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Deepti Sri · · 4 min readWill UangTeman’s investors see their money again? – The Executive Brief
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Hello reader,
When I was younger, I had a huge piggy bank that was so full that it could no longer rattle. It even had a slit at the back for bigger notes to fit.
I was saving up to buy a set of Roald Dahl books, but my dreams were smashed when I discovered that my brother had secretly broken the piggy bank. Although we were only children, it broke my heart.
Today, a bunch of individual investors who put their savings into embattled Indonesian lender UangTeman are unsure whether they’ll get their money back from the company.
UangTeman, which is currently winding down its operations, is no stranger to tough times, but it’s bracing for even tougher times ahead.
We’ll have to wait and see if the company can solve its financial woes and do justice to its investors, who once believed in its potential.
Today we look at:
- Whether UangTeman can return investors their money
- An Indian social commerce unicorn that is looking to expand into Southeast Asia
- Other newsy highlights such as Animoca’s latest gaming acquisition and Coinbase’s plans to expand into Asia Pacific.
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Where’s my money?
Image credit: Timmy Loen
UangTeman is now up against a group of individual investors, who have waited for months for the returns of their investments.
These investors, whose funds became the loans that UangTeman provided to borrowers, add to a slew of troubles the company has faced over the past year. Thus far, the company has failed to pay outstanding salaries to its former employees, among other internal issues.
The group of 11 investors who poured 9 billion rupiah (nearly US$628,000) to be disbursed as UangTeman loans told Tech in Asia that they stopped receiving payments of any kind by March 2021.
An Indian unicorn’s flight to SEA
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We look at the challenges faced by UangTeman’s investors, and an Indian social commerce unicorn that plans to expand into Southeast Asia.
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