Monitise forms Indonesian JV; signs up Permata

Monitise forms Indonesian JV; signs up Permata

Monitise Asia Pacific has set its sights on Indonesia, forming a joint venture with local player PT Astra Graphia Information Technology (AGIT) and signing up Permata bank to an upcoming service.

Monetise Asia Pacific is itself a JV between the UK vendor and Hong Kong-based First Eastern Mobile Investments set up in late 2009. The unit will hold a 49% stake in the Indonesian venture, with AGIT owning the remaining 51%.

The new business, called PT AGIT Monitise Indonesia, will build a platform based on Monitise's technology that can support the full spectrum of mobile banking, payments and commerce for banks, telcos, retailers and other service providers.

Permata, one of Indonesia's 10 biggest banks, has already entered into a memorandum of understanding to be the launch partner for the new joint venture.

Jusuf Salim, president director, AGIT, says: "Mobile solutions are expanding rapidly in Indonesia. Mobile banking is the next wave of innovation in banking and payments, and this joint venture will provide a central, independent and trusted platform for the Indonesian market."

Monitise Asia Pacific Darren Sugden, CEO, Monitise Asia Pacific, adds: "We are delighted to be opening for business in Indonesia. The country has seen huge growth both economically and in mobile phone take-up in recent years and our new partnership promises great commercial opportunities for everyone involved."

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