A FinTech Partnership between Chrombit, LytoGames and KCL

PT. Chrombit Digital Lab (Chrombit), an app publishing company based in Indonesia, has inked a partnership with PT. Lyto Datarindo Fortuna (Lyto) and Korea Credic Life Inc. (KCL) last Monday. Lyto is Indonesia’s largest online game publisher, whereas KCL is a Korea-based fintech company specialized in the field of mobile payment systems.

The three-way partnership was formed on the basis of collaboration in the development of an O2O Fintech Platform for Lyto members.Together, the partners will launch an e-wallet and loyalty service platform for Lyto members on KCL’s O2O fintech platform.

Subsequently, the partners aim to expand the availability of the service to all game money charging stations nation-wide, as well as merchants to start accepting payments through the e-wallet (game money) created through the venture.

Choongsil Lee, CEO of Chrombit, said “This partnership aims to develop a secure environment for Lyto’s 5 million members in recharging/using their mobile cash. Similar to the concept behind Samsung Pay, Apple Pay, and Wechat Pay, we will be offering an O2O fintech mobile payment service in Indonesia, starting by offering this service to Lyto members,”

‘Korea Credic Life (KCL) has been developing a mobile payments and NFC mobile credit card payment platform called ADPOP since 2012 with all major credit card companies. We believe that this partnership will have great positive impact towards our target audience,’ Lee further added.

“The 260 million strong population of Indonesia is still rapidly growing. Out of the entire population, about 3% (7 million people) are online game players. The market value of this industry is growing on an average of 20% year-on-year. In countries such as Indonesia where the unbanked population is high, prepaid systems and services have always been dominating the market. Hence, the utilisation of a platform such as KCL’s will be able to further enhance the experience by providing a secure mobile wallet service to Lyto’s Indonesian users”, said Steve Lee, CSO of KCL.

In Indonesia, only 36% of the population over 15 years old have traditional bank accounts. Due to the low bank and credit card penetration, prepaid cards are widely used as a payment tool in Indonesia. This makes the gap in the banking infrastructure attractive to fintech innovation and developments to tap into.

*This article first appeared on 10K Asia.

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