Company expects this Product and Service to allow the company to be profitable in 2020
JAKARTA, Indonesia, Dec. 20, 2019 /PRNewswire/ -- KinerjaPay Corp., a Delaware corporation (OTCQB: KPAY), through its newly formed Indonesian subsidiary, PT Kinerja Sukses Gemilang (P.T. KSG) has obtained full registration permit to operate as a micro loan lending platform from the Country's Financial Services Authority, OJK. Mr. Edwin W. Ng, CEO of KinerjaPay Corp. (KPAY), said: "We are honored to have passed the Certification tests and are very excited to offer this lending platform to Indonesian individuals and institutions. Our Company will be an active member of the platform, lending to individuals with verified employment and small businesses. We believe our access to United States lending institutions as well as being a public company in the US provides a key cost advantage over local competition using Indonesian financing sources. We believe that this lending platform, which will generate principal and agency revenues, will enable the company to generate profits in 2020."
The Indonesian market for these non-bank loans is vast. There are 63 million MSMEs, of which only 26% have access to financing according to government data. Similarly, only 29% of Indonesia's 186 million lower to middle income working age individuals have access to credit. The Indonesian market for these loans hit $3.1 billion in June 2019 versus only $19.6 million in 2016 according to the OJK. The company believes reaching 25,000/loans/month is very achievable.
The company estimates that the average individual loan will be in the range of US$200 to US$300, whereas the average micro loans for business owners will range between US$1,000 to US$5,000. The repayment will typically occur within 30 days to 90 days, depending on the terms selected. The Company targets to reach 25,000 loans per month later in the year to achieve min US$5 million market size on monthly turnover to turn profitable.
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the SEC on April 20, 2018 and most recently in our Registration Statement on Form S-1/A filed with the SEC on December 21, 2018, pursuant to which we are offering 300,000 Shares of 11% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 Per Share.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this release.
View original content:http://www.prnewswire.com/news-releases/indonesias-financial-services-authority-ojk-awards-registration-permit-for-kinerjapay-corps-kpay-peer-to-peer-lending-platform-300978246.html
SOURCE KinerjaPay Corp.