Indonesia Fintech Industry News - Nov 2017

Block chain retail start-up raises over US$ 4 mil in pre-sale ICO

Pundi X closed its pre-sale Initial Coin Offering (ICO) at US$ 4 mil - raised from 615 investors. The block chain retail startup solves the last mile challenge for cryptocurrency purchases and sales. The company's business builds on the model of cashless payment systems, which enables smart phone users to scan QR codes and make instant payments in retail and restaurant outlets. It acquired 100,000 registered users and over 500 merchant partners in Jakarta in less than a year of operation. Pundi X rewards each qualified ICO investor with its cryptocurrency transaction device, the world’s smallest. The start-up expects to generate a profit from services offered by Pundi X POS devices, including sales of cryptocurrency such as bitcoins. The target for the ICO is to help fund up to 700,000 POS devices to be installed over a three-year period.

AsiaCollect takes CMS Advisory Services to Indonesia and Philippines

AsiaCollect, a Southeast Asian leader in Credit Management Services (CMS), secured its first clients in Indonesia and Philippines, marking the product launch of Advisory Services in the region. CMS Advisory Services target consumer loan originators and support them for collection efficiency, cost effectiveness, and internal controls. AsiaCollect doubled its Vietnam revenue run-rate in Q3 2017 on a quarter-on-quarter basis. The company will complete its product line by introducing CMS SaaS and Debt Purchasing products, as well as rolling out the entire product line across all their geographies. It targets Vietnam, Indonesia, and Philippines, a huge market with a 435 mil. population, where it expects the consumer lending market to grow by a factor of 5 -10x and generate over US$ 40 bil of non-performing loans in the next five years.