easy, affordable and highly efficient way.
Gojek was most recently in the news as Gojek CEO and co-Founder, Nadiem Makarim announced on Monday that he had
resigned to join Indonesia’s new cabinet. The ride-hailing and payments company
said two senior executives would jointly take over running operations of the
$10 billion firm.
“We will make an announcement on what this news means for
Gojek within the next few days,” the Company said, referring to Makarim, who
has been the face of the tech startup.
The
Indonesian company, valued at $10 billion, raised over $1 billion earlier this
year from backers including Alphabet’s
Google (NASDAQ: GOOG) (NASDAQ: GOOGL) and Chinese tech giants Tencent and JD.
Google, which has
invested $500 million in Gojek, declined to comment on Makarim’s departure,
while Tencent and JD did not immediately respond to requests for comment.
Boku Inc (LSE: BOKU), also recently announced a partnership with GoPay, the digital
payments platform of Gojek, the largest on-demand multi-service provider in
Southeast Asia. Today, GoPay is the largest consumer digital payments platform
in Indonesia, processing about 50% of transactions made on the Gojek platform.
Through the
partnership, Boku’s merchant customers in Indonesia will be able to introduce
GoPay as an additional payment method, enabling ease of payments for a greater
pool of end-users. The partnership reflects the growing popularity of e-wallets
as the primary payment mechanism for multiple use cases like transportation,
recurring entertainment subscriptions, and in-app and in-game micro-purchases.
“Boku’s mission is to
make mobile transactions more simple and this partnership with GoPay is a big
step towards accomplishing that mission,” said Jon Prideaux, CEO of Boku Inc.
“We look forward to continuing our collaboration with GoPay to bring cashless
payments to more consumers in Indonesia and to bring greater customer acquisition
to global businesses operating in Indonesia.”
“As Indonesia
continues to move towards digital payments and embraces a mobile-first society,
GoPay and Boku share the same vision of providing convenience and greater
opportunities to both consumers and businesses,” said Timothius Martin, SVP
Digital Product, GoPay. “With Boku’s leading network of global merchants, we
can immediately help traditionally underserved Indonesian consumers participate
in the global digital economy.”
Ant Financial, an affiliate company of Alibaba Holdings Group Limited (NYSE: BABA) is looking outside of Gojek,
having recently given $40 million in
funding to Akulaku, a Fintech lending company.
The
funding gives Akulaku, which does most of its business in Indonesia but
recently expanded into Vietnam and the Philippines, a $450 million valuation, according
to Deal Street Asia. Just a few days earlier, the
outlet cited anonymous sources who said the startup was planning to raise $100 million in a
Series D funding round.
The
Jakarta-based company raised $70-million in a Series C round over three months
ago, led by Chinese financial technology company FinUp with participation from
Sequoia India, Australia’s Blue Sky and Qiming Venture Partners. A Series A
round of funding took place in early 2016, raising $5 million led by DCM
Ventures, followed by another $30 million from Qiming, Legend Capital, Shunwei
Capital, and existing shareholders, including IDG, Arbor Ventures, DCM, Arbor
Venture Fund, and Wecapital.
“Ant
Financial, from day one, we are positioned as a tech company. But previously we
just wanted to make sure we are really using the tech to be innovative, to
create examples, to redefine financial services that people can feel, can
touch,” Ant Financial Chief Executive, Eric Jing said back in November.
As we
continue to see this trend of big tech companies willing to invest such large
sums into this expanding market, Indonesia looks to remain a hub for the
Fintech industry moving forward, for both large scale investors and startups
looking to expand the revenue models and get in early on this rapidly growing
market.
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