Logiq Inc announced that it has partnered with Jakarta PT Bank Pembiayaan Rakyat Syariah Insan Cita Aritha Jaya (BPRS Insan Cita) to offer micro-finance services and digital payment solutions to its more than 18,000 customers and the general public.
The New York-based company said that it will provide these services through its mobile fintech platform, PayLogiq, including an eWallet, online bill payment, funds-in-advance-of paycheck, and other financial products.
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“We welcome BPRS Insan Cita as the first Indonesian bank to join our new micro-finance program,” said Logiq’s president, Brent Suen in a statement. “Insan Cita shares our vision of greater financial inclusion in Indonesia, with this advanced through the greater adoption of our micro-finance services.”
The company said that the partnership with BPRS Insan Cita follows Logiq’s recent approval of a lending interest rate from the Indonesian government for the launch of micro-lending services to the more than 50 million members of Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK), which manages their pensions and health benefits.
The lending rate approval is part of Logiq’s previously launched mobile fintech services in an exclusive strategic alliance with the country’s social security program provider, Koperasi Mona Santoso Berjaya (KMSB), the company said.
“The introduction of this program to their thousands of customers represents a tremendous endorsement of our micro-finance and mobile payments solutions. We see this paving the way for other banks to follow, as well as a rapid ramp-up in revenue generated by this micro-finance program,” Suen said.
Logiq and KMSB are also developing a jointly owned and operated mobile fintech platform designed to deliver these mobile financial services throughout Indonesia. Logiq, through its Indonesian operations, is providing the platform design and technology, management, ongoing hosting, and technical support.
The global pandemic has 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.
Logiq is a leading global provider of e-commerce and fintech business enablement solutions. Its DataLogiq business provides a data-driven, end-to-end marketing and consumer acquisition solution. Its AI-powered LogiqX data engine delivers valuable consumer insights that enhance the ROI of online marketing spend and personalization.
Contact Ritika at ritika@proactiveinvestors.com