US-based Weyland Tech to spin off Indonesia-focused e-wallet business AtozPay

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US-based Weyland Tech Inc, a provider of mobile business applications, has proposed to spin off its e-wallet business – which launched as AtozPay mobile payments platform in Indonesia in May – into a separate entity and is exploring an initial public offering for the same.

It has given a mandate to Pricewaterhouse Coopers to advise it on the spinoff and IPO structure as well as ongoing audit functions for the e-wallet business, according to a company statement.

Weyland Tech launched AtozPay in Indonesia, the world fourth most populous country. The US firm says the payments platform is already seeing rapid growth in transactions. It has established relationships with several large companies in Indonesia, including Go-Jek, to provide payments for their product and service lines.

On the launch of AtozPay in Indonesia in May this year, Weyland Tech CEO Brent Suen had said, “Indonesia’s economy is much bigger than most people realize. The population has high smartphone penetration, but because the largest global players in mobile payments like GooglePay, ApplePay, Alipay and Samsung Pay do not operate there, the market is highly fragmented. In reality, a country like Indonesia is a great place for a company like Weyland to start. Indonesia provides a large growing market upon which Weyland can capitalize.”

The e-wallet operated in a ‘closed Beta’ environment from December 2017 to April 2018 before its official launch in May.

Weyland has forecast that the platform will achieve gross transaction volume of $30 million in 2018 and $80 million for 2019.

As part of the spinoff exercise, a US corporate entity has been formed that will temporarily serve as the holding company for Weyland Tech’s ownership of the e-wallet business. Each of Weyland Tech’s shareholders will receive a pro-rata allocation of the spin-out shares.

Weyland Tech’s core offering, the CreateApp platform, is focused on the Asia markets. The platform enables small and medium sized businesses to create native mobile applications for Apple’s iOS and Google Android without technical knowledge or background. CreateApp offers a mobile presence to businesses in emerging markets, the release noted.

Also Read:

Amazon gets RBI approval to launch e-wallet in India

India: Stricter norms for e-wallets likely soon 

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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.