Telkom Group Develops a New Fintech Subsidiary “Finarya”

It is to build a stronger fintech ecosystem in Telkomsel

Corry Anestia - 29 January 2019

PT Telekomunikasi Indonesia Tbk (Telkom) through PT Telekomunikasi Selular (Telkomsel) officially introduces a new subsidiary in fintech industry named PT Fintek Karya Nusantara (Finarya) on January 21, 2019.

According to BEI, Finarya is Telkomsel’s subsidiary for payment system provider. “Finarya is said to help the previous fintech ecosystem. Telkomsel will have the 99.99 percent of Finarya’s shares,” stated in the BEI’s disclosure.

Telkomsel’s current fintech ecosystem is only Tcash, an e-money service for cross-operator. There’s no further information of Finarya’s development related to LinkAja. The thing is, Telkomsel officially separates fintech from its core business in telecommunication.

LinkAja is a Quick Response (QR) based payment system managed by four state-owned banks (Mandiri, BNI, BRI, and BTN), Telkomsel, and Pertamina. It is to be announced at the end of February or early March 2019.

Denny Abidin, Telkomsel’s GM External Corporate Communication didn’t mention much to DailySocial. However, he said Finarya will boost Tcash acceleration in the near future.

“In terms of the establishment, it’s led by Telkom. We can’t provide much information. Except for LinkAja, Telkomsel acts as corridor, it’s led by Danu [Wicaksono, Tcash’s CEO],” he said on the phone.

We’re trying to contact Tcash’s CEOO, Danu Wicaksana, but he avoids to make any comment. “I have no comment [on Finarya’s development with LinkAja], it’s hard to answer. Wait for the update, will you?,” he said.

Until this news published, DailySocial is still waiting for confirmation from Arif Prabowo, Telkom’s VP Corporate Communications.

Original article is in Indonesian, translated by Kristin Siagian

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