Business
Logiq Receives Indonesian Government Approval to Offer Micro-Lending Services to 50 Million Indonesians
Logiq Receives Indonesian Government Approval to Offer Micro-Lending Services to 50 Million Indonesians.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (NEO: LGIQ) (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, has received approval of an annual lending rate from the Indonesian Government to provide micro-lending services to the more than 50 million members of Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK). BPJSTK manages the pensions and health benefits for these members in Indonesia. The lending rate approval follows Logiq’s earlier announced launch of a program to provide mobile fintech services in an exclusive strategic alliance with the country’s social security program provider, Koperasi Mona Santoso Berjaya (KMSB). The program will offer microloans to BPJSTK members for personal or business use using the approved lending rate. “This lending rate approval by the Indonesian Government represents a major step towards improving the lives of millions of Indonesians who do not have access to traditional financial services,” noted Brent Suen, president of Logiq. “The impact of COVID-19 had delayed this regulatory approval, but we can now proceed full steam ahead.” Despite the delayed approval, the pandemic has actually accelerated the adoption of digital financial services across Southeast Asia and has driven increasing demand for contactless digital banking services. According to SGE, Indonesia’s digital financial services market is expected to soar at a compounded annual growth rate of 34% to reach US$8.6 billion by 2025. “We look forward to benefiting from this fast-growing demand as we support greater financial inclusion in Indonesia through our micro-lending services,” added Suen. “We also see tremendous opportunities for strong new revenue streams from microlending, mobile payments, and our eCommerce solutions with BPJSTK’s enormous user base, as well as with other future partners in the region.” The rate approval allows Logiq to begin the initial rollout of its new mobile fintech offering to the 5 million contract and delivery drivers of Garda Digital Indonesia, a membership organization overseen by BPJSTK, as well as 6,000 government body employees. These individuals will be able to borrow up to 20% of their annual salary through the new program. Under their exclusive alliance, Logiq and KMSB a...