Achiko, the Indonesian fintech firm is planning to list 100 million shares on the principal stock exchange board in Switzerland, SIX Swiss Exchange. The firm’s shares were valued at US$ 0.70 during the last financing. The expected share price for the listing has not been disclosed by the firm.
Indonesia’s largest media company MNC corporation and MOX, the Mobile Only Accelerator of SOSV the first accelerator group in Asia, backs Achiko which is a relatively new holding company founded only last year in 2018. Established subsidiary companies including Kryptonite and also seven-year-old Mimopay, which is the firm’s primary business are overseen by Achiko.
People who do not have a bank account or credit card have the option of using Mimopay, which is a provider of payment services in Indonesia. Telecom billing, game vouchers, and payment over 10,000 convenience stores and 100,000 ATMs are some of the payment channels that people can use when paying for digital gaming content and services.
Allen Wu, the Chairman of Achiko expressed his excitement about the future and the opportunities that financial and digital inclusion can bring to the 1.7 billion unbanked adults around the world. They took inspiration from platforms like WeChat and Kakao, that combines payments with a wide range of services, and believe that the model provides a roadmap for our own global ambitions.
In the next 18 months, Achiko aims to expand its system’s physical and digital footprints through strategic partnerships in the Philippines, Myanmar, and Vietnam; having built Mimopay’s 2 million end-user customers in Indonesia.
Grab-backed OVO and Go-Jek’s GoPay are the two giants operating in the space where Mimopay operates in Indonesia, currently. Gaming market, a segment that has yet to be optimally captured by others is being targeted by the company. The company eventually plans on diversifying its revenue beyond payments.
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