Sunday, 22 October 2017

TrueMoney now offers 13,500 service points in Indonesia

PT Witami Tunai Mandiri, the Indonesian operations of Southeast Asian fintech firm TrueMoney, has reached the milestone of 13,500 Indonesia customer service points.

Through these agent-managed service points TrueMoney provides a suite of e-money solutions, including depositing and withdrawing cash, paying for online purchases, and domestic fund transfers, which are fully compliant with Indonesian central bank regulations.

Alfamart, one of Indonesia’s largest convenience store operators, is TrueMoney’s latest partner, bringing its 13,168 outlets onto TrueMoney’s agent network. With TrueMoney’s suite of e-money solutions, Alfamart’s customers – many of which have no bank account or credit/debit card – can use digital financial services – pay, purchase, and transfer – that they may otherwise have no access to.

With this development TrueMoney has become one of the largest non-bank e-money providers in Indonesia, and the first non-bank fintech firm to hold a remittance license as well as a shari'ah-compliant e-money license, critical for reaching a large percentage of Indonesian consumers.

Nussy Aryanto, President of TrueMoney Indonesia said, “Far too many of Indonesia’s people have no, or very limited access to financial services. By being mobile first and working with a number of partners such as Alfamart, we are able to offer access, convenience and completely new financial products to this large population. Our mission is to bring basic financial services to every single Indonesian.”

According to the International Finance Corporation about 20%-25% of Indonesia’s 255 million population has a bank account, but there are around 325 million mobile subscriptions. With 85% of the population owning a mobile phone, about half of which are smartphones, digital mobile services delivered have the potential of reaching more people.

Hans Prawira, President of Alfamart said, “We have millions of customers across Indonesia, especially outside of major cities.We are always trying to serve their needs, and our partnership with TrueMoney will bring a whole new set of products and services that will improve our customers’ lives. It will now be much easier and cheaper for them to send and receive funds from relatives, using cash at our outlets; their lives will be changed.”

TrueMoney provides a number of e-payment services across Southeast Asia, including TrueMoney Wallet, WeCard (with MasterCard), TrueMoney Cash Card, kiosks, payment gateways, and remittances. It also provides cash-in and cash-out services, which are available at any of TrueMoney’s 13,500 agent locations in 10 provinces.

TrueMoney Indonesia has also introduced TrueMoney Remittance with Alphamart as the service provider. TrueMoney Remittance is a cash-to-cash service which allows customers to send and withdraw cash from any of Alphamart’s 13,168 stores.

TrueMoney launched its operations in Indonesia in June 2016. The partnership with Alfamart follows a number of significant partnerships across Indonesia, including with Samsung. TrueMoney is a subsidiary of Thailand-based Ascend Money, one of the largest fintech companies in Southeast Asia with over 20 million customers. Ascend Money is backed by Thailand’s CP Group and recently secured a 20% investment by ANT Financial Services Group, operator of China’s Alipay e-wallet.