JAKARTA, Indonesia, April 13, 2017 /PRNewswire/ --
Columbia Cash & Credit, Mega Auto Finance and WOM Finance Provide Credit To Millions Of Indonesians
KinerjaPay Corp.,(OTCQB: KPAY), a digital payment and ecommerce platform, ("KinerjaPay" or the "Company") announced that consumers can now use its platform to make payments to Columbia Cash & Credit, Mega Auto Finance and WOM Finance.
Edwin Ng, Chairman and CEO for KinerjaPay Corp. commented, "These three multi-finance companies are leaders in Indonesia's motorcycle sector, which was estimated to include 80 million motorcycles from various brand in in 2015. Exposure to their customers provides KinerjaPay with a substantial opportunity to build our own member base."
Ng went on to say, "Multi-finance companies are less regulated than traditional banks, therefore tend to generate higher yields than conventional bank loans. However, as they cannot accept deposits, they rely on borrowing and bond issuances for their capital and therefore their cost of capital is higher. Participating in the KinerjaPay platform not only facilitates their ability to collect payments, but should make it easier for them to attract customers, both of which would improve their return on capital."
Columbia Cash & Credit is a pioneer retail chain store, that has been providing installment options for its customers in Indonesia since 1982. The retail business comprises a network of approximately 300 outlets in 300 cities, serving 1.5 million customers in Indonesia.
Mega Auto Finance (MAF) and Mega Central Finance (MCF), established in 2007, provide retail motorcycle financing specifically for Yamaha (Indonesia's best-selling motor cycle brand) and Suzuki motorcycles through partner dealers and branches across the country. MAF's and MCF's networks currently operate approximately 200 branches in Java, Sumatera, Kalimantan, and Sulawesi.
WOM Finance is also engaged in motorcycle financing, specializing in the Honda brand. The Company services 1 million active customers through seven regional offices and is supported by a network of 170 offices throughout Indonesia.
The Indonesian economy generates nearly $1 trillion annually, however only 42% of the 250+ million citizens have bank accounts and only 5% have credit cards. KinerjaPay's network of payment channels and mobile apps allow un-banked Indonesian consumers and business to shop and pay bills quickly, safely and conveniently.
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at http://www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 11, 2016.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this letter.
SOURCE KinerjaPay Corp.