Weyland Tech’s (WEYL) Indonesia Partner Announces Launch of Top-Up Application for Unbanked Population in Indonesia
HONG KONG, CHINA–(Marketwired – Jul 24, 2017) – Weyland Tech Inc. (OTCQB: WEYL) (“Weyland Tech” or the “Company”), a provider of mobile business applications, announced today that the Company’s partner in Indonesia, OAP (“OAP”), has signed an agreement to provide a stored-value ‘top-up’ application aimed at the 120 million adults living without access to traditional banking facilities.
The application is designed to be offered via major telecommunications providers in Indonesia.
OAP has initiated a pilot program to 20 communities in Indonesia. Upon success of the pilot, OAP will offer the community application to the other 500,000 communities throughout Indonesia.
In Indonesia, the unbanked population, or people who do not have bank accounts, is still very large. The Financial Inclusion Index (Global FIndex) for 2014 shows that only 36 percent of adults in Indonesia have bank accounts, which means there are approximately 120 million adults categorized as unbanked. A Top-Up application enables unbanked smartphone users to purchase goods and services via their phones (e-commerce/m-commerce).
Indonesia, the fourth most populous country in the world, has seen explosive mobile phone growth alongside a burgeoning e-commerce industry segment. A smartphone boom has been fueling Indonesia’s e-commerce growth. The e-commerce industry in Indonesia has grown from $12 billion in 2014 to $18 billion last year and is forecasted to touch $130 billion by 2020 as per Indonesian tech ministry spokesman, Ismail Cawidu.
Further details will be released in the coming months.
Safe Harbor Statement
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