Logiq’s PayLogiq Partners with Indonesian Bank BPRS Insan Cita to Provide Digital Payment Solutions to 18,000 Customers

Rhea-AI Summary

Logiq, Inc. (OTCQX: LGIQ) has partnered with PT Bank Pembiayaan Rakyat Syariah Insan Cita Aritha Jaya in Indonesia to provide micro-finance and digital payment services to over 18,000 customers. Utilizing its mobile fintech platform, PayLogiq, Logiq will offer an eWallet and other financial products, with full services expected in three months. This partnership, following government approval for lending rates, aims to enhance financial inclusion in Indonesia's growing digital financial market, projected to increase at a CAGR of 34% to US$8.6 billion by 2025.

Positive

• Partnership with BPRS Insan Cita represents a significant endorsement for Logiq's micro-finance program.
• Anticipated rapid revenue increase from the micro-finance services.
• Government approval for lending interest rates opens access to more than 50 million potential customers.
• Growing digital financial services market in Indonesia expected to boost demand.

Negative

• None.

NEW YORK, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning customer acquisition solutions, has partnered with Jakarta – PT Bank Pembiayaan Rakyat Syariah Insan Cita Aritha Jaya (BPRS Insan Cita) to offer micro-finance services and digital payment solutions to its more than 18,000 customers and general public.

Logiq will provide these services through its mobile fintech platform, PayLogiq, including an eWallet, online bill payment, funds-in-advance-of paycheck and other financial products. These services are now available to select customers and Logiq expects to fully release these services over the next three months.

“We welcome BPRS Insan Cita as the first Indonesian bank to join our new micro-finance program,” said Logiq’s president, Brent Suen. “Insan Cita shares our vision of greater financial inclusion in Indonesia, with this advanced through the greater adoption of our micro-finance services.

“The introduction of this program to their thousands of customers represents a tremendous endorsement of our micro-finance and mobile payments solutions. We see this paving the way for other banks to follow, as well as a rapid ramp up in revenue generated by this micro-finance program.”

The partnership with BPRS Insan Cita follows Logiq’s recent approval of a lending interest rate from the Indonesian government for the launch of micro-lending services to the more than 50 million members of Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK), which manages their pensions and health benefits.

The lending rate approval is part of Logiq’s earlier announced launch of mobile fintech services in an exclusive strategic alliance with the country’s social security program provider, Koperasi Mona Santoso Berjaya (KMSB). Together, they will be offering microloans to BPJSTK members for personal and business use.

Logiq and KMSB are also developing a jointly owned and operated mobile fintech platform designed to deliver these mobile financial services throughout Indonesia. Logiq, through its Indonesian operations, is providing the platform design and technology, management, ongoing hosting and technical support. KMSB is providing the professional and financial institutional relationships that will drive the micro-finance program.

The global pandemic has accelerated the adoption of digital financial services across Southeast Asia and has driven increasing demand for contactless digital banking services. According to SGE, Indonesia’s digital financial services market is expected to soar at a compounded annual growth rate of 34% to reach US$8.6 billion by 2025.

About Logiq

Logiq Inc. is a U.S.-based leading global provider of e-commerce and fintech business enablement solutions. Its DataLogiq business provides a data-driven, end-to-end marketing and consumer acquisition solution. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend and personalization. The company’s Fixel technology offers simplified online marketing with critical privacy features.

In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateApp™, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp™ empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way.

CreateApp™ is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s PayLogiq, branded as AtozPay™ in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo™ in Indonesia, offers hyper-local food delivery services. Connect with Logiq: website | LinkedIn | Twitter| Facebook.

Important Cautions Regarding Forward-Looking Statements

This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.

These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, the proposed separation of Logiq’s AppLogiq and DataLogiq business into two public companies, including, without limitation, our ability to successfully locate and consummate the contemplated strategic transactions, the structure of any such transaction, timing of such transaction, and the valuation of the businesses after completion of any such transaction, if any, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading "Risk Factors" in the Company's Canadian Prospectus.

Logiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

Company Contact

Brent Suen, President
Logiq, Inc.
Email contact

Media & Investor Contact

Ronald Both or Justin Lumley
CMA Investor & Media Relations
Tel (949) 432-7566
Email contact

FAQ

What does Logiq's partnership with BPRS Insan Cita involve?

Logiq's partnership with BPRS Insan Cita provides micro-finance services and digital payment solutions through its PayLogiq platform.

How many customers will benefit from Logiq's new services in Indonesia?

Logiq's services will be available to over 18,000 customers and the general public through the partnership.

What financial products will Logiq offer through PayLogiq?

Logiq will offer an eWallet, online bill payment, and funds-in-advance-of-paycheck services through PayLogiq.

When will Logiq fully launch its micro-finance services?

Logiq expects to fully release its micro-finance services within three months.

What is the projected growth of Indonesia's digital financial services market?

The digital financial services market in Indonesia is expected to grow at a CAGR of 34%, reaching US$8.6 billion by 2025.