Achiko Limited, a leading fintech provider in Indonesia, announced today that it plans to submit an application for a direct listing on the SIX Swiss Exchange, Switzerland’s principal stock exchange.
Achiko’s primary business is Mimopay. Founded in 2012, Mimopay has grown quickly to become a leading provider of payment services in Indonesia for people who do not have a bank account or credit card. People can pay for digital gaming content and services via a range of payment channels, such as telecom billing, game vouchers, and at over 10,000 convenience stores and over 100,000 ATMs.
“We’re excited about the future and the opportunities that financial and digital inclusion can bring to the 1.7 billion unbanked adults around the world,”
said Allen Wu, Chairman of Achiko.
“We’re inspired by the success of platforms such as WeChat and Kakao, that combine payments with a wide- range of services, and believe that model provides a roadmap for our own global ambitions. We’ve started with Indonesia and we’re expanding our system’s digital and physical footprints by accelerating partnerships and diversifying revenue beyond payments.”
The Company includes an experienced management team which has worked on and delivered multi billion US dollar projects at globally-recognized digital businesses for companies such as Disney, Time-Warner, today named WarnerMedia, Samsung, Kakao and Leon Entertainment. With backing from MNC Corporation, Indonesia’s largest media group, and MOX, the Mobile Only Accelerator of SOSV the first accelerator group in Asia, Achiko is redefining mobile based social commerce in one of the world’s most vibrant consumer markets.
Building on Mimopay’s 2 million end-user customers in Indonesia, Achiko intends to expand its payments platform through strategic partnerships in Myanmar, The Philippines and Vietnam, in the next 18 months.
“There are many developing countries across the world like Indonesia that have high mobile penetration, yet a large population of unbanked who cannot pay for online services through traditional payment channels,”
said Kenneth Ting, the CEO of Achiko.
“These markets represent tremendous growth opportunities for us.”
The company plans to list 100 million shares. Achiko’s last round of financing was at a USD $0.70 per share.
Featured image credit: SIX Swiss Exchange