According to the press release, the services will be offered through Logiq’s iPayLogiq e-wallet and GoLogiq hyper-local food delivery mobile platforms, and includes cash advance for merchants and ‘Buy Now, Pay Later’ (BNPL) options for consumers.
Moreover, through its partnerships with digital wallet providers, online payment gateways, and point-of-sale aggregators, Yabx enables financial service providers to underwrite and service new-to-credit customer segments. The company applies proprietary artificial intelligence and machine learning algorithms on massive amounts of alternate data to help providers create a profitable customer portfolio.
Therefore, with Logiq, Yabx gains a channel partner for the Indonesian market where 50% of the population of 264 million people do not have access to traditional banking services, according to the e-Conomy SEA report, while nearly 70% of the population uses a smartphone daily.
To address the growing market opportunity, Logiq will leverage Yabx’s proprietary technology and expertise in scoring, decisioning, and lending lifecycle management, and deliver a full range of financial products that it can distribute through the established network of PayLogiq and GoLogiq mobile users.
This includes consumer and merchant cost-plus financing, like checkout financing (BNPL), merchant cash advance and airtime credit or top-ups. The companies expect to complete the integration of their fintech platforms before the end of 2020.
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