Kresna Graha Announces Investment Plan to MatchMove Pay Parent

Kresna Graha Investama announced an investment plan for Singapore-based parent MatchMove Pay Pte Ltd (MMP) by taking a 15,5% stake. The action will be completed no later than the second quarter of this year, as quoted from e27.

"We see that the latest technology owned by MMP will support the digital transformation process that is being carried out by the company. Through this synergy, KREN and MMP will have exposure to a larger domestic and foreign market," said Kresna Graha President Director Michael Steven in an official statement received DailySocial.

Previous, Kresna Graha is also a shareholder for MatchMove Indonesia (MMI), along with M Cash, another subsidiary of Kresna Graha, with 14,81% ownership each of the parent MatchMove Pay. This action was announced in November 2017 through a ceremony attended by all three parties.

MMP runs on the Award-Winning Banking OS operating system, enabling various features from mobile applications and websites to be integrated with banking functions as a "Spend. Send. Lend" service, thereby opening access for end-user to get instant financial services.

For the needs of payment, delivery, and loan money, generally the development of services takes up to three years and costs quite a lot. However, with MMP it is claimed to be shorter, only about 2-4 weeks.

Indonesia as an R&D center

MMP CEO Shailesh Naik added that MMP will bring the same capabilities to Indonesia and plans to launch a payment platform with several leading banks and companies in the sector. E-commerce, transportation, telecommunications, to digital lifestyle.

It also plans to make Indonesia a center for product and service development (R&D) as an effort to embrace the wider Southeast Asian market. The company will transfer Singapore's talents to be brought to Indonesia, especially in the field of finance data analytics and artificial intelligence, to make sure advanced intellectual property (IP) can be expanded to Indonesia.

MMI's current business development has carried out strategic partnerships with BRI, M Cash, DAM, e-mas, Collega, Ayopop, and Harga Hot. With BRI, the company will become a technology provider for the company's electronic wallet and perform co-branding for various features such as p2p transfers, top up of many channel, open or closed payment options, reward, and promotions.

It is planned that MMI will also follow M Cash's footsteps to be listed on the Indonesia Stock Exchange (IDX) next year.