Kresna Graha Investama, a Jakarta-based financial asset management company, announced that it will invest in PT Graha Kreasi Sejahtera (GKS), which owns a 15.5 per cent stake in Singapore-based fintech startup Matchmove Pay.
A spokesperson told e27 that the deal will be finalised in the second quarter of 2018, though the company declined to share the exact numbers for the time being.
Kresna Graha is known as backer of M Cash, one of the first two Indonesian startups to be listed on IDX.
In November 2017, together with M Cash, it acquired stakes at MatchMove’s operations in Indonesia.
According to a press statement, the investment into MatchMove Pay is a form of Kresna Graha’s vision to “utilise disruptive global technology excellence to be the leader that accelerates the transformation into a digital lifestyle,” and mission to “integrate the Indonesian market with global market.”
MatchMove Pay offers cloud-based enterprise payment and banking solutions. Its banking operating system enables any mobile app or website to integrate and deploy full-featured banking-as-a-service, allowing users to get instant access to banking services such as payment, remittance, and credit services.
It also has a patented cloud and mobile technologies that is said to make the platform “highly scalable” for large markets, while also maintaining high-level security.
The company has secured “more than” 50 corporate clients in Southeast Asia, India, Australia and Latin America within the last two years, supporting tens of millions of users across seven countries.
MatchMove Pay announced that it aims to bring the same capability to the Indonesia market, and is now planning to launch the platform with banks and enterprises in the e-commerce, transportation, telco, digital lifestyle, corporate payroll, and lending sectors.
It also intends to establish Indonesia as a local base for product development and service delivery, projecting for export to a wider Southeast Asian market. In addition to that, the company will also expand its R&D capability from Singapore and India to Indonesia, particularly in data analytics and artificial intelligence.
Founded in 1999, Kresna Graha is listed on IDX. Its subsidiaries include PT Kresna Asset Management and PT Kresna Securities.
Image Credit: M Cash