PETALING JAYA: Sanichi Technology Bhd’s financial technology subsidiary Bina Bicara Sdn Bhd (BBSB) is aiming to secure a piece of the outward money remittance business from Malaysia into Indonesia.
Malaysia is the largest contributor of outward remittance to Indonesia in the Asia Pacific region, amounting to US$2.7 billion (RM11.2 billion) in 2017 as reported by Bank Indonesia. This fintech is expected to contribute recurring profits to Sanichi.
BBSB will subsequently enter into an equity joint venture agreement with one of the biggest public listed government link companies (GLC) in Indonesia to provide money remittance services from Malaysia to Indonesia coupled with multi billing payment services, which allows direct payment to various utilities, telecommunications, banking institutions and transportation providers in Indonesia.
Sanichi group managing director Datuk Seri Dr Pang Chow Huat said this collaboration will be able to fill the gaps of the remittance industry, meeting demand of underserved market as well as contribute towards the growth of digital remittance.
