Indonesia’s J&T Express Weighing $1 Billion-Plus U.S. IPO

Thai Tycoon Bets Remittances Startup Will Thrive Post Covid; Indonesian B2B Startup Sinbad Set to Close in on Double-Digit Funding; and PayMaya is Helping Power E-Commerce in the Philippines.

Indonesia’s J&T Express Weighing $1 Billion-Plus U.S. IPO

J&T Express, an Indonesian courier company, is considering a U.S. initial public offering that could raise more than $1 billion. The Jakarta-based company is working with advisers on the first-time share sale, which could take place as soon as the fourth quarter, the people said. An offering could value J&T Express at about $5 billion.

The company could potentially challenge telecommunications tower operator PT Indosat as the most significant U.S. listing by an Indonesian company, according to data compiled by Bloomberg. Indosat raised $1.05 billion in an IPO in 1994. If successful, J&T Express would also be the first Indonesian firm to list in New York since 2019.

Details of J&T Express’s IPO, including size and timeline, could still change as deliberations continue, the people said. A representative for J&T Express declined to comment.

Founded in 2015 by entrepreneurs Jet Lee and Tony Chen, J&T Express has since expanded into countries including Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia and China, according to its website. The courier has more than 350,000 employees and recently launched an air freighter in Tangerang.

Thai Tycoon Bets Remittances Startup Will Thrive Post Covid

Tycoon Chatchaval Jiaravanon, a member of Thailand’s richest clan, has a new venture marrying blockchain with finance. He invested about $10 million in 2018 to create Lightnet, a remittance service that uses a decentralized blockchain system to transfer money to a different country within a day, he said. With traditional banks, which still rely on the Swift network that’s been around for almost half a century, it takes two to three days.

Bloomberg reports that Chatchaval, whose family controls one of Thailand’s biggest conglomerates, was inspired to create Lightnet thanks to his credit-card business partnership with Japan’s Aeon Financial Service Co. that started more than two decades ago. With it, he saw “huge” demand in Southeast Asia for sending money overseas.

Headquartered in Singapore, the fintech firm raised $31 million last year and has opened offices in countries like Thailand, the Philippines, South Korea and China. It’s partnered with more than two dozen financial institutions, including Singapore’s United Overseas Bank Ltd. and MoneyGram International Inc., and is working on ties with Visa Inc., Switzerland’s SEBA Bank AG and others. Lightnet’s transactions reached $1 billion in 2020, and the company is targeting $15 billion in the next three years, according to Chatchaval.

Indonesian B2B Startup Sinbad Set to Close in on Double-Digit Funding

Indonesian B2B commerce company Sinbad is set to close a funding round of about $15-20 million as it seeks to bolster its position in the competitive supply chain business, DealStreetAsia has learned. Founded in 2018, Sinbad provides a platform for retailers and merchants to place orders directly with principal manufacturers and product distributors.

Venture capital firms MDI Ventures and Genesia Ventures are understood to be backing the startup’s latest funding round. The company and the VCs did not respond to a request for comment. Sinbad offers very little information on its product and services on its website and social media pages. Its app, which has been installed over 10,000 times on the Google Play store, lists several FMCG categories as well as cosmetics.

Deal Street Asia reports that about 80% of Indonesia’s $380-billion retail market is dominated by the unorganized sector, which includes 4-5 million mom-and-pop shops, or warungs in local parlance. B2B commerce players target these traditional retailers, who would earlier have to close their stores to visit wholesalers to replenish their inventory.

Using B2B commerce platforms, these retailers can enjoy better stock visibility and convenient ordering and restocking. Sinbad, which has stayed away from the media spotlight and has never publicly announced any funding, operates in a space that has become increasingly crowded in Indonesia.

PayMaya is Helping Power E-Commerce in the Philippines

PayMaya is leading the way as the online payment gateway of choice for businesses of all types and sizes in the Philippines. Through its easy-to-use and accessible online payment gateway solution, PayMaya Checkout, it has enabled the faster transition to cashless transactions for businesses going into e-commerce.

The company also offers readily available plug-ins for businesses already using e-commerce sites such as Shopify and WooCommerce. For businesses that have yet to set up their own e-commerce sites, PayMaya provides easy-to-use digital invoicing solutions using payment links.

Rappler reports that with many businesses shifting online amid the pandemic, PayMaya registered over 500% year-on-year growth in 2020 both in transaction count and payment volume for its online payment gateway solutions. It also saw the number of businesses using its online payment gateway increase by over 400% year-on-year for 2020.

PayMaya is the largest non-bank acquirer in the Philippines. It processes payments for the biggest "every day" merchants, including e-commerce sites, quick services restaurants, groceries, retail, gasoline and transportation, utilities, and small and medium-sized enterprises embracing online sales channels.

Seamless and innovative payment solutions for enterprises

Through its enterprise business, PayMaya has been introducing innovative products that make it easier for merchants to accept any type of cashless payment – be it from any Visa, Mastercard, and JCB credit, debit, and prepaid card, local switches such as Bancnet, QR Ph, and wallets including WeChat, Alipay, GrabPay, and GCash – on top of its own PayMaya wallet.

For online, its digital payment tools such as the Checkout plugin, Digital Invoice, and Digital QR have allowed enterprises to seamlessly accept different forms of cashless payments.

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