Logiq Begins Next Phase of Micro-Lending Program Designed to Provide Mobile Fintech Services to 5 Million Contract and Delivery Drivers


NEW YORK, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning eCommerce and fintech solutions, has begun the next phase of its previously announced mobile micro-lending platform in an exclusive strategic alliance with Koperasi Mona Santoso Berjaya (KMSB).

The next phase involves the rollout of a new mobile fintech platform for 5 million contract and delivery drivers of Garda Digital Indonesia, a membership organization overseen by Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK). BPJSTK manages the pensions and health benefits for these members. The new fintech platform will make microloans available to the members for personal or business use, such as purchasing, configuring or repairing their mobile vehicles.

This follows the initial phase where Logiq and KMSB recently launched a pilot program to provide mobile micro-lending and related services targeting 6,000 government body employees who will be able to borrow up to 20% of their annual salary.

Under the exclusive alliance, Logiq and KMSB are developing a jointly owned and operated mobile fintech platform designed to deliver mobile financial services in Indonesia. Logiq, through its Indonesian operations, is providing the platform design and technology, management, ongoing hosting and technical support. KMSB is providing the professional and financial institutional relationships that will drive the microlending program. The partners are working together to launch a new marketing and advertising campaign that will encourage adoption and regular use of the mobile fintech offerings.

Through the new fintech platform, KMSB will provide micro-lending services to government, state-owned enterprises and member organizations registered with BPJSTK. As part of managing the pensions and health benefits for contract and delivery driver members, BPJSTK serves as the social security agency that administers retirement and pension plans on behalf of Indonesian government entities and about 600,000 small- and medium-sized businesses (SMBs), with a combined total of 48 million individual members.

The mobile fintech platform will eventually be introduced to BPJSTK’s 48 million members and 600,000 SMBs, as well as through affiliated organizations such as Mentalku, which supports the motor vehicle license administration, and Sehatku, a medical clinic organization network. Members will also be able to access Logiq’s PayLogiq™ e-Wallet and GoLogiq™ hyper-local food delivery mobile platforms.

“Beginning the next phase of the program represents another major step towards improving the lives of nearly 20% of the Indonesian people who do not have access to traditional financial services,” said Brent Suen, president of Logiq.

Finch Capital, a thematic VC in financial technology, recently reported the impact of the COVID-19 pandemic is accelerating the digital adoption of financial services and created increasing demand for contactless digital banking services across Southeast Asia. According to SGE, Indonesia’s fast-growing digital financial services market is projected grow at a compounded annual rate of 34% to reach US$8.6 billion by 2025.

“Fueled by these powerful market trends, our opportunities for new revenue streams from microlending, mobile payments, and our eCommerce solutions with this enormous user base are tremendous,” continued Suen. “We see this potentially generating tens of millions of dollars in revenue annually for the benefit of our shareholders once our alliance with KMSB is fully launched, as well as through additional important programs that KMSB is planning to introduce.”

Logiq and KMSB plan to complete the official launch of the new mobile fintech platform for drivers of Garda Digital Indonesia by the second quarter of 2021. Logiq plans to begin marketing subscriptions to AppLogiq in the first quarter of 2021 and sees a 30% penetration of BPJSTK’s SMB membership base by the end of the year.

About Koperasi Mona Santoso Berjaya
In these recessionary times and the era of a pandemic, KMSB was formed as a national economic movement and business entity that is able to participate in maintaining and improving the quality of life for all Indonesians and increase the competitiveness of domestic production. KMSB is engaged in savings and loans for generating new opportunities for Indonesian workers, and is dedicated to building a reliable distribution network for consumers that addresses their needs at a fair price. KMSB helps to create new economic opportunities for its members.

About Logiq
Logiq, Inc. (OTCQX: LGIQ) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its AppLogiq™ platform-as-a-service enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. AppLogiq empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. AppLogiq is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.

The company’s subsidiary, DataLogiq, provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, including Home Advisor, QuinStreet and Sunrun. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s PayLogiq™ offers mobile payments, and GoLogiq™ offers hyper-local food delivery services. For more information about Logiq, go to Logiq.com.

Forward-Looking Disclaimer
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. Logiq cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on Logiq 's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Logiq or its affiliates that any of its plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in Logiq’s business, including, without limitation: the fitness of Logiq’s products and services for a particular application or market, the successful launch and development of Logiq’s partnership with KMSB, including the related pilot programs and phases, expectations of future events, business trends, financial results, and/or business transactions that may not be consummated or realized, as well as other risks described in Logiq’s prior press releases and in its filings with the Securities and Exchange Commission (“SEC”), including under the heading "Risk Factors" in Logiq’s Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Logiq undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

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Brent Suen, President
Logiq, Inc.
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