The JV set up by Binance and MDI will set up a new Indonesia-based digital asset exchange where Binance will pitch in with the infrastructure and support for the new exchange.

It is also reported that Binance is in talks with PT Bank

Central Asia, which is controlled by billionaire brothers Budi and Michael Hartono about a possible venture.

Recently, Binance withdrew its application for a license from the Monetary Authority of Singapore (MAS) to operate a cryptocurrency exchange and will shut down its trading platform in Singapore by February 13. Binance Singapore will contact its users via email to see what steps they need to take since the platform will cease to function.

Richard Teng, Chief Executive Officer of Binance Singapore told the media, “We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”

Earlier this year, Binance launched a $1 billion growth fund to help fast-track the adoption of digital assets and blockchain technology.

Nearly $500 million from the funds will be invested for the development of blockchain-based financial services, gaming and virtual reality. Around $300 million will go to a builder programme whereas the remaining $200 million each will be steered toward liquidity incentives and talent development, Binance revealed.

The post Binance and a MDI-led consortium will launch a crypto exchange in Indonesia appeared first on International Finance.

Indonesia’s wireless network operator Telkomsel, is a subsidiary of Telkom Indonesia and is headquartered in South Jakarta.

Indonesia’s Telkomsel, the largest wireless carrier in the country with 172 million customers, already has 204,200 radio base stations out of which 75 percent are 3G/4G base transceiver stations. The radio base stations operated by Telkomsel provide nationwide coverage.

The company’s revenue rose by 10 percent in 2019 when compared over the same time period in 2018. The increase in revenue was mainly driven by the 35 percent growth in data and digital services. Telkom currently has 111 million data customers.

Increase in the number of customers switching to OTT (Over the Top) apps led to a fall in the voice and SMS revenues by 21 percent.

Telkomsel’s pre-tax profit and EBIDTA (Earnings before interest, depreciation, taxes and amortisation) rose 18 percent due to cost of services and staff costs.

The company’s customer base reached 167.792 million in June 2019 when compared to 168.642 million in March 2019 and 177.888 million in June 2018.

Telkom Indonesia, the holding company of Telkomsel, has partnered with Synchronoss to implement Synchronoss’ Digital Experience Platform (DXP) to simplify and digitalise its business processes.

Synchronoss platform can be used by Telkom Indonesia across all its business units.  The platform enables a more interactive experience to its customers by offering personalised customer care and digital service at minimal cost, across mobile apps, call centres in- store- point of sale interactions and online.

The post Indonesia’s Telkomsel increases 4G radio base stations appeared first on International Finance.