Monitise to launch mobile payments in Indonesia
Monitise Asia Pacific announced it will be launching mobile banking, payments and commerce services in Indonesia and has entered a joint venture (JV) agreement with PT Astra Graphia Information Technology (AGIT) to develop the new mobile services. The new JV, PT AGIT Monitise Indonesia, will establish a platform to support mobile banking, payments and commerce for banks, mobile operators, retailers and other service providers. It was also announced that Permata, one of Indonesia's top-10 banks, has entered into a memorandum of understanding to be the launch bank for the new JV.
"We are delighted to be opening for business in Indonesia. The country has seen huge growth both economically and in mobile phone take-up in recent years, and our new partnership promises great commercial opportunities for everyone involved," said Monitise Asia Pacific Chief Executive Darren Sugden in the announcement. "Building on our recent partnership deals in Hong Kong, this is further evidence that the time is right for our plans for rapid expansion across the Asia Pacific region."
The announcement said Monitise Asia Pacific's share of the new JV is 49 percent, with AGIT owning 51 percent. The JV must still apply for regulatory approvals.
"Mobile solutions are expanding rapidly in Indonesia," said Jusuf Salim, AGIT president director, in the announcement. "Mobile banking is the next wave of innovation in banking and payments, and this joint venture will provide a central, independent and trusted platform for the Indonesian market."
Monitise Asia Pacific is a joint venture between Monitise plc and First Eastern Mobile Investments Ltd, part of the First Eastern Investment Group, a Hong Kong-based investment group.
"Mobile Money, like all successful payments ecosystems, is about partnership and collaboration," said Monitise Group Chief Executive Alastair Lukies in a statement. "Monitise is delighted to be working with Astra, Indonesia's premier company, to bring innovative and secure financial services via the mobile phone to millions of Indonesians in a safe, inclusive and convenient way."