Eddid Financial Forges Strategic Alliance with Finnet and MPay (0156.MY) to Explore Fintech Opportunities in Indonesia

(28 August 2023, Hong Kong) Eddid Financial (“Eddid” or the “Group”), an all-encompassing financial group centered around fintech, is pleased to announce a strategic partnership with PT Finnet Indonesia (“Finnet”) and ManagePay Systems Berhad (“MPay”, 0156.MY), two prominent fintech companies in Indonesia and Malaysia, respectively. The three parties signed a Memorandum of Understanding (MOU) to form a tripartite collaboration to explore financial innovations in Indonesia.

As part of this partnership, the three parties will collaborate on various initiatives, combining their expertise and resources to develop innovative fintech solutions and expand their presence in the Indonesian market. The collaboration aims to establish a joint venture in Indonesia as a vehicle to implement the partnership's goals and further commercial arrangements.

Finnet is a subsidiary of PT Telkom Indonesia (TLK.NYSE), a state-owned information and communications technology enterprise and the largest telecommunications network in Indonesia. As a renowned fintech services provider, Finnet offers a wide array of services in Indonesia, such as remittance, digital payments, electronic money, QRIS payments.

MPay, a listed company in Malaysia, is a provider of end-to-end electronic payment solutions for banks and financial institutions, with over two decades of experience. Over the years, it has expanded its offerings to include P2P lending, micro lending, project financing, P2P Remittance, cross-border remittance, merchant acquiring, and e-Wallet & Mastercard prepaid card issuer in Malaysia.

The MOU reflects a shared commitment to enhancing fintech solutions and expanding reach in the rapidly growing Indonesian market. Significant prospects in Indonesia's fintech landscape can be tapped by utilizing the combined strengths of each of the parties.

This latest alliance is a milestone addition to the Group's diversified portfolio of strategic partnerships in the Southeast Asian region. With a proven track record of successful collaborations, including associations with MPay in Malaysia, the online trading platform Anfin in Vietnam, and OCBC Sekuritas, a subsidiary of OCBC Bank in Indonesia, Eddid Financial reaffirms its dedication to augmenting its presence in this fast-paced, evolving market. This persistent effort positions the Group at the vanguard of this dynamic progression, paving the way for future growth opportunities.

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Eddid Financial Forges Strategic Alliance with Finnet and MPay (0156.MY) to Explore Fintech Opportunities in Indonesia