Indonesian Start-Up Seeks Swiss Listing

Jakarta-based Achiko wants to list 100 million shares on SIX, the Swiss stock exchange, it said on Wednesday. The shares were valued at $0.70 during its last fundraising, which would make for proceeds of $70 million.

Its seven-year-old subsidiary Mimopay offers payment services for consumers without bank accounts – thus far, the company has won 2 million clients. Mimopay’s offering includes services to pay via smartphone, at ATMs, or directly at vendors. The company said its service has potential among the 1.7 billion people with no bank account.

From Indonesia, the fintech led by president Allen Wu and CEO Kenneth Ting wants to expand to Myanmar, Vietnam and the Philippinen. To do so, Achiko plans to seek strategic partnerships with local firms.