Indosat targets remittance segment

PT Indosat (ISAT IJ, BUY, TP: IDR4,800) is targeting remittance business. The company has signed an agreement with HomeSend to develop a remittance service to target 60 million Indosat’s customers in Indonesia. HomeSend is a joint venture between MasterCard, eServGlobal, and BICS that enables B2B cross-border and cross-network value transfers through a single connection. Through the agreement, HomeSend will be the first international remittance provider to give remittance service access to 24,000 location of ISAT’s Dompetku Mobile Money. For an illustration, the amount of funds being transferred to Indonesia ytd reach US$44.4bn, higher than US$36.75bn of last year.