Services to be Delivered Through PayLogiq™ eWallet and GoLogiq™ Hyper-Local Food Delivery Mobile Platforms
Logiq, Inc. (formerly Weyland Tech, Inc., OTCQX: WEYL), a global provider of eCommerce and fintech business enablement solutions, has partnered with Yabx, a fintech venture of Comviva and part of $5.2 billion Tech Mahindra (BSE:TECHM), to offer credit-based financial services.
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The services will be offered through Logiq’s increasingly popular PayLogiq™ e-Wallet and GoLogiq™ hyper-local food delivery mobile platforms, and include cash advance for merchants and ‘buy now, pay later’ (BNPL) options for consumers.
Through its partnerships with leading digital wallet providers, online payment gateways and point-of-sale aggregators, Yabx enables financial service providers to underwrite and service new-to-credit customer segments. The company applies proprietary artificial intelligence and machine learning algorithms on massive amounts of alternate data to help providers create a profitable customer portfolio.
With Logiq, Yabx gains a channel partner for the Indonesian market where 50% of the population of 264 million people do not have access to traditional banking services, according to the e-Conomy SEA report, while nearly 70% of the population uses a smartphone daily.
Forrester reports that 69% of Indonesia’s existing banking customers prefer digital channels, and 73% believe they should be able to accomplish any financial task on a mobile device. These factors have created a digital financial services market in the country that is projected by SGE to reach US$8.6 billion by 2025, growing at a compounded annual rate of 34%.
Since its inception in 2018, PayLogiq (formerly AtozPay) has rapidly grown its footprint among unbanked consumers and micro, small and medium enterprises (MSMEs). Through its e-wallet platform, it has generated more than $9 million in gross transaction volume so far this year. Its growth has been attributed to the accelerating adoption of mobile commerce in Indonesia and a major shift to contactless transactions since the beginning of the COVID-19 pandemic.
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To address the growing market opportunity, Logiq will leverage Yabx’s proprietary technology and expertise in scoring, decisioning and lending lifecycle management, and deliver a full range of financial products that it can distribute through the established network of PayLogiq and GoLogiq mobile users. This includes consumer and merchant cost-plus financing, like checkout financing (BNPL), merchant cash advance and airtime credit or top-ups. The companies expect to complete the integration of their fintech platforms before the end of the year.
“Our partnership with Logiq grants us immediate access to the Indonesian market and the opportunity to improve the lives of people who do not have access to traditional financial services,” commented Rajat Dayal, co-founder and CEO of Yabx. “With an unprecedented growth in digital payments over the last 10 years, a large segment of the population and MSMEs have gained access to payment instruments to transact digitally. However, a majority have been unable to obtain credit and additional banking products that are considered critical for true financial inclusion. Together, we will endeavor to further democratize financial access by providing affordable and convenient financial services to the new-to-credit population, thereby expanding financial inclusion for all.”
Matthew Brent, chief strategy officer of Logiq, commented: “Partnering with Yabx opens up exciting opportunities for us to develop additional revenue streams by offering meaningful, new financial products to our fast-growing network of users. Yabx shares our mission of creating greater access to key financial services in emerging markets, and we look forward to exploring future opportunities to address other underserved and unbanked emerging markets around the world.”
