REG - Monitise PLC - Joint Venture with Astra Group
28 July 2011
Monitise Asia Pacific to open for business in major new market
Indonesian Joint Venture with Astra Group and first bank customer lined up
London, 28 July 2011 - Monitise Asia Pacific today announced its plans to launch mobile banking, payments and commerce services in Indonesia, the world's fourth most populated country and one of the fastest-growing economies globally.
The company has signed a joint venture agreement with PT Astra Graphia Information Technology (AGIT) that will see it developing cutting-edge new mobile services for Indonesia's huge population, both banked and unbanked. AGIT is an information and communication technology business, part of PT Astra International Tbk, one of the largest publicly-listed companies in Indonesia.
The new business, PT AGIT Monitise Indonesia, will establish a platform able to support the full spectrum of mobile banking, payments and commerce for banks, mobile operators, retailers and other service providers.
Monitise Asia Pacific is also pleased to announce that Permata, one of Indonesia's top-10 banks, has entered into a memorandum of understanding to be the launch bank for the new joint venture.
Monitise Asia Pacific Chief Executive Darren Sugden said: "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. Building on our recent partnership deals in Hong Kong, this is further evidence that the time is right for our plans for rapid expansion across the Asia Pacific region."
AGIT President Director Jusuf Salim said: "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. We are delighted to be partnering with Monitise, a leading player in this field."
He added: "This will equip AGIT Monitise with world class technology and the mobile platform established will set a high standard for this emerging use of wireless technology with the scale, security and reliability required to make mobile money a reality for Indonesian society."
Astra International is one of the largest listed companies in Indonesia with over US$ 10 billion in revenue. The group has more than 145,000 employees and its core activities span financial services, automotive, heavy equipment, mining and energy, agribusiness, information technology, infrastructure and logistics.
Monitise Asia Pacific is a joint venture between London-listed Monitise plc (LSE: MONI) and First Eastern Mobile Investments Ltd, part of the First Eastern Investment Group, a leading Hong Kong-based investment group pioneering in the field of direct investments into China and founded by Victor Chu.
Monitise Group Chief Executive Alastair Lukies said: "Mobile Money, like all successful payments ecosystems, is about partnership and collaboration. Monitise is delighted to be working with Astra, Indonesia's premier company, to bring innovative and secure financial services via the mobile phone to millions of Indonesians in a safe, inclusive and convenient way."
Monitise Asia Pacific's share of the new Indonesian joint venture is 49% and AGIT's 51%. The new joint venture will apply for the standard regulatory approvals, and will generate initial licence and development fees to Monitise Asia Pacific, with user generated income building significantly following initial launch as services are rolled out to customers.
The new joint venture's business will be based on Monitise's proven and established technology, which has been built over several years to deliver mobile money services worldwide.
About Monitise Asia Pacific
Monitise Asia Pacific is a 50/50 joint venture between Monitise plc and First Eastern Mobile Investments Ltd, part of the First Eastern Investment Group, created in 2010 to develop mobile banking, payment and commerce services in the Asia Pacific region. First Eastern is a leading Hong Kong-based investment group pioneering in the field of direct investments in China founded by Victor Chu in 1988.
More information is available at www.monitisegroup.com/ap<http://www.monitisegroup.com/ap>
Monitise plc (LSE: MONI.L) is a technology company delivering mobile banking, payments and commerce networks worldwide with the proven technology and expertise to enable financial institutions and other service providers to offer a wide range of services to their customers in developed and emerging markets.
With live services in the UK, the US, India and Africa, the company is working with international partners to extend trusted and secure mobile banking, payment and commerce services in territories worldwide, including Europe, Asia Pacific and Latin America. Monitise has a global alliance agreement with Visa Inc. and a strategic partnership with Visa Europe. Other leading partners and clients include FIS, RBS, NatWest, HSBC, Lloyds Banking Group, First Direct, U.S. Bank, Ulster Bank, Standard Chartered Bank, Travelex, Vocalink, Vodafone, Orange, O2, T-Mobile, 3 UK, Research In Motion, Best Buy Europe, The Carphone Warehouse, First Eastern, Astra, JETCO and PCCW mobile.
More information is available at www.monitisegroup.com<http://www.monitisegroup.com>
About Astra International
Astra was established in 1957 as a trading company. Over the course of its development, it has formed a number of strategic alliances with leading global players. Since 1990 the Company has been listed on the Indonesia Stock Exchange, with a market capitalisation as at 31 December 2010 of Rp 221 trillion. Astra is currently engaged in six business lines: Automotive; Financial Services; Heavy Equipment and Mining; Agribusiness; Information Technology; Infrastructure and Logistics. As 31 December 2010, Astra employed 145,154 people in 145 companies, including subsidiaries, associates and jointly controlled entities.
PT Astra Graphia Information Technology is an information and communication technology business and a wholly-owned subsidiary of PT Astra Graphia Tbk, part of PT Astra International Tbk. Astra Graphia Group is the leading document and IT solution provider in Indonesia with 22 branches and 77 service points and is listed on the Indonesia Stock Exchange.
Monitise Group Tel: +44 (0) 20 7947 4300
Alastair Lukies, CEO
John Brougham, CFO
Tom Spurgeon, Finance Director and Company Secretary
Gavin Haycock, Communications Director
Evolution Securities Limited (NOMAD) Tel: +44 (0) 20 7071 4300
Canaccord Genuity Limited Tel: +44 (0) 20 7050 6500
Financial Dynamics Tel: +44 (0) 20 7831 3113
Charles Palmer / Jon Snowball
This information is provided by RNS
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