In a statement, the Jakarta-based company said both Gabriel’s bank, HSBC and KinerjaPay’s local bank, China Construction Bank (CCB) Indonesia are still in the process of finalizing receipt of the HSBC guarantee.
Over the last week, both parties have been exchanging email communications through the company's representative about the arrangement, KinjerjaPay said, while acknowledging that the process has taken slightly longer than anticipated.
"We are confident in receiving Gabriel's HSBC Bank Instrument, which will activate our already established non-recourse credit facility with CCB for $22.5 million, momentarily,” CEO Edwin W. Ng told shareholders.
Several other investor groups have provided “swift messages” intending to send their bank guarantees, according to Ng.
“Once any major bank guarantee is delivered, we will be able to activate the $22.5 million facility. I hope to report to our loyal shareholders the receipt of our investment very soon," he added.
KinerjaPay is a micropayments and microloans business offering digital payments and an e-wallet system.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas