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Fiuu Fintech acquires Indonesia’s E2Pay

June 09, 2022

PETALING JAYA: Fiuu Fintech, the financial technology arm of gaming company Razer Inc, today acquired Indonesia-based B2B2C digital payment facilitators and e-money firm, PT E2Pay Global Utama.

Fiuu Fintech is a O2O (offline to online) digital payment network in Southeast Asia (SEA), and this acquisition marks its further expansion into Indonesia.

Founded in 2012, E2Pay provides payment solutions to merchants and financial institutions, including payment gateway, e-money, and remittance services licenses in Indonesia. These services complement Fiuu, Fiuu Fintech’s business-to-business arm regionally, as it facilitates cross-border payments for its 60,000 merchants to the region’s largest populated country.

Fiuu Fintech CEO Lee Li Meng said the acquisition of E2Pay grants the company entry into Indonesia where it believes has one of SEA’s fastest-growing digital economies.

“E2Pay is one of Indonesia’s very few digital payment players that has a comprehensive set of licences across various payment gateway services, e-money, and remittance. The acquisition of E2Pay allows us to accelerate our entry into Indonesia, one of the fastest-growing digital economies in Southeast Asia, as well as be able to better serve the digital payment needs of our regional and global merchants as the single partner of choice. I look forward to working closely with the E2Pay team to grow our presence in Indonesia considerably in the years to come,” said Lee in a statement.

Through this acquisition, Fiuu Fintech and E2Pay look to contribute Indonesia’s expected GMV of US$124 billion (RM544 billion) by 2025, at a 23% compound annual growth rate, making it one of the largest growing digital economies in Southeast Asia.

E2Pay’s payment gateway supports high-growth e-commerce verticals including online marketplaces, professional services, travel & tourism, as well as other segments throughout Indonesia, with some of E2Pay’s most notable merchants consisting of Tokopedia, Bukalapak, Traveloka and Blibli.com.

The Indonesian fintech player also connects major payment channels and supports local and alternative payment methods including card schemes, internet banking, mobile banking, e-money, virtual accounts, offline points, and personal financing to provide a comprehensive local payment platform for more than 500 merchants in the region.

“We hope that the synergy between E2Pay and Fiuu Fintech will enable both organisations to tap on our merchant base to grow, expand and scale our platform’s reach across Southeast Asia,” said E2Pay chairman Rudy Danandjaja.

Internet usage in Indonesia has been steadily growing, with a gross merchandise volume (GMV) of US$40 billion in 2020, mainly driven by e-commerce, even offsetting declines in travel, transport and food delivery industries throughout lockdown periods according to the e-Conomy SEA Report by Google, Temasek and Bain & Company.

Repost from: theSundaily.