NEW YORK, Sept. 22, 2021 (GLOBE NEWSWIRE) — Logiq Inc. (NEO:LGIQ)(OTCQX:LGIQ), a global provider of award-winning e-commerce and fintech solutions, plans to launch its first-ever super app in Indonesia that combines all of its mobile e-commerce and fintech solutions into one mobile app for easier access and greater interoperability.
The super app will provide access to the company’s PayLogiq™ e-Wallet, GoLogiq™ hyper-local food delivery and other mobile eCommerce solutions, as well as its recently announced mobile fintech platform for microlending, driver’s license testing payments and mental health consultations.
These app features will be powered by Logiq’s recently launched Radix, a proprietary, internally developed platform designed to consolidate the data generated by its mobile commerce business segments into a fast, easy-to-access centralized portal. Radix’s advanced analytics and alternative scoring of unbanked individuals have been designed to enhance the company’s business planning and development in emerging markets.
Logiq’s digital wallet technology enables users to perform multiple financial transactions quickly and securely, including money transfers, receiving and repaying loans, accessing insurance, buying airtime or data, and paying bills or merchants—all conveniently from their mobile device, anytime, anywhere.
“This new super app represents a major step towards improving the lives of millions of Indonesians who do not have access to traditional financial, payment and health services,” noted Brent Suen, president of Logiq. “Rather than having to switch between apps for these essential services, Indonesians will gain access to a convenient, all-in-one app, as well as benefit from the built-in interoperability and data sharing between them. We see this combined functionality creating a multiplier effect in terms of broader adoption and daily use of our mobile commerce solutions.”
The super app will be designed to support and encourage better financial inclusion, which is greatly needed in Indonesia. The country has the third-largest unbanked population in the world after China and India, according to Merchant Machine.
Indonesia has a population of 270 million and a total gross domestic product of more than a trillion dollars, according to the World Bank. The new super app would tap the country’s growing eCommerce market, which is projected to surpass US$43 billion this year.
Smartphone penetration in the country is also on the rise, expected to increase from 67% in 2020 to more than 82% by 2026, according to Statista. “This outlook suggests the Indonesian market could greatly benefit from an all-inclusive super app that provides a mobile one-stop-shop for financial and health services,” said Suen.
The super app’s hyper-local food delivery service will compete with other delivery apps in the region, such as GoFood. Owned by Gojek, GoFoods currently has a market share of about 58%, with its rapid growth demonstrating the market opportunity for Logiq’s new super app. The remaining market share is primarily currently owned by Grab and Uber.
“User experience is no doubt the most important factor to consider when developing mobile apps,” added Suen. “We are creating this super app to provide the most seamless, convenient and comprehensive solution for all of our service offerings.
“This past year and a half has accelerated the migration of nearly every aspect of a consumer’s life to digital channels. The app will be well positioned to capitalize on this continuing transformation, while providing a tremendous benefit to millions of Indonesians.”
| Logiq’s Indonesian Opportunity by the Numbers | 2020 | 2021F | 2026F |
| Total Population (million) | 270 | 272 | 285 |
| Gross Domestic Product (USD billion) | 1,060 | 1,159 | 1,673 |
| E-commerce Market (USD billion) | 32.7 | 43.4 | 90.3 |
| Smartphone Penetration | 67% | 72% | 82% |
| Unbanked Population | 113 million | – | – |
| Number of Competing eWallet Apps | 48 | – | – |
| Number of Competing Super Apps | 18 | – | – |
| Ride Sharing Apps | 91 | – | – |
| Delivery Apps | 16 | – | – |
| Unicorn-valued Companies | 6 | – | – |
| BPJSTK Members | 52 million | – | – |
| Driver Licenses Issued (as of 2019) | 13.5 million | – | – |
The COVID-19 pandemic has driven the adoption of digital financial services across Southeast Asia, and especially increasing demand for contactless digital banking services. According to SGE, Indonesia’s digital financial services market is expected to soar at a compounded annual growth rate of 34% to reach US$8.6 billion by 2025.
Logiq recently announced it has received approval of an annual lending rate from the Indonesian Government to provide micro-lending services to the more than 52 million members of Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK). BPJSTK manages the pensions and health benefits for these members in Indonesia.
The rate approval allows Logiq to begin the initial rollout of its new mobile fintech offering to the 5 million contract and delivery drivers of Garda Digital Indonesia, a membership organization overseen by BPJSTK, as well as to 6,000 government body employees. These members will be able to borrow up to 20% of their annual salary through the new program.
Currently, in beta testing, Logiq plans to launch the super app before the end of the fourth quarter.
About Logiq
Logiq Inc. (NEO:LGIQ)(OTCQX:LGIQ) is a U.S.-based leading global provider of e-commerce and fintech business enablement solutions. Its DataLogiq business provides a data-driven, end-to-end e-commerce marketing solution. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s Fixel technology offers simplified online marketing with critical privacy features.
In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateApp™, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp™ empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp™ 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 PayLogiq, branded as AtozPay™ in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo™ in Indonesia, offers hyper-local food delivery services. Connect with Logiq: Website | LinkedIn | Twitter | Facebook.
Important Cautions Regarding Forward-Looking Statements
This press release contains 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. This press release also contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our competitive position in our industry, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading “Risk Factors” in the Company’s Canadian Prospectus.
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