Sanichi to venture into remittance business

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

PETALING JAYA: Sanichi Technology Bhd plans to tap into cross-border money remittance business through its upcoming joint-venture (JV) with a publicly-listed Indonesian state-owned enterprise (SOE).

The ACE Market-listed company told Bursa Malaysia on Monday that the JV allows its financial technology subsidiary, Bina Bicara Sdn Bhd, to capture a share of the US$2.7bil (RM11.2bil) outward money remittance business from Malaysia into Indonesia.