Business
Logiq Partners with Yabx to Offer Merchant Advances and ‘Buy Now, Pay Later’ Services in Indonesia
Logiq Partners with Yabx to Offer Merchant Advances and ‘Buy Now, Pay Later’ Services in Indonesia.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Logiq, Inc. (formerly Weyland Tech, Inc., OTCQX: WEYL), a global provider of eCommerce and fintech business enablement solutions, has partnered with Yabx, a fintech venture of Comviva and part of $5.2 billion Tech Mahindra (BSE:TECHM), to offer credit-based financial services. The services will be offered through Logiq’s increasingly popular PayLogiq™ e-Wallet and GoLogiq™ hyper-local food delivery mobile platforms, and include cash advance for merchants and ‘buy now, pay later’ (BNPL) options for consumers. Through its partnerships with leading digital wallet providers, online payment gateways and point-of-sale aggregators, Yabx enables financial service providers to underwrite and service new-to-credit customer segments. The company applies proprietary artificial intelligence and machine learning algorithms on massive amounts of alternate data to help providers create a profitable customer portfolio. With Logiq, Yabx gains a channel partner for the Indonesian market where 50% of the population of 264 million people do not have access to traditional banking services, according to the e-Conomy SEA report, while nearly 70% of the population uses a smartphone daily. Forrester reports that 69% of Indonesia’s existing banking customers prefer digital channels, and 73% believe they should be able to accomplish any financial task on a mobile device. These factors have created a digital financial services market in the country that is projected by SGE to reach US$8.6 billion by 2025, growing at a compounded annual rate of 34%. Since its inception in 2018, PayLogiq (formerly AtozPay) has rapidly grown its footprint among unbanked consumers and micro, small and medium enterprises (MSMEs). Through its e-wallet platform, it has generated more than $9 million in gross transaction volume so far this year. Its growth has been attributed to the accelerating adoption of mobile commerce in Indonesia and a major shift to contactless transactions since the beginning of the COVID-19 pandemic. To address the growing market opportunity, Logiq will leverage Yabx’s proprietary technology and expertise in scoring, decisioning and lending lifecycle management, and deliver a full range of financial products that it can distribute through the established network of Pa...