Looking at Koku's Expansion Plan to Indonesia

Koku, a Singapore-based financial technology startup, has raised $2 million in pre-series A funding led by Jason Zeng. The funds are planned to be used for product development and regional expansion, Indonesia being one of the stopover targets.

Koku is a startup that offers technology solutions for foreign currency exchange (forex). They design, develop, and provide technology for those who have not been touched by services, such as Non-Bank Financial Institutions (LKBB) such as remittance service providers and liquidity providers.

This is done by providing the FX TechUp Suite Koku which consists of three solutions, namely White Label Remittance, Liquidity Providers Connect Solution, and API Solution. These three solutions are presented to help LKBBs that have not yet integrated technology. The product is claimed to be able to grow business opportunities and increase the scale of business offerings so as to provide more value for customers.

"With our customers being able to integrate unique solutions to address their user, operational needs or expansion plans, we want to empower them with the ability to provide cheaper, faster digital money transfer services and digital-based remittances and FX (Foreign Exchange) services to our customers. their customers," said Koku Founder & CEO Calvin Goh.

For expansion, they see tremendous potential for Indonesia to contribute to the growth of the local and regional remittance industry. In addition, Indonesia is also seen as a country that is developing rapidly from a technological perspective.

However, currently Koku will not open a branch office in Indonesia. They will try to establish a partner who has expertise in the local market. The partner is planned to be limited to players e-wallet, but also micro-lending and payments companies and remittance and money-exchange businesses.

Koku also did not rule out collaborating with local supermarkets and minimarkets to help people who do not have bank accounts have access to financial services.

"Currently we are still in the early stages of our plans in Indonesia. With that in mind, we are currently very strategic in running the Koku business to ensure we collaborate with the right partners. As part of that strategy, the priority now is to continuously improve technology us, so that we managed to empower our potential customers in Indonesia with the right technology to drive their growth when the time comes. Our long-term goal is to help overseas businesses enter the Indonesian market as part of their business growth and expansion," said Calvin.