TNG FinTech adds Indonesian firm WalletKu to e-wallet arsenal

WalletKu will join around 12 other e-wallets in TNG’s digital payments initiative.

Hong Kong-based TNG FinTech Group has acquired Indonesian-based payments firm WalletKu in its second takeover deal in a week, reports e27.

The move comes on the heels of its acquisition of Malaysian e-payments firm Ekuinas Tranglo.

After the acquisition, WalletKu will be integrated into Global E-Wallet Alliance, an initiative by TNG which already includes 12 member e-wallets across China, Indonesia, the Philippines, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan.

The alliance makes it possible for users of any e-wallet within the alliance to perform real-time money transfer to users of another e-wallet. Users can also send instant messages and conduct P2P calls. 

“WalletKu and TNG share the same commitment and strategy to bring value to the unbanked community. The acquisition is a perfect portfolio fit to further strengthen our leading FinTech position in Asia,” Alex Kong, founder and chairman of TNG said in a statement.