Indonesian National Cooperative, KMSB
NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning eCommerce and fintech solutions, has launched its previously announced micro-lending pilot program 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. The partners will then work together to launch a new marketing and advertising campaign that will encourage adoption and regular use of the mobile fintech offerings.
Using the new fintech platform, KMSB will provide micro-lending 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.
The pilot program will provide mobile micro-lending and related services to 6,000 BPJSTK employees who will be able to borrow up to 20% of their annual salary.
“Our pilot launch is a first major step towards improving the lives of nearly 20% of the Indonesian population who do not have access to traditional financial services,” stated Logiq president, Brent Suen. “Since we first announced this effort, we have engaged key financial institutions for enabling the micro-lending program, with this allowing us to begin the pilot launch.”
Following the pilot program, the next phase will involve rolling out the program to 5 million contract/delivery drivers of Garda Digital Indonesia, a membership organization overseen by BPJSTK that handles pensions and health benefits for ride sharing drivers. Microloans will be made available to these members for personal or business use, such as purchasing, configuring, or repairing their mobile vehicles.
Upon successful completion of the pilot, the program will be introduced to all BPJSTK’s 48 million members and 600,000 SMBs. They will also gain access to Logiq’s increasingly popular PayLogiq™ e-Wallet and GoLogiq™ hyper-local food delivery mobile platforms.
“We see many opportunities for creating new revenue streams from micro-lending, mobile payments, and our eCommerce solutions once our alliance with KMSB is fully launched,” added Suen.
PayLogiq (branded as AtozPay™ in Indonesia) allows users to top-up their phone, pay bills and make other financial transactions. Member SMBs will also be introduced to Logiq’s award-winning mobile app creation platform, AppLogiq™ (aka CreateApp™), giving them the ability to easily create a mobile presence with eCommerce and fintech functionality without technical knowhow or background. Logiq and KMSB plan to begin marketing subscriptions of AppLogiq to SMBs in the first quarter of 2021, and they expect to achieve 30% penetration of BPJSTK’s SMB membership by the end of the year.
Logiq and KMSB expect their new strategic alliance to benefit from Indonesia’s fast-growing digital financial services market, which is projected by SGE to grow at a compounded annual rate of 34% to reach US$8.6 billion by 2025.
About Koperasi Mona Santoso Berjaya In these recessionary times and the era of a pandemic, KMSB was formed as a national economic movement and business entity that is able to participate in maintaining and improving the quality of life for all Indonesians and increase the competitiveness of domestic production. KMSB is engaged in savings and loans for generating new opportunities for Indonesian workers, and is dedicated to building a reliable distribution network for consumers that addresses their needs at a fair price. KMSB helps to create new economic opportunities for its members.
About BPJS Ketenagakerjaan Badan PenyelenggaraJaminan Sosial (BPJS) Ketenagakerjaan is a public legal entity whose duty is to protect all workers through national social security programs and encourage their participation. Established by the government of Indonesia, BPJS develops and administers worker compensation, retirement, and pension benefits, as well as housing and shopping discount programs for approximately 48 million citizens and 600,000 small- and medium-sized businesses. BPJS is committed to protecting and making prosperous all workers and their families, enhancing productivity and competitiveness of businesses and employees, and supporting national economic development and self-reliance. To learn more, go to www.bpjsketenagakerjaan.go.id/en.
About Logiq Logiq, Inc. (OTCQX: LGIQ) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its AppLogiq™ platform-as-a-service enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. AppLogiq empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. AppLogiq is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s subsidiary, DataLogiq, provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, including Home Advisor, QuinStreet and Sunrun. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s PayLogiq™ offers mobile payments, and GoLogiq™ offers hyper-local food delivery services. For more information about Logiq, go to Logiq.com. Forward-Looking Disclaimer 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 those sections. Logiq cautions you that statements in this press release that 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 regarded as a representation by Logiq or its affiliates that any of its plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in Logiq’s business, including, without limitation: the fitness of Logiq’s products and services for a particular application or market, the successful launch and development of Logiq’s partnership with KMSB, including the related pilot programs, expectations of future events, business trends, financial results, and/or business transactions that may not be consummated or realized, as well as other risks described in Logiq’s prior press releases and in its filings 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 filings 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 undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
Company Contact Brent Suen, President Logiq, Inc. Email contact
Media & Investor Contact Ronald Both or Grant Stude CMA Investor & Media Relations Tel (949) 432-7566 Email contact