Fintech Firm TrueMoney Reaches 13,500 Customer Service Points in Indonesia, Latest Partner Alfamart Adds Its Outlets
Singapore, 19 October 2024 – PT Witami Tunai Mandiri, the Indonesian operations of Southeast Asian fintech firm TrueMoney, has reached 13,500 Indonesia customer service points. Through these agent-managed service points TrueMoney provides a suite of e-money solutions, including depositing and withdrawing cash, paying for online purchases, and domestic fund transfers, which are fully compliant with Indonesian central bank regulations.
TrueMoney is now one of the largest non-bank e-money providers, and the first non-bank fintech firms to hold a remittance license as well as a Shariah-complaint e-money license, critical for reaching a large percentage of Indonesian consumers.
Alfamart, one of Indonesia’s largest convenience store operators, is TrueMoney’s latest partner, bringing its 13,168 outlets onto TrueMoney’s agent network. With TrueMoney’s suite of e-money solutions, Alfamart’s customers – many of which have no bank account or credit/debit card – can use digital financial services – pay, purchase, and transfer – that they may otherwise have no access to.
Nussy Aryanto, President of TrueMoney Indonesia said, “Far too many of Indonesia’s people have no, or very limited access to financial services. By being mobile first and working with a number of partners such as Alfamart, we are able to offer access, convenience and completely new financial products to this large population. Our mission is to bring basic financial services to every single Indonesian.”
According to the International Finance Corporation about 20%-25% of Indonesia’s 255 million population has a bank account, but there are around 325 million mobile subscriptions. With 85% of the population owning a mobile phone, about half are smartphones. This means digital services, including digital financial solutions, can reach a much larger segment of the population if delivered, at least in part, through mobile devices.
Hans Prawira, President of Alfamart said, “We have millions of customers across Indonesia, especially outside of major cities. We are always trying to serve their needs, and our partnership with TrueMoney will bring a whole new set of products and services that will improve our customers’ lives. It will now be much easier and cheaper for them to send and receive funds from relatives, using cash at our outlets; their lives will be changed.”
Marketing Magazine recently awarded TrueMoney Indonesia “The Best Innovation in Marketing” for it efforts at building an agent network of roadside shops and grocery stores to provide financial services across Indonesia.
TrueMoney provides a number of e-payment services across Southeast Asia, including TrueMoney Wallet, WeCard (with MasterCard), TrueMoney Cash Card, Kiosk, Express, Payment Gateway, and Remittance. It also provides cash-in and cash-out services, which will be especially useful in Indonesia where a large number of the population is unbanked or underserved by banking and financial institutions. They can do this at any of TrueMoney’s 13,500 agent locations in ten provinces.
Today, TrueMoney Indonesia introduced its newest service TrueMoney Remittance, with Alphamart as the service provider. TrueMoney Remittance is a cash-to-cash service which allows customers to send and withdraw cash from any of Alphamart’s 13,168 stores.
TrueMoney launched its operations in Indonesia in June 2016. The partnership with Alfamart follows a number of important partnerships across Indonesia, including Samsung. TrueMoney is a subsidiary of Thailand-based Ascend Money, one of the largest fintech companies in Southeast Asia with over 20 million customers. Ascend Money is backed by Thailand’s CP Group and has recently secured a 20% investment by ANT Financial Services Group, operator of China’s most popular e-wallet Alipay.
About TrueMoney
TrueMoney Co., Ltd. was established in 2003 by True Corporation and came under Ascend Group in 2015. For digital consumers, TrueMoney’s payment solutions include a mobile wallet (TrueMoney Wallet) available in Thailand and Indonesia, virtual and physical debit cards (WeCard, offered jointly with MasterCard) available in Thailand, prepaid cash cards (TrueMoney Cash Card, available through retail chains including 7-Eleven in Thailand, Alfamart in Indonesia, Bic Mac in the Philippines and in Cambodia), a bill payment and mobile topup solution (PayPoint) available in all 6 ASEAN countries that it has a presence in, game topup in Thailand and Cambodia and cash collection in Myanmar. For unbanked and underbanked consumers, TrueMoney works with its over 20,000 agent network across the region to enable cash in and cash out capabilities, as well as facilitate transactions, including domestic and cross-border remittances, bill payment and mobile topup. TrueMoney also provides financial solutions for corporations with its payment gateway for e-commerce retailers in Thailand and payroll services for Indonesia.
About Ascend Money
Ascend Money’s mission is to enable everyone access to innovative financial services, leading to better lives. Ascend Money is the leading financial services provider in Southeast Asia, operating under the TrueMoney brand for payments and Ascend Nano for lending. With its headquarter in Bangkok, Thailand, Ascend Money operates in six countries, including Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia. Ascend Money targets two under-served groups: 1) digital consumers with its innovative mobile wallet application and 2) the under-banked with its massive agent network. It currently provides payment services such as domestic and international remittance, bill payment, top up services, eCommerce payments and payroll services.
Ascend Money is now bringing financial solutions to more than 20 million people — both banked and unbanked. The lack of basic financial services has created major barriers for people to overcome poverty, by making it almost impossible for the majority of Southeast Asians to borrow or save money. Ascend Money looks to remedy this by offering its services because banking services, in its view, is a basic right.
About Alfamart
PT. Sumber Alfaria Trijaya Tbk (PT SAT) is a retail company that manages 13,168 Alfamart stores as per-June 2017, and has 32 branch offices/warehouses spread across the island of Sumatera, Java, Bali, Lombok, Sulawesi and Kalimantan (Borneo). In October 2014, PT SAT has increased its stake in PT Midi Utama Indonesia Tbk (Alfamidi), Alfamart’s share ownership in Alfamidi reaches to 86,7%, and it became the majority shareholder. PT MUI itself is a company that houses 1,366 Alfamidi, 36 Lawson stores, and 8 Alfamidi Super.