Indonesia Digest: KOKU sets up base; ARTOTEL in JV with Sinar Mas Land

Koku team photo from company website.

Singapore-based fintech KOKU is looking to expand its business into Indonesia while hotel chain operator ARTOTEL Group has established a joint venture with Sinar Mas Land.

Singapore fintech KOKU expands into Indonesia

Singapore-based fintech KOKU has announced its plans to expand into Indonesia, the company said in a statement on Tuesday.

KOKU recently secured $2 million in its pre-Series A funding round led by Decent Capital, founded by Jason Zheng, who also co-founded Chinese tech giant Tencent Holdings.

KOKU is focused on empowering non-bank money transfer operators with the goal to provide cheaper, quicker and digital-first remittances to global customers.

KOKU has partnered with non-bank financial intermediaries to develop foreign exchange technology solutions. The startup is currently exploring projects with its Indonesian NBFI partners including e-wallet players, micro-lending, payment companies, remittance and money exchange firms.

The startup sees Indonesia as a promising market on account of its high population along with increased inbound and outbound remittance activity.

KOKU will focus on integrating its technology with the local partners in Indonesia. Besides that, it is also exploring the opportunity to partner with local convenience stores and supermarkets.

ARTOTEL Group inks JV with Sinar Mas Land

Indonesian hotel group ARTOTEL Group on Tuesday announced that it has established a joint venture with property conglomerate Sinar Mas Land.

The JV, Sinar Artotel Indonesia, aims to manage a new hotel brand Rooms Inc, that will initially be created and also owned by Sinar Mas Land. Both companies expect to expand Rooms Inc network across Indonesia. ‘

Aside from that, the JV will also manage and expand other hotel brands that are owned by Sinar Mas Land.

Rooms Inc., located in Semarang, Central Java, will also become one of ARTOTEL Group’s portfolio brand, targeting the millennials.

Aside from Room Inc, ARTOTEL now operates several brands namely ARTOTEL SUITES, ARTOTEL Villa and ARTOTEL Casa for premium luxury, Curated by ARTOTEL for the upper-middle class, and capsule hotel Bobotel brand.

ARTOTEL Group is targeting to have more than 50 hotels across the archipelago by 2020.