Euronet, Sigma tie up

JAKARTA (JP): Information technology company PT Sigma Cipta Caraka announced on Tuesday a joint venture with Euronet Services Inc., a U.S-based electronic financial solutions and transaction processing company.

The joint venture will operate a transaction switch to process automated teller machine (ATM) transactions for an ATM network.

Euronet's chief operating officer Dan Henry told a news conference that the company would invest US$1.2 million to set up cash services' infrastructure.

Henry said he was optimistic about the joint venture's business prospects despite the economic downturn and ailing banking sector.

Sigma Cipta's president Djarot Subiantoro said the local operations would be run primarily by PT Sigma using Euronet's ARKSYS software technology and network operations experience.

Bing Moniaga, director of Sigma Citra, said the company now served more than 60 banks and he expected the joint venture to obtain 10 to 15 customers next year.

Sigma Citra believes the joint venture will strengthen its business in the banking sector by providing a broad range of solutions from information technology systems, core banking, integrated services with ARKSYS software for electronic payments and transaction systems.(06)