KinerjaPay Corp., a digital payment and e-commerce platform, receives a bank guarantee of US$30 million this week to fund its subsidiary, PT Kinerja Sukses Gemilang (KFUND) lending operation. The guarantee is a crucial step in activating its $25 million credit facility, which will allow the mobile payment solutions company to draw down $22.5 million over the next three months.
The company received a transmission from the Bank of China scheduling the transfer for January 29. The final transfer, an MT-760, will be sent on behalf of Infinity Venture Capital Pte Ltd after the banks reopen following the Chinese New Year holiday break, the company said.
On January 22, Infinity Venture Capital Pte Ltd, a Singaporean based corporation owned by Indonesian investor, executed a $200 million subscription agreement for a series of convertible preferred which converts into equity at $1.80/share with a 7 percent annual dividend.