BC Card (President and CEO, Joon Hee Suh, www.bccard.com) announced that an opening ceremony for Mitra Transaksi Indonesia (MTI), a joint venture in Indonesia, was held on November 8th.

The ceremony was held in the headquarters of the joint venture(JV), located in Jakarta Mega Kuningan and were attended by approximately 30 people including CEO of BC Card, Mr. Joon Hee Suh, President of JV, Mr. Jin Young Huh, President of Bank Mandiri, Mr. Kartika Wirjoatmodjo, and representatives of subsidiaries.

MTI plans to gear up the development of the processing system and launch services by 2017 2Q. MTI also intends to speed up the employment process – currently there are 50 employees but the plans are to hire up to 400 workers in the next few years.

CEO of BC Card, Mr. Suh stated, “Korea’s finest payment technology and solution will be introduced to Indonesia and they will be used to provide better values to local merchants and credit card holders. We hope to become a new driving force in the Indonesian payment market.”

President of Bank Mandiri, Mr. Kartika also mentioned, “Once MTI launches its services and starts normal operation, I believe that MTI will become a pioneer and a leader in the payment industry in Indonesia.”

MTI is a joint venture created by BC Card and Bank Mandiri, a state-owned bank in Indonesia, for local credit card processing business. This marked a first for a Korean company to successfully export its payment processing technology overseas.

MTI is owned by two investors – 51% of its shares are held by Mandiri Capital Indonesia, a subsidiary of Bank Mandiri and the remaining 49% is owned by BC Card Asia Pacific, a subsidiary of BC Card. The starting capital of MTI is 60 trillion KRW (approx. 53 million USD)

BC Card’s history with Bank Mandiri started from its consulting project on Mandiri’s acquiring business in May 2011. After the project, BC Card participated in the bidding of Mandiri’s acquiring processing project and competed with more than 10 globally-renowned payment processing companies for over a year to be selected the preferred bidder in July 2014. Agreements on building a joint venture were signed in September 2014.