Currenc Group suspends Indonesian WalletKu unit operations

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

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

Currenc has authorized up to $150,000 from its holding company to be deployed through September 2026 to cover employee severance payments and outstanding third-party debts tied to the subsidiary.

The company stated that once all outstanding financial obligations are resolved, it will conduct a strategic review of potential options for WalletKu, including possible reactivation contingent on new capital and a revised business model.

Alex Kong, Founder and CEO of Currenc, said: "We are executing this reset with full accountability to our team members, business partners, and creditors, following a transparent, structured timeline to settle all outstanding commitments."

Currenc said the suspension is intended to reduce drag on consolidated group profitability and redirect resources toward its artificial intelligence and Web3 business lines.

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