Dear Pundians,

To fully focus on the increasing demand of blockchain and XPOS deployment, we have decided to hand over our fiat payment app, Pundi-Pundi app to E2Pay to operate and re-branded it as ‘M-Bayar’ (from the Indonesian word for ‘payment’).

Pundi X will roll out its own digital currency wallet, called XWallet. The new blockchain-based, digital currency wallet app is currently under beta-testing stage. Separation of the two different apps will be beneficial and legally sustainable for our operations in Indonesia.

Upon the transfer agreement, Pundi X will be entitled to the long term usage of E2Pay’s recently-awarded e-money licence so that it can launch the crypto-to-fiat conversion legally in Indonesia. Pundi X will also be able to focus on its fast-growing global blockchain development activities and a surge in productivity that has seen our dedicated blockchain engineering team double to 50 people in the past six months alone.

We believe this arrangement will make cashless payment more accessible to Indonesia’s significant population of unbanked consumers through Pundi X’s blockchain technology.

Millions of new Indonesian customers enter the country’s already-sizeable consumer classes every year, making it one of the world’s most dynamic and untapped markets.

Pundi X and E2Pay will each serve different market segments with different appetites for cashless payment solutions, while ultimately both working as separate but complementary operations dedicated to making financial technology more accessible and beneficial.

Sincerely,

Constantin Papadimitriou

Co-founder and President,

Pundi X and E2Pay