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Conglomerate-backed Youtap Indonesia launches fintech offerings

The company offers services such as transaction processing, digital bookkeeping, sales analysis, and inventory management.

Herman Suharto, CEO Youtap Indonesia (Middle left); Chris Jones, CEO Youtap Global (Middle right), with Youtap Indonesia's supervisory board and management team during the launching on Tuesday (18/2). Photo courtesy of Youtap Indonesia.

Backed by Indonesian conglomerate Salim Group, Youtap Indonesia is the latest name joining other players in the fintech space with its official launch on Tuesday.

The company says it is “merchant-centric,” serving large corporations as well as micro, small, and medium-sized enterprises (MSMEs). The Youtap Indonesia platform provides cashier-like services that involve cash and non-cash payments, inventory management, sales reporting and analysis, as well as customer loyalty and progress insights.

On the platform, transactions by merchants are recorded to support daily business reporting for income and expenses, covering information such as the number of transactions, time of payment, and products or services that are most popular—information which can then be used as the basis for future business planning.

“Our assistance will also increase financial literacy, especially for small businesses,” said Youtap Indonesia CEO Herman Suharto in a statement. According to the Indonesian Ministry of Cooperatives and SMEs, the country has 60 MSME units contributing to 60.34% of its gross domestic product.

Youtap has partnered with Indonesia’s largest mobile operator Telkomsel. It is also collaborating with popular e-wallet services such as LinkAja, Dana, Ovo, GoPay, and ShopeePay.

Youtap Indonesia is a joint venture between PT Graha Kencana Maju, PT Kreasi Sentosa Makmur, and Youtap Mobile Money Asia Private Limited. It is supervised by PT Mitra Digital Sukses. In 2018, Salim Group invested an undisclosed amount in Youtap to enter the fintech market.