Currenc Pivots to AI, Web3
Currenc Group Halts WalletKu Operations, Shifts Focus to High-Growth AI and Web3 Verticals
Key Points
The Board unanimously ratified the immediate suspension of WalletKu's active business operations and permanently forfeited WalletKu's Authorized Indosat Distributor status, with all remaining WalletKu personnel to be terminated.
The Company authorized up to US$150,000 from Currenc's holding-company level to settle WalletKu's severance liabilities and outstanding third-party debts, to be deployed periodically through September 2026.
The restructuring is purposefully framed as a framework to streamline WalletKu's balance sheet and discharge liabilities, enabling orderly governance of WalletKu's obligations while Currenc concentrates on its core AI and Web3 technologies; management expects this to improve group-level loss metrics.
The company signaled WalletKu could be re-evaluated in the future, indicating the pause is not necessarily the end of WalletKu and that conditions may allow a revisit later.
Currenc Group has shut down its Indonesian digital payments unit, WalletKu, after a 46.9% collapse in the subsidiary's airtime revenue to US$7.7 million in FY2025, according to GuruFocus. The board voted unanimously to suspend all operations, terminate its entire workforce, and forfeit WalletKu's status as an Authorized Indosat Distributor — the license that gave the unit access to its core inventory.
CEO Alex Kong called the move a "multi-year strategic shift away from low-margin legacy airtime distribution toward our high-potential AI and Web3 fintech platforms," per StreetInsider. Currenc (Nasdaq: CURR) has allocated up to US$150,000 to cover severance and outstanding debts, with full deployment targeted by September 2026.
Free Wi-Fi Killed WalletKu's Airtime Business Model
WalletKu was built around "pulsa" — Indonesia's prepaid airtime top-up market. But two forces dismantled that model. First, free Wi-Fi spread rapidly across Southeast Asia, pushing users toward data and VoIP apps instead of traditional airtime. Second, Indonesia's fintech market matured under regulators Bank Indonesia and the OJK, placing heavier capital demands on smaller players, according to MarketWatch.
The fatal blow came when WalletKu lost its Authorized Indosat Distributor status due to working-capital constraints, per TipRanks. Without that license, the unit had no way to source inventory. Its FY2025 net loss reached US$0.45 million, and the board saw no path to recovery under the existing structure.
Board Approves $150,000 Wind-Down Fund Through September
On June 17, 2026, Currenc's board ratified the immediate suspension of WalletKu's operations, according to QuiverQuant. All remaining staff will be terminated. Currenc's holding company will release up to US$150,000 in periodic payments to cover severance liabilities and third-party debts. The full amount must be deployed by September 2026.
Management expects the removal of WalletKu's losses to improve consolidated group metrics right away. Currenc's trailing 12-month revenue already fell 18.6% to US$37.81 million, per GuruFocus. Shedding a loss-making unit, even a small one, directly helps the bottom line.
Currenc Bets Big on AI, Web3, and an Animoca Merger
The pivot is already well underway. In January 2026, Currenc divested its 60% stake in remittance firm Tranglo for US$400 million. In April, it partnered with Securitize to tokenize its shares on Ethereum and Solana. In May, it brought on Kelly Leung as Venture Partner to lead Web3 and AI infrastructure development, per QuiverQuant.
Currenc is also in exclusive merger talks with Animoca Brands, one of the biggest names in Web3 gaming and digital assets. That exclusivity window runs through June 30, 2026, according to MarketWatch. Investors appear enthusiastic — CURR stock has surged 417.79% over the past 12 months, even as the underlying business posted losses.
Analysts Warn: Stock Surge Masks Deep Financial Weakness
Not everyone is buying the turnaround story. GuruFocus assigned Currenc a GF Score of just 16 out of 100, flagging severe problems with financial strength and profitability. The company's P/E ratio is not calculable because earnings are negative, according to GuruFocus. TipRanks' analyst tool holds a Neutral rating, citing "weak financial performance" and negative equity.
Currenc framed the WalletKu wind-down as "temporary," leaving open the option to revive the unit if conditions change. But with a market cap of roughly US$320 million and no positive earnings in sight, the company's credibility now rests on whether its AI and Web3 bets can deliver real revenue — not just investor excitement, per TipRanks.
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