The Explosion of FinTech in Indonesia and how Companies like Gojek and Weyland Tech, Inc. are Winning
Point Roberts, Washington and Delta, British Columbia–(Newsfile Corp. – October 23, 2019) – Investorideas.com, a leading investor news resource covering tech and mobile payment stocks, releases a snapshot reporting on the rapid growth of Fintech solutions in Indonesia and how unicorn companies like Gojek and emerging players like Weyland Tech, Inc. (OTCQX: WEYL) are benefiting.
Read the full article on Investorideas.com https://www.investorideas.com/News/2019/technology/10230FinTech-Indonesia.asp
According to one recent report, “Indonesia’s fintech industry is in the midst of a period of significant growth. P2P lending recorded a triple-digit increase in 2018, while e-payment services have grown more than six-fold since 2012, prompting a surge of new foreign investment into a vibrant and increasingly diverse start-up community.”
A recent article from FinTechNews reported on the growth of the Fintech industry in Indonesia, with specific focus on one of the major players in the industry, the private company Gojek.
“Jakarta, Indonesia, is home to Gojek, one of Southeast Asia’s leading on-demand multi-service platform and digital payment technology group. Gojek is the first Indonesian unicorn company, and also the first “decacorn” company in Indonesia that’s worth more than US$10 billion. Gojek operates Indonesia’s fourth biggest e-wallet service Go-Pay, and from its headquarters in Jakarta, has expanded across the region to markets including Vietnam, Thailand, Singapore and the Philippines.”
Weyland Tech, Inc. (OTCQX: WEYL) is also aiming to seize a part of this giant opportunity. Weyland is a growing global provider of m-Commerce and fintech business enablement solutions with its CreateApp™ Platform-as-a-Service (PaaS) across three continents and 10 countries, including some of the fastest-growing emerging markets in Southeast Asia. They recently reported selected preliminary unaudited financial results for the third quarter and nine months ended September 30, 2019.
The company’s subsidiary, Weyland Indonesia Perkasa (WIP), operates AtozPay and AtozGo. The AtozPay mobile payments platform serves the burgeoning m-Commerce and e-Payment markets in Indonesia, the world’s fourth most populous country. AtozGo is a fast-growing short-distance food delivery service in Jakarta, Indonesia.
For the third quarter 2019, the company expects record revenue of approximately $9.0 million, which would represent an increase of 6.6% compared to the third quarter of 2018. For the first nine months of 2019, the company expects record revenue of approximately $24.6 million, which would represent an increase of 42.6% versus the same year-ago period. The company also expects to turn adjusted EBITDA positive in the third quarter.
“These anticipated record results reflect the accelerating growth in our recurring revenue from CreateApp subscription fees,” said Brent Suen, CEO of Weyland Tech. “While we expect to generate positive adjusted EBITDA in the third quarter, we plan to continue to reinvest in efforts designed to gain customers and market share.”
“The growth in recurring revenue was largely due to greater adoption of CreateApp by SMBs in our existing markets as driven by our highly-productive channel partners,” continued Suen. “The increased adoption included new customers as well as existing customers subscribing to additional features and modules. This momentum has continued into the fourth quarter, keeping us on track for another year of record growth.”
Offered in 14 languages with more than 70 integrated modules, Weyland enables SMBs to create and deploy native mobile applications for Apple iOS and Google Android without technical knowledge or background. The technology empowers SMBs to increase sales, reach more customers, manage logistics, and promote their products and services in an easy, affordable and highly efficient way.
Gojek was most recently in the news as Gojek CEO and co-Founder, Nadiem Makarim announced on Monday that he had resigned to join Indonesia’s new cabinet. The ride-hailing and payments company said two senior executives would jointly take over running operations of the $10 billion firm.
As we continue to see this trend of big tech companies willing to invest such large sums into this expanding market, Indonesia looks to remain a hub for the Fintech industry moving forward, for both large scale investors and startups looking to expand the revenue models and get in early on this rapidly growing market.
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