Indonesia Fintech Industry News - Dec 2018

Aladin Coin tries its luck in Indonesia

The Indonesia government’s ban of using cryptocurrency did not discourage Aladin Capital’s intention to enter the market and offer the Aladin Coin. This cryptocurrency is growing very rapidly in Vietnam since it was found in November 2017 in US. Though exactly the same as the Bitcoin, it was created in an attempt to catch up to the high value of the Bitcoin. The company is optimistic that it will be well received by Indonesians achieve the same level of success as in Vietnam. Despite all government regulations there is still a high level of interest to introduce new coins.

Indonesia’s Pundi X Looks to Launch Crypto PoS Network

Pundi X, an Indonesian company is launching a point of sale terminal network to help people buy and sell cryptocurrencies over the country. The company plans to launch its network in Singapore, Indonesia, Africa and Brazil followed by India later this year. This will create an offline sales channel for these currencies. Its own currency PXS will also be launched. The plan is to create a network of 100,000 devices across the world, allowing people to trade cryptocurrencies and use them to pay for goods and services through their network.

New Crypto Exchange

KinerjaPay (KPAY) existing, in-platform currency Kcoin has become a publicly traded cryptocurrency in an Initial Coin Offering (ICO) that could rocket KPAY’s user growth. Average revenue per transaction has grown from SGD$4.42 in 2016 to SGD$5.80 in 2017, demonstrating that metrics are moving in the right direction. This move makes KinerjaPay the first Indonesian company to have ownership stake in an international exchange. If the company can raise SGD4-9 million in ICO proceeds, it will bring in fresh capital and serves as inherent marketing and a user-acquisition tool for KPAY. The company is jointly launching their own cryptocurrency exchange for Kcoin and other coins, called KryptoPay, adding another possible revenue source.