Hong Kong e-wallet operator TNG acquires Indonesian e-wallet WALLETKU

Hong Kong’s TNG fintech group announced the acquisition of Indonesian electronic wallet WalletKu Indompet Indonesia(WalletKu) and will join its membership network under TNG, , with the Chinese, Philippines, Singapore, Malaysia and other 12 regions of the electronic wallet users to make real-time transfer, instant SMS and personal calls to individuals.

Walletku offers a range of services through its platform, including phone card appreciation, billing, hotels, air tickets, tickets for sporting events, bookings and payments. Since January this year, Walletku has absorbed more than 3 million users and recorded a compound growth rate of 27% per month.

As for Walletku’s business, including phone card value-added, Bill Payment, hotel, air tickets, sports ticket booking and Payment, it focuses on Indonesia ‘ s unbanked population and have accumulated more than 3 million users since early 2018.

Upon completion of the acquisition, WALLETKU will be included in the global e-Wallet alliance launched by TNG in 2016, including Tngwallet from China, Indonesia, Philippines, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh,Nepal and Pakistan,12 members of achieve inter-member connectivity.

Users of member e-wallets can transfer money to each other in real time. They can also carry out instant messaging and P2P calls, which enable a perfect combination of social and financial transactions.

TNG founder and Chairman Jiangqing said that 64% of Indonesia’s population does not have a bank account, and that they are the target user group of walletku, the walletku into the TNG map, will help further strengthen the group’s leading position in Asia.

TNG earlier acquired a global cross-border payment platform of $28 million (about HK $219 million) Tranglo, taking a 60 per cent stake.