JAKARTA (TheInsiderStories) – PHI Group, Inc., (OTCQB:PHIL), announced has signed a Joint Business Cooperation (JBC) Agreement with an Indonesia firm PT Mega Kencana Persada (MKP), and German’s Smartway GmbH to provide logistical and payment solutions for the Indonesian maritime transportation systems. The third parties will form a Singaporean holding company.
In press statement released on April 9, the U.S-based company said, the program will using blockchain technology, financial technology and robust proprietary mathematical algorithms.
Currently there are approximately 40 million passengers and 8 million motorcycles that use the Indonesian maritime transportation systems with annual turnover exceeding US$1.2 billion. The solutions will include “Waterpay Wallet,” a mobile and online digital payment mechanism for stress-free, frictionless maritime water transportation journeys in Indonesia.
This system will optimize, integrate and link apps services to 215 ferry routes across Indonesia with 48 commercial routes and 170 routes under local municipalities in stages. The Waterway mobile approach will provide the necessary infrastructure and improve daily life by simplify the way people move around by using maritime transportation in Indonesia, a Southeast Asian country with approximately 18,000 islands.
The long-term objective, Phi Group said, is to capture a major market share of the 40 million passengers and 8 million motorcycles, which will continue to grow over time.
This app is expected to be launched in the third quarter of 2018 with more than 50 mobile apps development engineers and developers joining the team.
Jalani Hanifa, Director of MKP stated: “We recognize the high potential growth for transportation of multi-wallets in this region, intuitive by making it easy for payment to inter-operate.”
Henry Fahman, CEO of PHI Group, concurred: “We are delighted to partner with Mega Kencana and Smartway GmbH to provide better solutions to meet the growing needs of traffic and transportation management in Indonesia, both on land and water.”
MKP owned a 330-hecatare limestone concession in Mandailing Natal District, North Sumatra Province. In 2014, U.S’s Vanguard Mining Corporation (Pinksheets: VNMC) has acquired a 75 percent equity interest in the concession.
At that time, VNMC agrees to pay $4,750,000 in a combination of cash and stock of the company. VNMC and PHI Capital Holdings, Inc., a subsidiary of PHI Group, has responsible to raise the required capital to develop and operate the limestone mine.
It is estimated that the CaCO3 deposits of the concession amount to approximately 150 million metric tons, subject to an independent technical verification.
VNMC expects to produce a variety of limestone products from this mine. Vanguard Mining has partnered with several sand suppliers in Vietnam and Cambodia to provide construction and reclamation sands to Singapore and is working with MKP to supply limestone to the Indonesian domestic and neighboring export markets.
For your information, Smartway concurrently works on commuter services for urban areas, delivery and ride-sharing services and cooperation with Mega Kencana Persada to provide logistical solutions to Indonesian waterways and roads.
While, PHI Group primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.
President Jokowi Widodo has said Indonesia has to seriously start exploiting maritime resources, which he believes are the future of the country’s economy. He said there is only a small part of maritime resources worth Rp 17 quadrillion (US$1.24 trillion) annually that could be exploited.