KinerjaPay Corp. Establishes Wholly-Owned Subsidiary in Jakarta, Indonesia
Company Establishes its Wholly-Owned Subsidiary PT Kinerja Pay Indonesia in Jakarta City, Indonesia to Manage and Expand its eCommerce Business in Indonesia.
JAKARTA, Indonesia, May 3, 2016 /PRNewswire/ -- KinerjaPay Corp. (OTCQB: KPAY), today announced that it established its new wholly-owned subsidiary, PT Kinerja Pay Indonesia, with offices located in Jakarta city, Indonesia. The new Subsidiairy was organized under Indonesian Incorporation Law Article No.34, dated 14 April 2016, and Principal License from Indonesia Investment Coordinating Board (BKPM) No.909/1/IP/PMA/2016 dated 06 April 2016. The Company has also appointed Mr. Deny Rahardjo as Chief Executive Officer (CEO) of PT Kinerja Pay Indonesia.
Mr. Edwin Ng , Chairman and CEO for KinerjaPay Corp. stated. "We are extremely excited that Mr. Rahardjo accepted his appointment as CEO of our new subsidiary, PT Kinerja Pay. With his extensive experience in Information Technology and Business Management, Mr. Deny Rahardjo is the right person to manage and expand Kinerja Pay's business operations in Indonesia. With Deny Rahardjo at our helm, we plan to grow our business and become one of the largest mobile payment and eCommerce providers in Indonesia. Since 2015, we have registered more than 35,000 active users with total of 170,000 transactions to date. We fully believe that Mr. Rahardjo, formerly a Microsoft, Polycom, and Telstra Executive in Singapore, will truly revolutionarize eCommerce inIndonesia and enable Kinerja Pay to become the most highly used and popular online payment solution/platform within the next several years, as well as expand its business opportunities throughout the SE Asian marketplace."
Mr. Ng further stated that "we chose to establish our initial business operations in Indonesia due to several economic factors, including its population size (est. 260 million according to Worldometers), user demographics, which consists of younger generations, and its ever-growing eCommerce market, which is expected to reach USD$3.8 billion by 2019 (Source: by Frost & Sullivan)."
With the growing trend of online shopping, Kinerja Pay will offer its users with convenient shopping experience as well as secure payment option. The Company also expects to launch several other applications to complement its mobile eWallet business by entering into other eCommerce verticals such as travel industry, fashion, online games, time-saver application, and many more.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 11, 2016.