Collaboration Advances Financial Inclusion in Indonesia
NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) — DigiAsia Corp. (NASDAQ: FAAS) (“DigiAsia” or the “Company”), a leading Fintech as a Service (“FaaS”) ecosystem provider, and PT Jalin Pembayaran Nusantara (“Jalin”), a subsidiary of the state-owned enterprise holding company Danareksa and a leading digital payment transaction processing company in Indonesia, today announced a strategic collaboration that will advance the penetration of financial inclusion to the underserved across Indonesia. As partners, Jalin’s extensive network of over 52,000 ATMs will be leveraged in coordination with DigiAsia’s Embedded Fintech as a Service Platform delivering innovative financial solutions.
The following core components of the DigiAsia and Jalin partnership prioritize banking the underbanked and underserved and fostering financial inclusion:
- Cardless Cash Withdrawal (CCW): DigiAsia’s embedded finance application enables users cardless cash withdrawal from Jalin’s vast ATM network, providing greater accessibility and convenience.
- Cash Deposit Machine (CDM): Expanding the availability of CDMs to facilitate easier cash deposits, supporting individuals and businesses in managing their finances efficiently.
- White label ATM: DigiAsia’s white label FaaS capabilities offer brand customizable ATM solutions through Jalin’s ATM network to enhance brand presence and service delivery for financial institutions and other partners.
- Merchant Kiosk: DigiAsia’s 1 million merchants will be deployed Jalin’s merchant kiosks to provide a range of financial services, including payments, transfers, and other transactions, in a user-friendly and accessible format.
Prashant Gokarn, CEO of DigiAsia, commented, “This partnership with Jalin amplifies our mutual goal of strengthening financial inclusion in Indonesia with ubiquity of financial accessibility in the region. Together, our innovative embedded fintech solutions and Jalin’s ATM asset network platform, will foster financial empowerment for the consumers and merchants of Indonesia, including our network of 1 million merchants. This strategic partnership will drive Indonesia’s commerce and enterprise business growth through widespread digitized finance.”
Ario Tejo Bayu Aji, CEO of Jalin, said, “Combining the distinct core competencies of DigiAsia and Jalin’s businesses bolster the expediency of unlocking financial accessibility to broad communities in Indonesia. We are synergistically paving the way to achieve our aligned social and economic missions. This is evident through the comprehensive robust financial infrastructure of our ATMs and CDMs and DigiAsia’s embedded processes to address the value chain of commerce and enterprises’ ability to achieve growth with its solutions that continue to expedite digitized finance.”
About DigiAsia
DigiAsia is a leading Fintech as a Service (FaaS) provider operating a B2B2X model offering its complete Fintech solution in emerging markets. DigiAsia’s fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers. DigiAsia’s embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion. For more information, please visit DigiAsia’s Corporate website here or Investor Relations website here.
About Jalin
PT Jalin Pembayaran Nusantara (Jalin) is a financial service technology-based company established in 2016 as a result of the joint initiative between the Ministry of State-owned Enterprises, Himbara (Bank Mandiri, BNI, BRI, and BTN), and PT Telkom Indonesia (Persero) Tbk. In 2019, PT Danareksa (Persero), which has transformed into Holding Danareksa, became the majority shareholder of Jalin.
As a company providing integrated service in the sector of modern payment system technology, Jalin manages the LINK switching network services and holds the biggest market share in the debit switching category. Acting as a Payment System Infrastructure Provider (PIP), Jalin begins to transform into a digital enabler that connects the community with financial and non-financial ecosystems, in line with its plan to become “The National Digital Highway”.
Jalin’s main services and products focus on the digitalization of banking products, switching services (clearing of ATM cards, debit cards, GPN, and Quick Response Code Indonesian Standard (QRIS)), and virtual ATMs.
Currently, Jalin has more than 60 members from the banking and fintech industries in Indonesia. It is also a member of the Indonesia Payment System Association (ASPI) and a shareholder of PT Penyelesaian Transaksi Elektronik Nasional (PT PTEN) which acts as a Services Institution for GPN.
Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning DigiAsia and the Company’s operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. DigiAsia cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world including those discussed in DigiAsia’s Form 20-F under the headings “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and DigiAsia specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.
DigiAsia Company Contact:
Subir Lohani
Chief Financial Officer and Chief Strategy Officer
646-480-0142
Investor Contact:
MZ North America
Email: FAAS@mzgroup.us
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