- Partnership will enrich the MMP digital cash platform
- Kren and MCAS will each own 14.81% of MMP’s Indonesian business
MATCHMOVE Pay (MMP) on Nov 27 announced the formalisation 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 MMP’s 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 on MCAS’ digital distribution networks across the nation and Kren’s leadership in Indonesian 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 nine 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 actualise unique e-KYC models, among others.”
Vickers Venture Partners, a venture capital firm in the region, is the largest investor behind MMP.
MMP is one of the leading companies in Vickers’ fintech portfolio. Vice chairman for Asia, Jeffrey Chi commented “This is a momentous occasion for Indonesia’s digital economy. The partnership will allow MMI to amplify MCAS’ and Kren’s 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.”