Loop Insights Inc (CVE:MTRX) announced a new agreement Tuesday that sees the artificial intelligence provider tapping into the Indonesian retail market.
The Vancouver-based company signed a memorandum of understanding with Indonesia’s Frontier Technology, which boasts an expansive network of clients in the lucrative Indonesian retail market.
Indonesian companies are projected to spend US$11.9 billion on information technology in 2020, according to data from the International Data Corporation.
READ: Loop Insights launches contactless verification platform to help businesses adopt curbside pick-up amid the coronavirus
Loop told shareholders it expects a number of revenue streams to stem from Indonesia, supported by Loop’s reseller distribution model that ensures scalability and maintains a low-cost operating structure. The firm said it anticipates “high engagement” within Indonesia’s mobile-friendly population of 256 million people.
The technology company is “100% focused” on the execution and deployment of its products on a global scale, according to Loop’s CEO Rob Anson.
“We intend to fully support and leverage Frontier Technology's network of clients to gain instant traction in the Indonesian market-one that is very mobile-driven and hosts a large population of users,” Anson said in a statement. “This opportunity with Frontier Technology is a major development for Loop and marks the first of many global partnerships to come."
Frontier’s CEO Victor Rindanaung said the company’s clients are looking for more cloud-based solutions, especially in light of the coronavirus pandemic gripping the globe.
“Loop has demonstrated to us that their products offer our clients a low-cost, high-return solution to future proof their business,” Rindanaung said. “Loop's contactless ID verification platform and wallet pass technology is particularly disruptive, and we are very excited to bring it to the Indonesian market together."
Loop’s technology looks to bridge the gap between physical retail stores and the eCommerce sector using artificial intelligence.
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