NEW YORK, Dec. 18, 2020 (GLOBE NEWSWIRE) – Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, has entered the next phase of its announcement mobile microcredit platform as part of an exclusive strategic alliance with Koperasi Mona Santoso Berjaya (KMSB).
The next phase involves the deployment of a new mobile fintech platform for 5 million contract drivers and deliverers of Garda Digital Indonesia, a membership organization overseen by Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK). The BPJSTK manages the pensions and health benefits of these members. The new fintech platform will make microloans available to members for personal or professional use, such as the purchase, configuration or repair of their mobile vehicles.
This follows the initial phase where Logiq and KMSB recently launched a pilot program provide mobile and related microcredit services targeting 6,000 government agency employees who will be able to borrow up to 20% of their annual salary.
As part of the exclusive alliance, Logiq and KMSB are developing a jointly owned and operated mobile fintech platform designed to provide mobile financial services in Indonesia. Logiq, through its Indonesian operations, provides platform design and technology, management, ongoing hosting and technical support. KMSB provides the professional and financial institutional relations that will be the origin of the microcredit program. The partners are working together to launch a new marketing and advertising campaign that will encourage the adoption and regular use of mobile fintech offerings.
Through the new fintech platform, KMSB will provide microcredit services to government, state-owned enterprises and member organizations registered with BPJSTK. As part of the management of pensions and health benefits for contract members and delivery drivers, BPJSTK serves as the social security agency that administers pension and pension schemes on behalf of Indonesian government entities and approximately 600,000 small and medium-sized enterprises (SMEs), with a combined total of 48 million individual members.
The mobile fintech platform will eventually be presented to BPJSTK’s 48 million members and 600,000 SMEs, as well as affiliated organizations such as Mentalku, which supports administration of motor vehicle licenses, and Sehatku, a network of medical clinic organizations. Members will also be able to access Logiq PayLogiq™ e-Wallet and GoLogiq™ hyper-local mobile food delivery platforms.
“The start of the next phase of the program represents another major step towards improving the lives of nearly 20% of Indonesians who do not have access to traditional financial services,” said Brent Suen, President of Logiq.
Finch Capital, a thematic VC in Financial Technology, recently reported the impact of the COVID-19 pandemic is accelerating the digital adoption of financial services and creating a growing demand for digital contactless banking in Southeast Asia. According to SGE, Indonesia’s fast-growing digital financial services market is expected to grow at a compound annual rate of 34% to reach $ 8.6 billion by 2025.
“Fueled by these powerful market trends, our opportunities for new revenue streams from microcredit, mobile payments and our e-commerce solutions with this huge user base are huge,” Suen continued. “We see this potentially generating tens of millions of dollars in revenue per year for the benefit of our shareholders once our alliance with KMSB is fully launched, as well as through other important programs that KMSB plans to introduce.”
Logiq and KMSB plan to complete the official launch of Garda Digital Indonesia’s new mobile fintech platform for drivers by the second quarter of 2021. Logiq plans to start marketing AppLogiq subscriptions in the first quarter of 2021 and predicts a 30% penetration of BPJSTK. SMB membership base by year end.
About Koperasi Mona Santoso Berjaya
In these times of recession and in the era of a pandemic, KMSB has been formed as a national economic movement and business entity capable of participating in maintaining and improving the quality of life of all Indonesians and d ” increase the competitiveness of national production. KMSB is engaged in savings and loans to generate new opportunities for Indonesian workers, and is dedicated to building a reliable distribution network for consumers that meets their needs at a fair price. KMSB helps create new economic opportunities for its members.
Logiq, Inc. (OTCQX: LGIQ) is a leading global provider of e-commerce, mCommerce, and fintech business support solutions based in the United States. Its AppLogiq ™ Platform as a Service enables small and medium businesses around the world to easily build and deploy a native mobile application for their business without technical knowledge or knowledge. AppLogiq enables businesses to reach more customers, increase sales, manage logistics, and promote their products and services in a simple, affordable and highly effective way. AppLogiq is offered in 14 languages in 10 countries and three continents, including some of Southeast Asia’s fastest growing emerging markets.
The company’s subsidiary, DataLogiq, provides a data-driven, end-to-end e-commerce marketing solution for businesses and major US brands including Home Advisor, QuinStreet and Sunrun. Its AI-powered LogiqX ™ data engine delivers valuable consumer insights that improve ROI on online marketing spend. Of the society PayLogiq™ offers mobile payments, and GoLogiq™ offers hyper-local food delivery services. For more information on Logiq, visit Logiq.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by these articles. Logiq warns you that the statements contained in this press release which are not a description of historical facts are forward-looking statements. These statements are based on Logiq’s current beliefs and expectations. The inclusion of forward-looking statements should not be taken as a representation by Logiq or its affiliates that any of its plans or expectations will be realized. Actual results may differ from those presented in this press release due to the risks and uncertainties inherent in Logiq’s business, including, without limitation: the suitability of Logiq’s products and services for an application or market in particular, the successful launch and development of Logiq’s partnership with KMSB, including related programs and pilot phases, expectations of future events, business trends, financial results and / or business transactions that may not be completed or realized, as well as the other risks described in Logiq’s previous press releases and in its documents with the Securities and Exchange Commission (“SEC”), including under the heading “Risk factors” in Logiq’s annual report on Form 10-K and any subsequent filing with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Logiq makes no commitment to revise or update this press release to reflect events or circumstances subsequent to the date hereof.
Brent Suen, President
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