KinerjaPay Corp (OTCQB:KPAY) on Monday said it expects to receive the first of eight bank guarantees for $25 million within days.
In a statement, the company said its investor, Infinity Venture Capital Pte Ltd of Singapore, delayed issuance due to the coronavirus (COVID-1) pandemic.
The guarantee is now expected to be issued during this week, ending April 10, said KinerjaPay, which has established a line of credit with PT Bank China Construction Bank Indonesia, Jakarta for $25 million.
"Given our Investor's constant communication with us and with their bank, we are convinced that the company shall receive this first of eight guarantees of US$25 million from this investor,” said KinerjaPay CEO Edwin Ng.
“We hope to report back to our shareholders later this week or early next week with the excellent news once we have received the guarantee."
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications.
Based in Indonesia, the company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience.
KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future
The company’s stock recently traded up 8% to $0.0014 a share in New York.
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