Youtap Limited (“Youtap”) has entered into a partnership with Indonesian conglomerate Salim Group (“Salim”) to establish operating companies in multiple markets to carry on the business of providing e-Money applications and solutions to merchants and consumers. Salim will invest in Youtap and will hold a substantial minority stake in Youtap on the successful establishment of the operating companies.
The investment in Youtap will enable Salim to access Youtap’s full suite of e-Money platforms and solutions providing Youtap’s technology and services to consumers, merchants and its supply chain distribution network across multiple countries. With access to millions of merchants, Youtap will enable these merchants to receive electronic payments from a range of consumer wallets, devices and payment methods, and provide these merchants with applications to manage inventory and supply chain payments.
Chris Jones, CEO and Founder of Youtap, said, “I am very pleased to have Salim Group as a strategic shareholder in Youtap. Salim’s global footprint in food, manufacturing and distribution coupled with their investments and vision in Fintech and desire to be a leading e-Money payments provider across multiple markets makes them an ideal partner and shareholder. We look forward to providing Salim with our full suite of payments solutions and applications, enabling them to become a leader in e-Money payment acceptance across multiple markets.”
“Salim is a large Indonesian conglomerate with significant resources and an established network of merchants across our target markets. These networks provide Youtap with the opportunity to establish a leadership position in e-Money processing in South East Asia and globally” said Mr Jones.
Standard Chartered Bank, Singapore branch, acted as exclusive financial advisor to Youtap on this transaction.
About Salim Group
Salim Group is one of Asia’s largest conglomerates with investment across international markets and a strong footprint in Asia. Investments include food, banking, telecommunications, automobile assembly, property, insurance and retail. Salim’s key strategic assets include their reach across the entire food chain through the manufacturing and distribution companies they own “from farm to fork”.
The Salim Group is the majority shareholder of Hong Kong listed First Pacific (HKEx : 142), with principal business interests related to consumer food products, infrastructure, natural resources and telecommunications.
The First Pacific portfolio of assets includes, PT Indofood Sukses Makmur Tbk (“Indofood”) one of the world’s largest manufacturers of instant noodle products, PLDT Inc., and Goodman Fielder Pty Limited.
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