Indonesian conglomerate Salim Group invested in Youtap, an e-money apps company based in Singapore. Youtap announced the undisclosed funding on Monday, August 13, 2018.
“Salim’s global footprint in food, manufacturing, and distribution coupled with their investments and vision in financial technology and desire to be a lead e-money payments providers across multiple markets makes them an ideal partner and shareholder,” said Chris Jones, CEO and Youtap Founder.
Chris added, Salim’s networks provide Youtap with the opportunity to establish a leadership position in e-money processing in Southeast Asia and globally.
On the other hand, Youtap’s presence in several countries has given Salim Group the advantage of providing its customers, merchants and distribution networks with Youtap technology.
Through this investment, Salim Group will become a minority shareholder in Youtap. Salim and Youtap will establish the operational companies in various countries to provide e-money applications to merchants and consumers in emerging markets in Asia.
Youtap was founded in 2007 in Auckland New Zealand. Now Youtap’s headquarter is in Singapore and its regional offices are in Johannesburg and Auckland.
Youtap provides mobile payment applications and financial service software, which allows consumers to scan, swipe, and tap their smartphones to make payments using near field communication (NFC) technology and QR code solutions.
Currently, Youtap services benefited consumers from the Middle East to Asia. Youtap technology, among others, is used in TCASH services owned by Telkomsel (Indonesia’s largest cellular operator) and MyMoney in Afghanistan.
Meanwhile, Salim Group has businesses in various areas including food, retail, telecommunications, automotive, infrastructure and other sectors across Indonesia and the Philippine.
This group recently announced an e-commerce joint venture with Korea’s Lotte group, iLotte, with an investment of US $ 100 million.