Collaboration Advances Financial Inclusion in Indonesia

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- DigiAsia Corp. (NASDAQ: FAAS) (“DigiAsia” or the “Company”), a leading Fintech as a Service (“FaaS”) ecosystem provider, and PT Jalin Pembayaran Nusantara (“Jalin”), a subsidiary of the state-owned enterprise holding company Danareksa and a leading digital payment transaction processing company in Indonesia, today announced a strategic collaboration that will advance the penetration of financial inclusion to the underserved across Indonesia. As partners, Jalin’s extensive network of over 52,000 ATMs will be leveraged in coordination with DigiAsia’s Embedded Fintech as a Service Platform delivering innovative financial solutions.

The following core components of the DigiAsia and Jalin partnership prioritize banking the underbanked and underserved and fostering financial inclusion:

• Cardless Cash Withdrawal (CCW): DigiAsia’s embedded finance application enables users cardless cash withdrawal from Jalin’s vast ATM network, providing greater accessibility and convenience.
• Cash Deposit Machine (CDM): Expanding the availability of CDMs to facilitate easier cash deposits, supporting individuals and businesses in managing their finances efficiently.
• White label ATM: DigiAsia’s white label FaaS capabilities offer brand customizable ATM solutions through Jalin’s ATM network to enhance brand presence and service delivery for financial institutions and other partners.
• Merchant Kiosk: DigiAsia’s 1 million merchants will be deployed Jalin’s merchant kiosks to provide a range of financial services, including payments, transfers, and other transactions, in a user-friendly and accessible format.

Prashant Gokarn, CEO of DigiAsia, commented, "This partnership with Jalin amplifies our mutual goal of strengthening financial inclusion in Indonesia with ubiquity of financial accessibility in the region. Together, our innovative embedded fintech solutions and Jalin’s ATM asset network platform, will foster financial empowerment for the consumers and merchants of Indonesia, including our network of 1 million merchants. This strategic partnership will drive Indonesia’s commerce and enterprise business growth through widespread digitized finance.”

Ario Tejo Bayu Aji, CEO of Jalin, said, “Combining the distinct core competencies of DigiAsia and Jalin’s businesses bolster the expediency of unlocking financial accessibility to broad communities in Indonesia. We are synergistically paving the way to achieve our aligned social and economic missions. This is evident through the comprehensive robust financial infrastructure of our ATMs and CDMs and DigiAsia’s embedded processes to address the value chain of commerce and enterprises’ ability to achieve growth with its solutions that continue to expedite digitized finance.”

About DigiAsia

DigiAsia is a leading Fintech as a Service (FaaS) provider operating a B2B2X model offering its complete Fintech solution in emerging markets. DigiAsia's fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers. DigiAsia's embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion. For more information, please visit DigiAsia’s Corporate website here or Investor Relations website here.

About Jalin

PT Jalin Pembayaran Nusantara (Jalin) is a financial service technology-based company established in 2016 as a result of the joint initiative between the Ministry of State-owned Enterprises, Himbara (Bank Mandiri, BNI, BRI, and BTN), and PT Telkom Indonesia (Persero) Tbk. In 2019, PT Danareksa (Persero), which has transformed into Holding Danareksa, became the majority shareholder of Jalin.

As a company providing integrated service in the sector of modern payment system technology, Jalin manages the LINK switching network services and holds the biggest market share in the debit switching category. Acting as a Payment System Infrastructure Provider (PIP), Jalin begins to transform into a digital enabler that connects the community with financial and non-financial ecosystems, in line with its plan to become “The National Digital Highway”.

Jalin's main services and products focus on the digitalization of banking products, switching services (clearing of ATM cards, debit cards, GPN, and Quick Response Code Indonesian Standard (QRIS)), and virtual ATMs.

Currently, Jalin has more than 60 members from the banking and fintech industries in Indonesia. It is also a member of the Indonesia Payment System Association (ASPI) and a shareholder of PT Penyelesaian Transaksi Elektronik Nasional (PT PTEN) which acts as a Services Institution for GPN.

Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning DigiAsia and the Company’s operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. DigiAsia cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world including those discussed in DigiAsia’s Form 20-F under the headings “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and DigiAsia specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

DigiAsia Company Contact:
Subir Lohani
Chief Financial Officer and Chief Strategy Officer
646-480-0142

Investor Contact:
MZ North America
Email: FAAS@mzgroup.us

在北京會場，印尼本地錢包掃描中國境內二維碼成功完成支付；在雅加達會場，銀聯雲閃付APP與支付寶錢包掃描印尼統一二維碼（QRIS）順利完成支付。在試點運行階段，中國境內受邀用戶可使用銀聯雲閃付APP及支付寶錢包，在印尼超過3900萬家QRIS受理商戶掃碼支付；同時，MyBCA、ShopeePay、DANA、Mandiri、GOPAY等33款印尼主流電子錢包用戶，也可在中國境內銀聯及支付寶二維碼試點商戶直接掃碼消費。

作為中國印尼兩國以政府對政府（G2G）模式推進的重大合作項目，跨境二維碼互聯互通合作在兩國央行的統籌指導下有序推進。2025年1月，銀聯國際與印尼支付系統協會（ASPI）、螞蟻國際及中銀香港雅加達分行簽署合作備忘錄。此後，銀聯國際分別與印尼Rintis、ALTO、Artajasa、Jalin四家本地轉接網絡，以及螞蟻國際、支付寶（中國）簽署合作協議，加速推動項目落地。該項目在完成試點運行後，預計於2025年內全面正式投產。

根據兩國央行約定，中國印尼二維碼互聯互通將采用雙邊本幣結算方式，這一安排有助於推動人民幣國際化進程，提升中國支付產業在跨境支付、貨幣合作領域的話語權與國際影響力。此項目也是銀聯攜手產業各方打造新「四方模式」以及中資支付企業「抱團出海」的重要實踐。合作落地後，將顯著提升兩國居民跨境移動支付體驗，助力商家拓寬客源，促進兩國經貿交流和人員往來。

截至目前，銀聯已在境外19個國家和地區與當地支付網絡達成或推進跨境二維碼互聯互通合作。未來，銀聯將持續擴大互聯互通項目規模，服務和促進金融高水平對外開放。

At the launch ceremony in Beijing, a pilot transaction was demonstrated using an Indonesia mobile payment application; while in Jakarta, whitelisted users successfully made transactions via the UnionPay App and Alipay app by scanning QRIS, the unified QR in Indonesia. During this sandbox phase, selected users from China's mainland can make QR payments with those two Chinese mobile payment app at over 40 million QRIS merchants in Indonesia. Meanwhile, pilot merchants in the UnionPay and Alipay networks in the Chinese mainland can also accept QR payments from 22 mainstream Indonesian mobile payment apps.

It is important to note that the sandbox phase is currently limited to whitelisted participants and merchants. The cross-border QR payment linkage is expected to be fully operation within 2025 once the sandbox phase is completed.

The cross-border QR payment linkage, a key project implemented between China and Indonesia in the Government-to-Government (G2G) model, is steadily progressing under the guidance of both central banks. In January 2025, UPI signed a memorandum of cooperation with the Indonesian Payment System Association (ASPI), Ant International, and the Bank of China (Hong Kong) Jakarta Branch. Subsequently, UPI signed separate cooperation agreements with the four switch networks in Indonesia—Rintis, ALTO, Artajasa, and Jalin—as well as Ant International and Alipay, thereby accelerating project implementation..

In accordance with the agreement between the two central banks, cross-border QR payment linkage between China and Indonesia will be settled in their respective local currencies. This arrangement will not only facilitate cross-border mobile payment experience for residents of both countries in the future but also enhance merchants in broadening their customer base. Additionally, the project serves as an important step forward in UnionPay's effort to create a new four-party model in collaboration with industry stakeholders, contributing to win-win cooperation of the industry while driving its own development.

In accordance with the agreement between the two central banks, cross-border QR payments between China and Indonesia will be settled in their respective local currencies. This arrangement will not only facilitate cross-border mobile payment experience for residents of both countries, but also enhance merchants in broadening their customer base. Additionally, the project serves as an important step forward in UnionPay's effort to create a new four-party model in collaboration with industry stakeholders, where UnionPay continues to play a pivotal role as it extends collaboration further across the industry chain, contributing to win-win cooperation of the industry while driving its own development.

So far, UnionPay has achieved or is pursuing cross-border QR payment linkage with payment networks in 19 countries and regions outside the Chinese mainland. Going forward, UnionPay will continue to scale up cross-border payment connectivity.