Singapore-based fintech firm KOKU is looking for partners who "possess expertise of the local market" as part of its expansion plans into Indonesia. They may include local supermarkets and convenience stores which will act as points of access to financial services.
According to a press release, other potential partners include e-wallet players, micro-lending and payment companies, as well as remittance and money exchange businesses. The collaboration will revolve around the integration of KOKU’s technology into the existing operations of its partners, while ensuring that they have the ability to go-to-market quickly and without disruption to their business.
KOKU founder and CEO Calvin Goh added: "Expansion into Indonesia will be very much dependant on engaging with the right partners. We want to ensure that our technology is localised to adhere to cultural needs and business needs.”
With a high migrant population, and increasing inbound and outbound remittance, the company said Indonesia has an "immense potential" to grow its remittance industry as well as contribute to the growth of the region’s e-payments and money transfer capabilities.
"KOKU envisions greater growth opportunities for the industry by leveraging technology to deliver financial inclusion and change the way of life for Indonesians,” added Goh. The company's regional expansion follows a successful US$2 million pre-series A funding round earlier this year, led by Decent Capital, an investment firm started by Jason Zeng, who co-founded Tencent Holdings.
Founded in 2016, KOKU currently works with non-bank financial intermediaries (NBFIs) to build foreign exchange technology solutions. It is already exploring initial projects with NBFI partners in Indonesia.
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