Indonesian fintech firm Yokke has formed a strategic partnership with Japan’s SB Payment Service Corp, a unit of SoftBank.
The partnership will further complement Yokke's comprehensive payment solution in Indonesia, which since its foundation in November 2015 has grown to encompass over 350,000 merchants and over 20 banks and financial institutions nationwide. Indonesia is predicted to contribute 42% of digital payment transactions across SEA by 2025, with the Bank of Indonesia reporting that digital banking is growing rapidly, driving economic activity.
Yokke’s partnership with SBPS is aimed at making secure, customer-friendly and efficient payment solutions available throughout Indonesia. This may include integration of advanced technologies into Yokke’s ecosystem, including AI for fraud detection, as well as growing the merchant network through digitalization.
Niniek S. Rahardja, President Director of Yokke, claimed that the partnership would bring greater value to Indonesia’s growing payments industry, noting that it combined Yokke’s established payments ecosystem with SBPS’ access to global corporations as well as advanced technology.
“The aim is to capitalize this partnership to further expand while also bringing more innovative solution in order to encourage the development of digital payment solutions in Indonesia. The support from SBPS will make our business scalability even stronger”, said Niniek.
Jun Shimba, Representative Director and CEO of SB Payment Service, added: “we aspire to provide Yokke's payment solutions to customers worldwide and support its business expansion in Indonesia. Yokke offers a wide range of payment methods and has the capability to provide both online and offline payment solutions, making it a company capable of meeting the needs of all customers. In the future, we plan to leverage SBPS's the latest technology and expertise in digital payments to drive business expansion.”
Through this partnership, SBPS aims to provision Indonesian payment services for Japanese companies and other global companies and, in the future, create a modern, cashless society by providing user friendly, secure, and efficient payments. Yokke and SBPS’ partnership is in line with Indonesia's government mission of National Noncash Movement (Gerakan Nasional Non Tunai - GNNT) which ultimately aims to create a cashless ecosystem in Indonesia.