Indonesia’s Emtek Acquires Stakes In Two Digital Payment Services

Indonesia-based media company Elang Mahkota Teknologi (Emtek Group) has acquired large stakes in two of the country’s digital payment services.

According to eMarketer, Emtek now holds a 50 percent stake in payment service PT Nusa Satu Inti Artha (commonly known as Doku), as well as a 90 percent share of PT Espay Debit Indonesia Koe.

The acquisitions were made through the company’s subsidiaries, with Emtek solidifying its position as a leader in the digital payment sector in Indonesia. In April, the company partnered with Ant Financial to create a mobile payment service on BlackBerry Messenger (BBM). In June 2016, Emtek licensed the rights to operate BBM in Indonesia from BlackBerry, as the messaging service has about 63 million monthly active users in the country.

Emtek is hoping to upset the country’s high reliance on cash. According to an April 2017 survey from DI Marketing, digital buyers in Indonesia still rely on a variety of offline payment methods — such as paying at a convenience store and cash on delivery — to complete their online purchases.

Both EDIK and Doku are licensed by Indonesia’s central bank to manage electronic money and money transfers.

While it’s unknown how Emtek’s relationship with the newly acquired payment services will unfold, it is likely that it will have something to do with BBM, which wants to become Indonesia’s WeChat. With that in mind, the platform also brokered a deal with Indonesia-based online marketplace late last year to provide eCommerce services via its app.

Source: PYMNTS