Indonesian Fintech Firm Achiko Eyes Swiss Exchange IPO

Indonesian fintech firm Achiko is planning to submit an application for a direct listing on the SIX Swiss Exchange, Switzerland’s principal stock exchange, the company announced in a statement.

The company says it plans to list 100 million shares. While it did not disclose its expected share price for the listing, the company said its last round of financing was at a $0.70 per share.

Achiko, which is backed by Indonesia’s largest media company MNC Corporation, is a relatively new holding company founded only last year 2018. Howover, the company oversees established companies including Kryptonite (2014) and also Mimopay, which is its primary business.

Founded in 2012, Mimopay is a provider of payment services in Indonesia for people who do not have a bank account or credit card. It allows users to 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, which also has operations in Korea and Taiwan. “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.

Building on Mimopay’s 2 million end-user customers in Indonesia, Achiko says it 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. These markets represent tremendous growth opportunities for us,” said Achiko CEO Kenneth Ting, the CEO of Achiko.

In Indonesia, Achiko’s Mimopay operates in a space currently dominated by two giants: Grab-backed OVO and GOJEK’s Go-Pay. While many of Mimopay’s services compete directly with the OVO and Go-Pay, the company has started to target a segment that has yet to be optimally captured by others, which is the gaming market.

The company offers a top up service for online game players and also provides a secure payment solutions for game publishers and application developers.