Kresna Graha Investama announces to invest in a Singapore-based company, MatchMove Pay Pte Ltd (MMP), by acquiring 15,5% of its shares. As quoted from e27, the plan will be executed at least in the second quarter of 2018.
“We notice the advanced technology of MMP will support the company’s digital transformation. With this synergy, KREN and MMP will have exposure for broadening the local and global market,” Michael Steven, President Director of Kresna Graha, said on the official release to DailySocial.
Previously, Kresna Graha is also the shareholder of MatchMove Indonesia (MMI), with M Cash (Kresna Graha subsidiary), each owns 14,81% of MatchMove Pay. It was announced through a ceremonial in November 2017.
MMP works in the Award-Winning Banking OS that allows various features from mobile apps and websites to be integrated with banking as “Spend. Send. Lend” service, therefore, create access for end-user to get an instant financial service.
In terms of payment, shipping, and loan, the service development will take almost three years and lots of money. However, it’ll take only 2-4 weeks with MMP.
Indonesia as the R&D center
Shailesh Naik, CEO of MMP, said that the company will set an equal capability in Indonesia and plan to launch payment platform with a few banks and top-tier companies in e-commerce, transportation telecommunications, to the digital lifestyle.
Indonesia is set as the center of R&D for products and services to cover SEA market widely. The company will provide Singapore talents for Indonesia, specifically in data analytics and artificial intelligence, to ensure the advanced intellectual property (IP) can be developed.
Currently, MMI business development has formed strategic partnerships with BRI, M Cash, DAM, e-mas, Collega, Ayopop, and Harga Hot. In BRI case, the company will provide the technology for e-wallet and perform co-branding for various features, such as p2p transfer, top-up channels, close or open payment, reward, and promotion.
MMI also plans to follow M Cash to enter IDX (Indonesia’s Stock Exchange) by next year.
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Original article is in Indonesian, translated by Kristin Siagian