Is Facebook tying up with Indonesian digital fintech firms?

Reports are that Facebook Inc. is partnering with three Indonesian digital fintech companies to apply for regulatory approval to launch mobile payments in the country, the fourth most populous in the world.

Indonesia has 41 companies that have a Bank Indonesia e-wallet license and is also one of the largest Facebook and WhatsApp markets with millions of users. Indonesia’s payment market is expected to have a huge revenue potential-mainly contributed by e-wallets.

In November last, Facebook announced its latest payment platform, saying it will be offering the service through Facebook, Messenger, Instagram, and WhatsApp. If approved, the proposal could be among the first such service under the unified payment service revealed by Facebook in November.

Bank Indonesia though says so far no formal application has been submitted. An official from the bank said that any joint venture contract between a payment company and an existing company with a Bank Indonesia license must obtain the regulator’s prior approval, adding that the party with the existing license must also file the request.

The company is hoping to win permission and introduce digital payments to more countries, a Facebook spokesperson confirmed.

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Cult Today

Cult Today

CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

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