| | MARCH 20248IN FOCUSAsiaVerify proudly announces its recognition as a Visa Ready certified partner for the Visa Fintech Partner Connect Program. This program facilitates connections between Visa clients and cutting-edge, digital-first payments and banking platforms. AsiaVerify's inclusion in this initiative will provide businesses within the Visa network with advanced Know Your Business (KYB), Know Your Customer (KYC), and Ultimate Beneficial Owner (UBO) verification services, featuring instant access to original language and translated documents. This collaboration aims to elevate customer onboarding, monitoring processes, and ensure compliance with regulatory standards.The partnership offers an opportunity for businesses to streamline operations and engage with AsiaVerify, leveraging an exclusive commercial package that enables effective cost management. The joint commitment of both companies to delivering unmatched benefits to their clients is underscored by the exceptional value offered through exclusive pricing.Elizabeth Fitzell, Chief Operating Officer of AsiaVerify, expressed enthusiasm about the collaboration with Visa, stating, "We are beyond thrilled to embark on this incredible journey with Visa. This collaboration will enable us to tap into Visa's global reach and expertise, allowing us to assist organizations in conducting business safely in Asia using our award-winning technology and in-depth regional knowledge".INDONESIAN BILLIONAIRE PRAJOGO PANGESTU ACQUIRES $203M IN MINING ASSETSPetrindo Jaya Kreasi, a holding company listed in Jakarta that oversees the mining ventures of Indonesian tycoon Prajogo Pangestu, announced the acquisition of the unlisted coal miner Multi Tambang Utama for $203 million. This acquisition is poised to enhance Petrindo's thermal coal production, particularly in Central Kalimantan, located on the island of Borneo, where the majority of its concessions are situated.Multi Tambang Utama produces both thermal and bituminous metallurgical coal, operating across three concession areas covering nearly 25,000 hectares in Central Kalimantan. Petrindo announced that it had acquired a 100 percent stake in Multi Tambang Utama, equivalent to 2.2 million shares, from Indika Indonesia Resources and Indika Capital Investments. These entities are subsidiaries of the publicly listed company Indika Energy, which is controlled by Agus Lasmono Sudwikatmono and Wiwoho Basuki Tjokronegoro.Additionally, Petrindo will obtain marketing rights from Indika Capital Investments, with an estimated value of $15 million, thereby increasing the overall acquisition cost to $218 million. "The completion of this acquisition marks a significant step for us in ensuring the company's growth. It aligns with our long-term strategy focusing on enhancing operational performance, supply chain integration, and expanding our business portfolio", Michael, President Director of Petrindo said in the statement.Petrindo has been significantly increasing its investments in the mining sector. Just earlier this month, Petrindo, operating through its subsidiary Kreasi Jasa Persada, completed the acquisition of Petrosea, a publicly listed company specializing in mining engineering services, for 940 billion rupiah ($59.8 million). Prajogo Pangestu, aged 79, holds the second position in Indonesia's 50 Richest list, published last December, with a net worth of $43.7 billion. Initially establishing himself in the timber industry, Pangestu later became a prominent figure in the petrochemical sector, notably overseeing Indonesia's largest producer, Chandra Asri. In recent years, he has diversified his interests into mining and green energy.Pangestu's fortune received a significant lift from his majority ownership of the geothermal energy firm Barito Renewables Energy. Following its listing on the Indonesia Stock Exchange in October at 780 rupiah per share, the company's stock price experienced a remarkable surge. As of Thursday morning, the share was trading at 6,175 rupiah. ASIAVERIFY ACHIEVES VISA READY CERTIFICATION FOR VISA FINTECH PARTNER CONNECT PROGRAM
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