Indonesian fintech startup PAYFAZZ secures e-money license
Indonesian fintech startup PAYFAZZ on Monday announced that it has secured an e-money license from Bank Indonesia, paving the way for the launch of its e-money services in the country ... According to the announcement, the central bank approved the e-money license to PT Cashfazz Teknologi Nusantara, a subsidiary of Fazz Financial Group, the holding company formed after PAYFAZZ invested into its Singaporean counterpart Xfers early this year ... PAYFAZZ is the largest financial services platform for rural Indonesia to receive the e-money license, which is considered a lucrative license owned by top fintech players and big banks in the country.
Indonesian fintech startup PAYFAZZ on Monday announced that it has secured an e-money license from Bank Indonesia, paving the way for the launch of its e-money services in the country.
According to the announcement, the central bank approved the e-money license to PT Cashfazz Teknologi Nusantara, a subsidiary of Fazz Financial Group, the holding company formed after PAYFAZZ invested into its Singaporean counterpart Xfers early this year.
PAYFAZZ is the largest financial services platform for rural Indonesia to receive the e-money license, which is considered a lucrative license owned by top fintech players and big banks in the country.
The license is valid for five years and can be renewed for another five years.
PAYFAZZ plans to use the license to open up more use cases that can be facilitated by its agents, especially to help Xfers global merchant clients collect payments from the unbanked.
As of May, Fazz Financial Group has processed nearly $10 billion through its ecosystem of products and with the e-money license expects this volume to grow further.
“Now with an e-money license, we’re expecting that this advancement would move us closer to our goal of becoming a full-stack financial services platform for unbanked people,” said Hendra Kwik, CEO and co-founder of PAYFAZZ.
Founded in 2016 by Kwik, Jefriyanto, and Ricky Winata, PAYFAZZ claims to operate Indonesia’s largest agent-driven banking network with over a quarter-million merchants and small restaurants.
Targeting the unbanked who constitute about 66% of Indonesia’s population, PAYFAZZ vets offline agents to act as intermediaries between banks and potential customers.
The company provides bill payment, money transfer, merchant payment, lending, and deposit/saving services to unbanked through platform partnership with various billers, banks, global and local merchants, financial institutions, lending companies, and payment companies.
PAYFAZZ counts Y Combinator, Tiger Global, DST Global Partners, Insignia Ventures Partners, B Capital Group, and BRI Ventures as its major investors.
