Indonesian fintech Achiko is moving to Switzerland after its shareholders backed the move in an investor meeting on Thursday. The Jakarta-based start-up – which offers payment services for consumers without bank accounts via its Mimopay app – listed its stock in Switzerland last year.

Achiko will move to the alpine nation from the Cayman Islands in a bid to kickstart expansion in Europe as well as to offer its services in Switzerland from the third quarter, CEO Kenneth Ting said. Specifically, it plans to launch AchikoPay, a mobile payments app, in autumn.

Swiss Bank Clients

The fintech is working with Swiss Hypothekarbank Lenzburg on the app, which will lean on the regional lender's Finstar platform for transactions. This means Swiss Achiko users will become «Hypi» clients if they download the app.

Achiko didn't disclose details of what other services it would offer in Switzerland. In its home market, it provides a «buy now, pay later» function as well as AchikoID, which provides digital identification for companies. It has an early-pay function in planning for autumn, which allows employers to pay salaries to employees in advance.