State-owned e-wallet platform LinkAja officially launched in Jakarta

Photo: LinkAja website

Indonesia’s e-wallet platform LinkAja, which was formed by a consortium of state-owned enterprises, officially launched its services on Sunday in Jakarta after a much-delayed start.

Created through a merger of the e-wallets of telco firm Telkomsel, and lenders Bank Mandiri, BRI and BNI, LinkAja’s launch was initially scheduled for early March and was delayed at least thrice. The consortium backing the e-wallet includes lender BTN, oil and gas firm Pertamina and insurance firm Jiwasraya.

We had earlier reported that the six state-owned firms had committed to jointly invest $80 million in LinkAja.

On Sunday, Finarya, the company managing LinkAja, said its services are now available at over 150,000 merchants across the country and cover more than 400 digital products, including internet, electricity payment, and voucher games.

LinkAja has partnered with 20 e-commerce startups, including biggies such as Tokopedia and Bukalapak, to facilitate e-wallet transactions in the country. Its services can also be used by consumers to pay for public transportation, including railway, local integrated bus, and taxi.

In addition, LinkAja users will be able to withdraw money at 40,000 ATMs owned by the state-controlled lenders without a debit card. The platform also offers remittance services for Indonesian workers in Singapore and plans to launch similar services in other markets, including Hong Kong.

It is understood that LinkAja will expand into other financial services such as insurance in the near future.

The backers of LinkAja have previously explained the move towards a unified mobile payments system as a way to “provide a better and more comprehensive e-money service for the public”. The e-wallet will compete with the two dominant private sector players – GOJEK’s Go-Pay and Grab-backed Ovo — and other players such as DANA.

Digital payments are increasingly gathering steam in Indonesia, with over 90 per cent of its 264-million-strong population owning mobile phones. According to 2018 data available with Morgan Stanley, a mere 2.1 per cent of non-cash transactions in 2017 used e-money, which signals the immense scope in the sector.  Going forward, by 2027. the share is expected to increase to 24 per cent.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.