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Title BC Card receives official JV License in Indonesia Date 2016.01.21

BC Card’s embark upon the global market begins with a promising start – an official establishment of a joint venture in Indonesia. BC Card (President and CEO, Joon Hee Suh, www.bccard.com) confirmed on the 21st that it has received an official permit from Indonesian Ministry of Justice and established a corporate body ‘Mitra Transaksi Indonesia’ (MTI).

Now the joint venture is officially approved of, BC Card will begin building credit card processing system from February and expect to earn sales from this service starting from this year, year one of JV establishment. Also after the official launching of the system, BC Card plans to gain steady sales from credit card acquiring and system maintenance.

JV is an entity built for local credit card processing business in Indonesia, 51% of its shares is owned by Bank Mandiri’s subsidiary ‘Mandiri Capital Indonesia’ and the remaining 49% is owned by BC Card’s subsidiary ‘BC Card Asia Pacific’

JV’s first president and CEO is BC Card’s Senior Vice President, Jin Young Huh, CMO and CFO are to be designated by Bank Mandiri. MTI has plans to hire around 450 employees, including a dispatch from both companies, by the first half of 2017.

Jin Young Huh stated, "As the newly appointed CEO, I will make sure the new business is stabilized as soon as possible and we create a foundation for a lasting enterprise. I would also like to point out that BC Card will use its experience here in Indonesia and KT group’s capabilities to knock on doors of other South East Asian markets."
Head of Credit Card Group in Bank Mandiri, Boyke Yurista, who is nominated CMO of MTI declared, "Bank Mandiri will work with MTI to become no. 1 acquirer in Indonesia. We will try hard to incorporate BC Card’s advanced technology and knowhow, and upgrade the card market in Indonesia."

BC Card began its relationship with Bank Mandiri from May 2011 when it won a consulting project on acquiring business. After the project, BC Card participated in Bank Mandiri’s acquiring processing business bidding and after a year of competing with 10 global processing firms, BC Card was appointed the preferred bidder in July 2014. BC Card and Bank Mandiri closed the final JV deal on September 2015.