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Achiko announces investment in EmpatKali to offer buy now, pay later services in Indonesia
Zurich/Jakarta, 4 December 2019 – FinTech company Achiko Ltd. (ACHI:SWX) and EmpatKali announce their intention to license Achiko’s digital financial platform to EmpatKali, to provide after-pay services on Achiko’s digital financial platform offering in Indonesia.
Kenneth Ting, CEO of Achiko Ltd, said: “Our agreement with EmpatKali underlines our hyper-local strategy of investing in leading financial services products for our customers in each geographical region where we operate.”
Users of EmpatKali’s service will be able to use Achiko’s future digital financial services platform as a payment channel for payments and users of Achiko’s app will be able to access EmpatKali’s after-pay service, subject to meeting qualifying conditions.
As part of this agreement, Achiko Ltd. is investing USD 100,000 in EmpatKali through a convertible note.
Jamie Camidge, CEO of EmpatKali, said: “EmpatKali is pleased to be partnering with Achiko to offer our zero-interest buy now, pay later service to a wider group of customers in Indonesia who are looking for transparent, simple instalment products.”
EmpatKali intends to become a participant of Achiko’s planned financial services platform, which is a central part of Achiko’s strategy. Achiko intends to bolt the financial services platform into its payment services in Indonesia, use it as an anchor product in Europe, and believes that the suite of services (including 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, Southeast Asia’s leading media conglomerate, and SOSV — a U.S.-headquartered venture capital firm whose net IRR over the last 20 years puts it in the top 10% of all venture funds worldwide. The company graduated from MOX, an SOSV accelerator for cross-border mobile internet, in 2018.
Further information can be found on www.achiko.co.
EmpatKali is a buy now, pay later business, registered and monitored by Oritas Jasa Keuangan (OJK), Indonesia’s financial services authority. EmpatKali offers Indonesian consumers to buy their favourite fashion and lifestyle brands and pay later. Their always 0% interest instalment solution is ideally suited to the 85% of Indonesian Muslims who may have a reluctance to use financial products which charge interest.
Further information can be found on www.empatkali.co.id
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