logo-loader
viewLoop Insights Inc.

Loop Insights taps into burgeoning Indonesian retail market via new agreement with Frontier Technology

Indonesia’s Frontier Technology boasts an expansive network of clients in the lucrative Indonesian retail market

Loop Insights Inc. -
Indonesian companies are projected to spend US$11.9 billion on information technology in 2020

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.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Loop Insights Inc.

Price: 0.15 CAD

TSX-V:MTRX
Market: TSX-V
Market Cap: $13.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Loop Insights Inc. named herein, including the promotion by the Company of Loop Insights Inc. in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Loop Insights launches cloud-based software platform with new features like...

Loop Insights (CVE: MTRX) CSO David Salisbury joined Steve Darling from Proactive Vancouver with news the company has launched "Loop Cloud" or an application programming Interface cloud product. Salisbury telling Proactive about the many features of this new program and how it can really...

1 week, 5 days ago

2 min read