Currenc Group announced Wednesday that it will shutter the legacy airtime distribution arm of its Indonesian business to streamline its balance sheet. The company has earmarked $150,000 to cover severance packages and outstanding third-party debts through September, effectively ending the subsidiary's active transactional operations.
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Currenc Group Scales Back Indonesian Payments Unit
The proliferation of free Wi-Fi across Southeast Asia has forced Currenc Group to pause operations at WalletKu, its Indonesian digital payments subsidiary. Facing a sharp decline in demand for cross-border airtime remittances, the firm is now moving to liquidate legacy obligations and pivot toward artificial intelligence and Web3 technologies.
Chief Executive Alex Kong described the move as a critical step in a multi-year transition. As the firm retreats from traditional remittance services, resources are being redirected toward its emerging AI and Web3 fintech platforms. Once all financial commitments are cleared, the company intends to conduct a strategic review to determine the future path for the WalletKu brand.
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