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Monitise (LSE:MONI) continued to expand its global influence in the field of mobile banking today with the announcement that its new joint venture inIndonesia is ready to begin operations.
The Joint Venture
The joint venture between Monitise Asia Pacific and Astra Graphia Information Technology has been dubbed PT AGIT Monitise Indonesia. The new company has completed the construction and build-out of its new operations center in Jakarta from which it will provide support to the company’s full line of mobile banking services. PT Astra Graphia, the parent company of AGIT, is one of the leading IT and CT companies in Indonesia. The announcement was exquisitely time to coincide with a trade mission from the UK led by Prime Minister David Cameron and Trade & Investment Minister Lord Green. Arrangements are already in place for the initial service contract with PermataBank to be launched around midyear.
The Significance of the JV
With a population in excess of 240 million, Indonesia is the world’s fourth most populous country and the leading economy in South East Asia. The Ministry of Trade & Investment has identified Indonesia as “one of the leading high-growth markets.” Alistair Lukies,CEO of Monitise observed that “With its vast market size, vibrant culture, entrepreneurial flair and consumers benefiting from rising wealth, Indonesia’s prominence is growing as a major world economy. Monitise is honoured to have been selected by Astra Graphia to help develop mobile services which can bring added convenience to Indonesian consumers and businesses. We believe the unprecedented scale and consumer reach of Astra Group and the expertise in mobile secure services which Monitise provides will be a powerful combination.”
Other Significant Comments
- Lord Green expressed the UK’s perspective on the new venture, saying, “we are resolutely focused on supporting businesses as they explore and engage in opportunities opening up before them. Forging partnerships between countries and companies is vitally important to creating and sustaining new jobs, investment and competitive advantages in both established and new markets. Success in business hinges on seizing opportunities in fast-growing markets and we see a clear example of that here today in Jakarta via the collaboration between Indonesia’s Astra Graphia and Britain’s Monitise.”
- Director Harry Halim of Astra Graphic noted that “The innovative bank-grade capabilities for new mobile services we are creating in Indonesia with our data centre in Jakarta reflect the value and significance we place on growing our document, information and communications technology business. Mobile has a key role to play in driving that growth.”
- David Sugden, CEO of Monitise Asia Pacific, cited “The power of the mobile to help banked and unbanked consumers manage their money on the move has never been greater and can help to re-enforce the impressive emergence of the country as a global economic power.”
Monitise Plc is a technology company that specilises in delivering mobile banking services to clients globally. It is a UK based company traded on the LSE with live operations in the UK, the US, India, and Africa. They are currently working to grow their business to include operations in Europe, Asia Pacific, and Latin America. The company has partnerships with many major banks, credit card companies, and mobile data providers.
References
↑ Company press release
↑ Official company information
