MatchMove's E-Wallet Platform Plans After the Acquisition of Kresna Graha and M Cash

Electronic wallet company MatchMove Indonesia (MMI) reveals a number of aggressive plans post entry Kresna Graha Investama and M Cash Indonesia as shareholders have 14,81% ownership each. Starting from strategic partnerships with BRI, M Cash, DAM, e-mas, Collega, Ayopop, Hot Prices, and others.

In addition to partnering with various companies, MatchMove will also follow in the footsteps of M Cash on the floor next year.

This serious commitment is proven by making Indonesia the center of MatchMove's business. For the needs of product development, research and development (R&D), operations, and others.

"Soft launch with BRI will be announced at the end of this year. BRI customers can use their cards abroad. Apart from that, we are also preparing an IPO plan for MatchMove next year," explained Kresna Graha Managing Director Suryandy Jahja, Monday (20/11).

Especially with BRI, MatchMove will be the technology provider for the company's electronic wallet. Then, co-branding for various features such as P2P transfers, top up from many channels, open or closed payment options, reward, and promotions.

Meanwhile with M Cash, MatchMove will provide products on demand bank account, on boarding and e-KYC from kiosks, deposits and collect cash, top up and bill payments.

"In terms of airlines, there are various brands. But those who make their own planes are Boeing and Airbus. Now we are Boeing and Airbus. People just use them, rather than building their own it takes a long time."

According to Jahja, the most important thing from here is the connectivity. Card users can cross countries with their own cards. Because MatchMove has partnered with MasterCard.

He gave an example, currently for online shopping on e-commerce platforms such as Amazon, customers cannot use payments via local e-wallet platforms that are currently circulating. But with MatchMove, such transactions can be made.

In terms of security guarantees, it has been guaranteed because there is a high security system support used by MasterCard. Meanwhile, for the permits required by Bank Indonesia, Jahja admitted that they are still being managed.

He believes the process will run quickly because there has been cooperation with the banking sector and the international payment system from MasterCard.

The provision of a global network built by MatchMove is considered to be of added value for all related parties. MMI also benefits from Kresna's digital infrastructure and ecosystem, including more than 9 million users to accelerate MMI's penetration into the Indonesian market.

Meanwhile, for M Cash, the presence of MatchMove provides the advantage of ensuring the presence of products that will continue to be sustainable in the future. Now every product presented by MatchMove will be available in the M Cash digital kiosk.

"That M Cash distribution channels. Whatever product MatchMove releases, it will be distributed throughout our network. The plan is that by the end of this year there will be 1000 points and next year there will be 5 thousand points," said M Cash President Director Marthin Suharlie.

Haven't received approval from BKPM yet

Although it is already an official legal entity, PT MMI does not yet have approval from the Investment Coordinating Board (BKPM) and other relevant agencies. Considering that MMI is a joint venture between a publicly traded local company and a foreign company, Jahja ensures that within a month approval can be obtained from BKPM.

"We are still waiting for approval from BKPM because there are several things that we are guarding, considering that Kresna Graha and M Cash are public companies. So everything that we convey to the public will be asked. It should be finished this month [November]."

Globally, MMP's majority shareholder is Vickers Venture Partners, of which Kresna Graha is a shareholder. To directly own MMP shares, Kresna Graha and M Cash entered through MMP's joint venture subsidiary in Indonesia under the legal entity name PT MatchMove Indonesia (MMI).

MatchMove Pay (MMP) is a company platform-as-a-service (PaaS) based in Singapore which has been established since 2009. This company provides online payment solutions end-to-end help businesses have an e-wallet feature in their services.

App owners have the flexibility to offer fully branded and secure mobile banking wallet solution, like P2P transfers, remittance, channel top up, virtual payment cards, loyalty pointsand rewards.

Within the scope of business operations, MMP has operations in India, the Philippines, the United States, Chile, and Vietnam. After Indonesia, the company will expand to Malaysia, Brazil, UAE, South Africa, and Australia.

Some global companies that are already using MMP services are GlobalRoam (Singapore), Paul Fincap (India), Ongo (India), Bonfleet (India), VTC (Vietnam), and BlackHawk Network (Singapore).