Koku, a Singapore based financial technology startup is receiving pre series A funding of $2 million led by Jason Zeng. It’s to be used for product development and regional expansion, Indonesia as one of the target.
Koku is a startup offering technology solution for foreign exchange. They will plan, develop, and provide technology for the uncovered, such as Non-Banking Financial Institutions (LKBB) like remittance service and liquidity providers.
The plan is to provide FX TechUp Suite Koku that consists of three solutions, White Label Remittance, Liquidity Providers Connect Solution, and API Solution. Those are to help LKBB that hasn’t been integrated with technology. The product is claimed to increase business opportunity and offering scale for additional value to all customers.
“With our customer who capable to integrate unique solutions for users, operational or expansion plan, we want to empower them with skills to provide digital cash transfer service which cheaper, faster, and digital based money transfer also Foreign Exchange service to their customers,” Koku’s Founder & CEO Calvin Goh said.
In terms of expansion, they saw a great potential for Indonesia to contribute in the local and regional money transfer industry. In addition, Indonesia is said as a country with rapid growth in technology.
Although, Koku has no plan to build office in Indonesia. They intend to make partners with expertise in local market. Those are not only limited to the e-wallet, but also micro loan and payment company also money transfer and exchange business.
It’s possible for Koku to perform partnership with local supermarket or mini-market in helping people without bank account to have access to the financial service.
“Currently we’re in the starting level with our plan in Indonesia. Moreover, we’re very strategic in running Koku business to ensure the right collaboration. As part of the strategy, our priority is to improve technology in order to empower the potential customer in Indonesia with the right technology to accelerate their growth in time. The main objective is to help foreign business to enter local market as part of their business growth and expansion,” Calvin Goh said.
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Original article is in Indonesian, translated by Kristin Siagian
