MICROCAPITAL BRIEF: Ant Financial, Emtek to Launch Mobile Payment Service in Indonesia

Ant Financial Services Group, a member of China’s Alibaba Group and the parent company of Alipay, and Elang Mahkota Teknologi (Emtek), an Indonesia-based media company, recently announced plans to launch a mobile payment platform in Indonesia. The new service will run on BlackBerry Messenger (BBM), an app that is licensed in the country to a subsidiary of Emtek. BBM, which was designed by Canada’s BlackBerry Limited, serves 63 million Apple and Android users in Indonesia. Ant Financial and Emtek hope to expand the service to merchants and other messaging platforms in the near future.

The mission of Ant Financial is to “bring equal access to financial services to the world.” Alibaba reports 2016 revenue of CNY 101 billion (USD 14.7 billion).

Emtek provides services including television stations and internet access. As of 2016, it reported total assets of IDR 20.4 trillion (USD 1.5 billion).

By Phoebe Rorke, Research Associate

Sources and Additional Resources

Mobile World Live:
Ant Financial, Emtek team on Indonesia m-pay service

Ant Financial Services Group:
Ant Financial home page

Elang Mahkota Teknologi

Emtek 2016 Annual Report

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