The development aims to consolidate its position in Indonesia's evolving digital payments market.
The Key Points
Yokke's Data: Founded seven years ago, Yokke now serves over 350,000 merchants and works with 20 banks and financial institutions in Indonesia. The company focuses on providing secure payment solutions.
Indonesia's Digital Payment Forecast: By 2025, Indonesia will account for 42% of digital payment transactions in Southeast Asia. Reports from the Bank of Indonesia highlight the increasing shift towards digital finance, driven by advances in digital banking and the ubiquity of online payment methods. Both Yokke and SBPS see potential in this evolving landscape.
Technology integration: Through the partnership, there's potential to integrate technologies such as AI for fraud detection into the existing Yokke platform. The collaboration can also drive digital adoption among merchants.
Leadership Statements: Ms. Niniek S. Rahardja, President Director of Yokke, noted the strategic alignment between Yokke's digital payment infrastructure and SBPS' global reach. Mr. Jun Shimba, CEO of SB Payment Service Corp., pointed out that the collaboration could introduce Japanese companies to the dynamics of the Indonesian market and emphasize the potential of new digital payment technologies.
The Big Picture
SoftBank's Strategy: As part of SoftBank's "Beyond Japan" approach, SBPS aims to facilitate access to Indonesian payment services for Japanese and international companies to transition to cashless transactions.
National Noncash Initiative: The partnership between Yokke and SBPS aligns with the Indonesian government's Gerakan Nasional Non-Tunai (GNNT) goals, which aim to create an efficient and consistently available payment system.
This aligns with the intention to transition Indonesia to a cashless economic model. Yokke has supported this initiative, especially in the post-COVID-19 economic recovery phase.
The partnership serves as a milestone in developing Indonesia's digital payments sector, potentially influencing the country's position in global digital finance.