29/08/2019 – C88 Financial Technologies announces on Wednesday the acquisition of Indonesian company IDX Optus with an undisclosed sum.
Based in Singapore, fintech company C88 Financial Technologies provides financial and insurance solutions to retail and small business consumers. The company currently owns two financial portals, CekAja in Indonesia and eCompareMo in the Philippines.
IDX Optus, headquartered in Jakarta, consists of IDX Partners and Optus Solution. Combined, the company provides services that are related to analytics, artificial intelligence, revenue optimization, data management, and credit risk management.
The acquisition of IDX Optus by C88 Financial Technologies is a strategic move to reinforce the Singaporean firm’s credit scoring expertise. Previously, the fintech firm has received investment from Experian, a global information services provider, as it ventures into credit decision analytics and scoring capability,
According to DealsStreetAsia, J. P. Ellis, co-founder and CEO of C88 Financial Technologies commented that the deal was prompted by the increasing importance of data and analytics in the region’s financial services industry, “the industry has historically lacked data as well as tools to create insights and intelligence from data.”
He added “We are excited to work with many data asset owners. We already work with many of them, some telecommunication companies, banks and multifinance companies, and we are continuously expanding the scope of our partnerships,”
While Anton Hariyanto, co-founder and CEO of IDX Optus, told KrAsia that the acquisition fits into the company’s strategy for growth and regional expansion.
He was quoted saying, “We have for many years been a leading data analytics provider for Indonesia’s financial services, telecommunications, and retail industries [. . .] We will expand and grow to benefit and help millions of customers in the region access financial services,”
Following the acquisition, IDX Optus will co-locate with C88 Financial Technologies in Jakarta with all executives and management on board. While a Philippines presence is planned to be established in early 2020.
This news is published on Reuters.