MyEG to implement tax monitoring system in Indonesia

• Marks the group’s entry into the Indonesian e-government space
• Entail an investment by MyEG of US$10 million for up to 40% interest

MY E.G. Services Bhd (MyEG), through its wholly-owned  sub-subsidiary MY EG (Indonesia) Sdn Bhd, on Nov 26 signed a Memorandum of Understanding towards investing in the Indonesian e-government provider, PT Cartenz Technology Indonesia (Cartenz) , marking the group’s entry into the Indonesian e-government space.

The strategic partnership, subject to the fulfilment of relevant terms and conditions, will entail an investment by MyEG of US$10 million (RM41.92 million) for up to 40% interest. Further, MyEG and Cartenz will jointly implement real-time monitoring of business transactions for tax computation purposes across Indonesia.

The combination of the partners’ respective strengths – MyEG’s proprietary solutions alongside Cartenz’s track record and insights into the local operating landscape – will accelerate the present base of 5,000 installations to a targeted one million installations. In addition, MyEG and Cartenz will also collaborate to roll-out other solutions that MyEG has successfully deployed in Malaysia and the Philippines.

Headquartered in Jakarta, Cartenz is an information and communications technology company that is principally involved in the provision of information systems to all levels of government agencies for more efficient management, including in the administration of regional taxes.

To date, Cartenz has deployed its tax monitoring system to some 5,000 business outlets and has provided its tax revenue system to 76 local governments, including Jakarta and Bali.

“We believe that in Cartenz we have found a like-minded partner that shares our vision of harnessing the power of technology to advance government and commercial service delivery for the benefit of consumers. Even as we were rolling-out our Tax Monitoring System in Malaysia over the last two years, Cartenz has been doing likewise in Indonesia, which is proof enough that we share a common vision.

“Obviously, Indonesia's vast economic potential is undeniable, and we look forward to being very aggressive in deploying to one million outlets within three years.” said MyEG managing director TS Wong (pic).

MyEG’s foray into Indonesia is the third joint venture overseas for the group, having been active in the Philippines since 2017 and having more recently set foot in Bangladesh.

Along with its home market of Malaysia, where the group has been operating since 2000, MyEG’s presence will thus span four countries with a combined population of over half a billion people.

“MyEG is now the clear market leading e-government services operator in Asean. We will continue to replicate our model and export our system to other populous emerging markets, hence achieving one of the objectives of the Multimedia Super Corridor (MSC) that was first conceived 20 years ago by our visionary Prime Minister,” added Dr Norraesah Mohamad, MyEG executive chairman.