Jakarta, May 24, 2023 – Indosat Ooredoo Hutchison (Indosat) and Mastercard announced a strategic partnership to jointly develop digital solutions and experiences that will significantly enhance the digital payment landscape in Indonesia, thereby empowering consumers and businesses in the digital economy and expand financial inclusion across Indonesia.
The signing of the Memorandum of Understanding (MoU) was carried out by Ritesh Singh, Director and Chief Commercial Officer of Indosat Ooredoo Hutchison, and Navin Jain, President Director of PT Mastercard Indonesia, and witnessed by Vikram Sinha, President Director and CEO of Indosat Ooredoo Hutchison, M. Buldansyah, Director and Chief Business Officer of Indosat Ooredoo Hutchison, Ari Sarker, President, Asia Pacific at Mastercard, and Safdar Khan, Division President, Southeast Asia at Mastercard.
Vikram Sinha, President Director and CEO of Indosat Ooredoo Hutchison said, “This strategic collaboration is aligned with our larger purpose to connect and empower Indonesia by accelerating the nation’s digital transformation. Digital upskilling and financial inclusion, especially those in rural areas, are key to unlocking and maximising the potential of every Indonesian. With the spirit of Gotong Royong, this joint effort with Mastercard will allow us to create infinite financial solutions for accelerating the digital economy growth of Indonesia.”
Ari Sarker, President of Asia Pacific, Mastercard, said, “Digitization is a key pillar in the roadmap towards a truly inclusive economy. The digital economy can bring more opportunities to more people, but reaching that potential requires close collaboration. Hence, Mastercard is excited to work closely with Indosat –a partner that shares the same commitment– to empower Indonesians for the digital future, bring more individuals and SMEs into the digital ecosystem, and help advance inclusive growth for the Indonesian economy. This partnership also underscores Mastercard’s commitment to bring one billion people and 50 million micro and small businesses into the digital economy globally by 2025.”
Indonesia, the largest economy in Southeast Asia, has seen the value of its digital economy grow significantly – in 2025, the value of Indonesia’s digital economy is estimated to grow twofold to US$130 billion and will continue to reach US$220 billion to US 360 billion in 20301. In line with this growth, Indonesians’ demographics and consumer behaviour have changed tremendously in the past years.
With growing smartphone penetration, consumers increasingly shift to digital payment methods that offer convenience, flexibility, and enhanced security. This has led to an accelerated adoption of digital wallets, “super apps” that provide multiple services in one platform, and digital person-to-person (P2P) or person-to-merchant (P2M) payments, all of which are rapidly replacing cash. Small and medium sized enterprises (SMEs) are also embracing the digital future through digitisation and a shift toward convenient, quick-to-deploy solutions that address consumers’ evolving lifestyles and digital payment preferences, as well as demand for improved security in cashless transactions and hyper-personalized experiences.
This collaboration between Indosat and Mastercard is also designed to help enhance security standards and fortify greater trust among all users across the digital ecosystem to create a safer and more inclusive digital economy that everyone is confident to participate in and can benefit from. Both organisations intend to co-operate on introducing scalable products and solutions incorporating best in-class safety and cybersecurity capabilities to enable safe, seamless digital experiences that correspond to how consumers and businesses live, work and transact in today’s digital age. The partnership also aims to support SMEs by providing them with cutting-edge tools and resources to compete in the post-pandemic digital-first world.
As part of the collaboration, both organisations will explore solutions for consumers that are focused on driving digital payments with cards and account-based payments, increased access to credit such as through Buy Now Pay Later (BNPL), enhanced security on their payment methods, and solutions that offer greater consumer engagement and rewards.
Meanwhile, for businesses, the partnership will look at solutions that drive digital payment acceptance, help businesses set up an online or digital presence, increase access to credit, and provide other business productivity solutions such as accounting and expense management.
About Indosat Ooredoo Hutchison
Indosat Ooredoo Hutchison (IDX: ISAT)’s vision is to become the most preferred digital telco of Indonesia. Through its world-class digital telecom services and preeminent network, Indosat Ooredoo Hutchison strives to connect and empower every Indonesian.
Jointly controlled by Ooredoo Group and CK Hutchison, Indosat Ooredoo Hutchison was formed through the merger of PT Indosat Tbk and PT Hutchison 3 Indonesia in 2022.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realise their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
This document may contain certain financial information and results of operation and may also contain certain projections, plans, strategies, and objectives of Indosat Ooredoo Hutchison that are not statements of historical fact, which would be treated as forward-looking statements within the meaning of applicable law. Forward-looking statements are subject to risks and uncertainties that may cause actual events and Indosat Ooredoo Hutchison’s future results to be materially different than expected or indicated by such statements. No assurance can be given that the results anticipated by Indosat Ooredoo Hutchison, or indicated by any such forward-looking statements, will be achieved.