Logiq Launches Pilot Program to Provide Mobile Fintech Services in
Exclusive Strategic Alliance with Indonesian National Cooperative,
KMSB
NEW YORK, NY -- November 18, 2020 -- InvestorsHub
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
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