Currenc Group suspends Indonesian WalletKu unit operations

Currenc Group Inc. (Nasdaq: CURR) has announced the suspension of active operations at its indirect Indonesian digital payments subsidiary PT Walletku Indompet Indonesia, citing declining demand for cross-border airtime remittance services and a lack of working capital.

According to the Singapore-based company, WalletKu's airtime revenue fell 46.9% year-over-year to $7.7 million in fiscal year 2025, with a full-year net loss of $0.45 million. The company also noted that WalletKu lost its status as an Authorized Indosat Distributor due to ongoing working capital shortfalls.

Currenc attributed the revenue decline in part to widespread free Wi-Fi penetration across Southeast Asia, which it said reduced regional demand for Malaysia-Indonesia airtime transfer services.

The company has authorized up to $150,000 from its holding company to be deployed through September 2026 to cover employee severance liabilities and outstanding third-party debts related to WalletKu.

WalletKu will pause all new and in-progress commercial activities during the liability resolution period. Currenc said it will conduct a strategic review of potential options for the subsidiary once all outstanding financial commitments are resolved, with any future reactivation contingent on full debt clearance and new capital deployment.

Chief Executive Officer Alex Kong said the move reflects "a multi-year strategic shift away from low-margin legacy airtime distribution toward our high-potential AI and Web3 fintech platforms."

The information in this article is based on a press release issued by Currenc Group Inc.

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