Register for E-mail Allert!
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Achiko and Hypothekarbank Lenzburg sign a Memorandum of Understanding to progress delivery of Achiko’s digital wallet and financial services App in Switzerland
Zurich/Lenzburg, 28 November 2019 – Newly listed FinTech company Achiko Ltd. (ACHI:SWX) and Swiss bank Hypothekarbank Lenzburg AG (HBLN:SWX) announce their intention to enter into a partnership to deliver Achiko’s digital financial platform offering in Switzerland.
Hypothekarbank Lenzburg (HBL), one of Switzerland’s leading financial institutions in the ongoing digitalization of financial services, and Achiko, one of Asia’s leading FinTech companies operating as a payment services platform and listed at the SIX Swiss Exchange, will deliver the platform by leveraging Achiko’s digital infrastructure and HBL’s Finstar® banking solution. The new platform will provide financial services including a digital wallet, which will set a new benchmark in terms of functionality and consumer engagement.
Marianne Wildi, CEO of Hypothekarbank Lenzburg Ltd: “With this cooperation we once more prove our leadership when it comes to Open Banking in Switzerland. The cooperation with Achiko is a milestone in the opening process of Swiss Banking for innovative Fintech solutions. We are happy that our bank and its core banking system Finstar is part of this dynamic.”
Users who register for the Swiss offering of Achiko will automatically become a customer of HBL with a special account designed for the usage of the Achiko digital wallet. The user-friendly digital wallet will provide access to a range of products and services such as currency held in a bank account, digital commodities, enabling funds to be “topped up” from an account with HBL, issuance of “Achiko” co-branded debit or prepaid cards offered by HBL and a variety of payment mechanisms. In addition, Achiko’s payroll advance system, called EarlyPay, will be rolled out during the course of 2020, enabling registered employees of companies who have enabled ‘AchikoPay’ to draw down an advance payment against their salary. The service will be free of charge to the employer while employees are charged a small administration fee.
The partnership with HBL and Achiko’s new e-wallet is limited to the Swiss market. Nonetheless it is a sign of Achiko’s ambition to expand its footprint both in terms of range of services, as well as geographically. To this end, Achiko continues to focus on the expansion of its core customer base in Asia, which will receive additional functionalities of the digital wallet within the next few months, while the company is also pro-actively exploring additional strategic partnerships, both in Europe as well as in Asia.
In order to promote and accelerate the implementation of its long-term expansion strategy, Achiko is also establishing a company in Switzerland.
Christopher Young, Chief Operations Officer of Achiko Ltd. and Director of the soon to be incorporated Achiko Switzerland AG, says: “Our recent decision to list Achiko on the SIX Swiss Exchange was a far-reaching strategic decision. Our aim is to enable people to connect through play and pay. We have a strong and rapidly growing business in Indonesia and Asia and in parallel we have strategic plans to increase our footprint in Switzerland and Europe. The partnership with leading institutions such as Hypothekarbank Lenzburg is an important steppingstone towards the implementation of this strategy. Further expansion of our services and additional partnerships are in the pipeline.”
Going forward, the digital wallet will be a central part of Achiko’s strategy. The company intends to bolt it into its payment services in Indonesia, use it as an anchor product in Europe, and believes that the suite of services (including ‘buy now, pay later’-options, consumer credit, vouchers, offers, games services, etc.) may be relevant to broader Asia, Europe, and beyond.
Achiko is the holding company of the Mimopay and Kryptonite businesses. The group has branch offices in Indonesia, Hong Kong, Singapore and South Korea.
Achiko has an experienced management team which has a track record building internationally recognised digital businesses and has also implemented them for companies like Disney, TimeWarner (now WarnerMedia), Samsung, Kakao, Leon Entertainment and many others. Achiko has significant shareholders such as MNC Group, the largest media company in Southeast Asia. Its shareholder base also includes MOX, China’s largest venture capital company focussing exclusively on the mobile sector and one of the three largest global VC companies in this field.
Further information can be found on www.achiko.co.
About Hypothekarbank Lenzburg and Finstar®
Hypothekarbank Lenzburg AG is a listed Swiss universal bank. Around 260 employees from 11 nations offer all banking services. The bank was founded in 1868 as Hypothekar- und Leihkasse Lenzburg. Today, the bank operates 13 branch offices and two consulting offices and is strongly anchored in the region. In addition to its traditional business, "Hypi" is also pushing ahead with the digitalization of the banking business. Finstar®, the core banking system developed in-house, has open interfaces for Fintech companies and is also marketed as an open banking platform to third-party banks and other companies. In recent years, Hypothekarbank Lenzburg has received several awards for its innovative technological strength: "Finance IT Innovation Award" from Competence Center Ecosystem (2019), "Euro Finance Tech Award" from Euro Finance Tech (2017), "Most Digital Bank in Switzerland" from finews.ch (2016).
Further information can be found on www.hbl.ch
Germany and Austria
Axel Mühlhaus/ Dr. Sönke Knop
T: +49 69 90 55 05-51
Farner Consulting Ltd.
T: +41 44 266 67 67
This publication constitutes neither an offer to sell nor a solicitation to buy securities of the Company and it does not constitute a prospectus or a similar communication within the meaning of article 652a, 752 and/or 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange.
This communication is being distributed only to, and is directed only at (i) persons outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person must not act or rely on this communication or any of its contents.
This communication does not constitute an "offer of securities to the public" within the meaning of Regulation 2017/1129 of the European Union (the "Prospectus Regulation") of the securities referred to in it (the "Securities") in any member state of the European Economic Area (the "EEA"). Any offers of the Securities to persons in the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus for offers of the Securities.
The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the securities in the United States, and does not intend to conduct a public offering of securities in the United States.