Services to be Delivered Through PayLogiq™ eWallet and GoLogiq™ Hyper-Local Food Delivery Mobile Platforms
NEW YORK, Sept. 16, 2020 (GLOBE NEWSWIRE) -- 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.
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.
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.”
Yabx aims to simplify financial access for over 2 billion underserved customers and MSMEs in the emerging markets of Asia, Africa, and Latin America. Yabx offers a platform to enable digital lending products where they help banks and financial services organizations underwrite the customers using alternate data. The company leverages technology and analytics to reduce the cost of delivering financial services, thereby bringing banking services to the new-to-credit population. This is achieved through strategic partnerships with leading banks, microfinance institutions, credit bureaus, mobile network operators, digital wallet providers, online payment gateways, PoS aggregators and handset manufacturers.
Incubated by Comviva, a global leader in mobile financial services, Yabx is a part of the $5.2 billion Tech Mahindra (BSE:TECHM). Its team of industry experts and entrepreneurs operate out of The Hague, New Delhi, Bogota, and Nairobi. For more information, visit yabx.co.
Logiq, Inc. (OTCQX: WEYL) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its AppLogiq™ platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. AppLogiq empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. AppLogiq is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.
The company’s subsidiary, DataLogiq, provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, including Home Advisor, QuinStreet and Sunrun. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s PayLogiq™ offers mobile payments, and GoLogiq™ offers hyper-local food delivery services. For more information about Logiq, go to Logiq.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. The Company cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the Company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by the Company or its affiliates that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the fitness of our product for a particular application or market, expectations of future events, financial results, and/or business transactions that may not be consummated or realized, as well as other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (“SEC”), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
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