Business
Logiq to Provide Mobile Fintech Services to 48 Million Indonesians and 600,000 Businesses in Exclusive Strategic Alliance with National Cooperative, KMSB
Logiq to Provide Mobile Fintech Services to 48 Million Indonesians and 600,000 Businesses in Exclusive Strategic Alliance with National Cooperative, KMSB.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning eCommerce and fintech solutions, has been selected to provide mobile microlending and related services to 48 million Indonesians in an exclusive strategic alliance with the country’s social security program provider, Koperasi Mona Santoso Berjaya (KMSB). Logiq and KMSB have agreed to jointly own and operate a new mobile fintech platform that will deliver mobile financial services. Logiq, through its Indonesian operations, will provide platform design and technology, management, ongoing hosting and technical support. KMSB will provide the financial institutional relationships for enabling the microlending program. Using the new fintech platform, KMSB will provide microlending services to Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK), the social security agency that administers retirement and pension plans on behalf of Indonesian government entities and about 600,000 small- and medium-sized businesses (SMBs), with a combined total of 48 million individual members. “Through this exclusive strategic alliance with KMSB, we have a tremendous opportunity to improve the lives of nearly 20% of the Indonesian population who normally do not have access to traditional financial services,” stated Logiq president, Brent Suen. “The opportunities for new revenue streams from microlending, mobile payments, and our eCommerce solutions with this enormous user base are also phenomenal, potentially generating tens of millions of dollars of revenue annually for the benefit of our shareholders once the alliance with KMSB is fully launched, as well as the important programs that KMSB will be providing.” “The team at KMSB, led by Dr. Mohsein Saleh Badegel, are some of the most forward-thinking and influential members of the Indonesian digital economy and they are initiating strong forward progress for their country,” continued Suen. “We’re proud to partner with KMSB, and we believe that over the near term the scale of this effort will represent a significant portion of the country’s population.” Dr. Mohsein Saleh Badegel, chairman of KMSB, commented: “As a national cooperative, KMSB provides valuable services to its members that includes loans and insurance. W...