Indonesia’s Kren invests in Matchmove Pay
By Digital News Asia April 18, 2018
- MMP to establish Indonesia as a local base for product development and service delivery
- Intends to expand its R&D capability from Singapore and India to Indonesia
PT KRESNA Graha Investama Tbk (Kren) has invested in PT Graha Kreasi Sejahtera (GKS), which owns a 15.5% stake in Matchmove Pay Pte Ltd (MMP), a Singapore-based fintech, providing enterprise payment and banking solutions through its customisable cloud-based platforms.
MMP chief executive officer Shailesh Naik (pic), explained, “MMP will bring the same capability to the Indonesian market, and is now planning to launch the platform with leading banks and enterprises in the e-commerce, transportation, telco, digital lifestyle, corporate payroll and lending spaces.
“Furthermore, MMP intends to establish Indonesia as a local base for product development and service delivery, projecting for export to a wider Southeast Asian market.”
He also said that MMP intends to expand its R&D capability from Singapore and India to Indonesia, especially in the areas of data analytics and artificial intelligence, thus ensuring that advanced intellectual property (IP) is also developed in Indonesia.
This investment is part of Kren’s vision to utilise disruptive global technology excellence to become the leader that accelerates transformation into a digital lifestyle, and mission to integrate the Indonesian market with global markets.
Kren president director Michael Steven said that “In our view, MMP’s business supports our strategy in realising our vision as the locomotive that drives and hastens digital lifestyle transformation and also elevates Indonesia toward becoming the largest digital economy in Southeast Asia by 2020. “
In 2017, the MatchMove OS supported tens of millions of users across seven countries, proving that the platform is highly scalable and can operate globally. In the same year, the company grew revenues by 170% year-on-year, and in 2018 MatchMove is projecting even higher growth as it plans to expand to Europe, South Africa and China.
The range of applications for MatchMove OS are wide and continue to rapidly, as shown by the enterprise customer demand coming from varying industry segments, such as banking, e-commerce, airlines, insurance, real estate, education, sports, online lending, shipping, digital entertainment, telco, and government.
These companies are utilising the MMP platform to rapidly digitalise their user experiences, by making the entire movement of money digital and removing the need for cash throughout the value chain.
The companies using the MMP platform have access to deep data analytics, revenue sharing and full compliance with local regulations, and so are able to create a better and safer local experience for their users when compared to other services from overseas - such as WeChat or PayPal or Google Pay.
Michael added, “We see that with state-of-the art MMP technology, Kren may facilitate a digital transformation through ease of access in payments across society. Through this synergy, both KREN and MMP will be exposed to larger domestic and international markets, expanding cashless payments in both developed and developing markets while strengthening financial inclusion and boosting digital economic growth.
“With exciting times ahead for digital payments, this investment signifies our move to develop a digitally-driven strategy as a dynamic response for every change, due to technological advancement while maintaining our strategy aligned with the vision that we will achieve.”