VC Plus has signed a memorandum of understanding (MOU) with two cooperative agencies in Indonesia (collectively known as the Koperasi) and Indonesian business partner PT Alpha Millennia Indonesia to provide the Koperasi and their over 2,300 members with access to a suite of technology solutions for their operations.
A cooperative agency in Indonesia refer to people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations. The cooperative agency is critical to the development of a financial and economic inclusive society in Indonesia and in many other developing countries in Southeast Asia as the members of the cooperative agency generally comprise mostly unbanked and underbanked individuals and micro, small and medium enterprises (MSME).
The MOU represents the first step to exploring the use and adoption of technology solutions by the Koperasi and its members, with the company in partnership with its Indonesian business partner PT Alpha Millennia Indonesia, as their advisor on the availability and suitability of solutions to meet their respective needs.
VCPlus will lead a consortium of reputable technology partners which has been curated specifically for the underserved community and MSMEs in the following key areas:
- Financial Technology – Open API banking solutions for conventional and Islamic banks, fintechs, neobanks, lenders and start-ups. Comprehensive solutions which include core banking, RegTech and omnichannel banking and mobile wallets
- Marketplace and Value Chain – End-to-End trade and supply chain solutions powered by technologies such as Artificial Intelligence, Blockchain and Cloud. Comprehensive solutions which include management of products with short shelf life, order aggregation and consolidation, transportation load and route optimisation and farm/sea to table blockchain traceability
- Cyber Security – Cybersecurity solutions to secure and manage endpoints and IT infrastructure targeted at MSMEs and other enterprises.
Clarence Chong Heng Loong, CEO of VCPlus says: “We believe that by helping the Koperasi and its members to digitalise, their members who are mostly the Underserved Community and MSMEs will reap real and sustainable economic and social benefits. They can now participate in the economic development of the country and not be left out. This initiative is aligned with VCPlus’ plan to be directly involved in projects that promote an inclusive society, in addition to financial benefits.”
See also: Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
Shares in VCPlus last traded at 0.6 cent.
