MatchMove, KREN and MCAS ally to conquer Indonesia Fintech Space
Jakarta, 20 November 2017 – MatchMove Pay (MMP) is pleased to announce the formalization of its partnership in an official agreement with PT Kresna Graha Investama Tbk (KREN) and PT M Cash Integrasi Tbk (MCAS) in Indonesia. KREN and MCAS will each own 14.81% of the MMP Indonesian business through PT MatchMove Indonesia (MMI), its subsidiary.
The partnership will enrich the MMP digital cash platform through KREN’s and MCAS’ reach and capability in the Indonesian digital economy. MMP intends to leverage MCAS digital distribution networks across the nation and KREN leadership in Indonesia digital ecosystems, to supplement its existing offerings and establish market leadership in Indonesian digital payments.
MMP CEO Shailesh Naik commented “We are thrilled with the synergies and limitless opportunities that this partnership brings. We are ready to deliver international open loop capabilities into the Indonesian digital wallet space, along with card issuance and e-KYC (electronic Know-Your-Customer) capabilities to MCAS digital kiosks. This will bring us one step closer in our mission to provide financial services to Indonesia’s unbanked population.”
KREN Managing Director Suryandy Jahja explained “KREN, as a digital business integrator, is set upon three business pillars: Financial Markets & Fintech, Telecommunications, and Retail & Consumer. MMI is another piece of the foundation that KREN needs to strengthen its Financial Markets & Fintech pillar, be it in the form of product and technology leadership, broader business networks or exponential growth in the number of users. Meanwhile, MMI also benefits from KREN’s digital infrastructure and ecosystems, including 9.0 million users currently linked into the system, to expedite its penetration into Indonesia.”
MCAS President Director Martin Suharlie pointed out the positive synergies yielded from this collaboration: “With this collaboration, MCAS can directly tap into customer loyalty businesses by providing points of exchange for MMIs and MMI partners’ point and reward programs. What’s more, MCAS will have access to potential customers deriving from MMI members and MMI banking partners. MCAS will also act as the enabler of the MMI platform by providing use cases to MMI users. Through the convenience of MCAS, MMI users can now enjoy a seamless digital product shopping experience. Moreover, MMI will also be able to utilize MCAS digital distribution channels to sell their cards and actualize unique e-KYC models, among others.”
Vickers Venture Partners, one of the most successful venture capital firms in the region, is the largest investor behind MMP. MMP is the fastest growing technology company in Singapore and one of the leading companies in Vickers’ fintech portfolio. Vice Chairman for Asia, Dr Jeffrey Chi commented “This is a momentous occasion for Indonesia’s digital economy. The partnership will allow MMI to amplify MCAS and KREN existing networks and provide a better digital experience to the Indonesian consumer. This will change the landscape of digital interaction and transactions in the region.”
MatchMove enables companies to offer a fully branded and secure “Bank in Any App”, increasing revenue and user engagement. The MatchMove proprietary Banking OS™ is built with the vision of expanding cashless payments in developed markets and in developing market strengthening financial inclusion. The Banking OS enables any app to deliver Spend, Send, Lend™ capabilities to all its users, without ever going to a bank branch. In addition, app owners can offer their customers a fully branded, secure mobile banking wallet solution that includes P2P transfer, Cross-Border Money Transfers, Top Up channels, Virtual Payment Cards, Loyalty Points & Rewards, Promotions & Offers amongst many other features. The Banking OS is a fully customizable platform that is cloud-based, always compliant with regulators in each country and PCI-DSS compliant.
About PT Kresna Graha Investama Tbk.
PT Kresna Graha Investama Tbk (“KREN”) is a public company engaged in integrated financials and technology business. Through its subsidiary, PT Kresna Usaha Kreatif (KUK), or known as Kresna Creativentures, the Company is currently creating digital ecosystem which has more than 9 million users. With more than 18 years of experience, KREN is not only giving the positive value in terms of financial market access, but also in the speed of execution and business connection to startup companies in Indonesia.
About PT M Cash Integrasi Tbk.
PT M Cash Integrasi Tbk (“MCAS”) is a digital distribution company which provides lifestyle platform, designed to help people simplifies their daily life and to help Indonesia citizens to transform, from conventional to digital lifestyle. MCAS uses integrated business model to maximize value throughout its O2O platform, application and sustainable IoT with advanced technology platform to upscale its partner’s business and provide user convenience for customers. MCAS distributes diverse digital products, such as top-ups, multi-billers, travel bookings, e-tickets and other digital vouchers, through four main channels: digital kiosk, wholesale network, cashier and app/chatbots.
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