ATM Japan joins Indonesian firm to serve growing local demand

18, Dec. 2019

Image by Michal Jarmoluk from Pixabay
Image by Michal Jarmoluk from Pixabay

JAKARTA, NNA - Japanese top automated teller machine operator ATM Japan Ltd. has acquired a 29.75 percent stake in Indonesian ATM operator PT. Abadi Tambah Mulia Internasional, eyeing the growing number of bank account owners demanding ATMs.

The fresh bid marks the Japanese company's first overseas ATM operating business in line with its business plan aimed at becoming Asia's top ATM outsourcing firm by 2020, according to the firm.

The company said in a statement on Monday it has bought new shares of the joint venture, established by Japan's Seven Bank and local interbank network operator PT. Alto Network, for an undisclosed amount through a third-party allocation. Seven Bank now holds a 67.91 percent stake while Alto Network holds the remaining 2.34 percent.

The Tokyo-based ATM Japan said it expects a shortage of ATMs in Indonesia in the future as the current 400 machines per 1 million people, or some 11,000 units in total, will not be enough after an expected increase in bank account ownership from 49 percent in 2017.

ATM Japan holds more than half of the market share in Japan, monitoring and sending alerts in case of an emergency of more than 110,000 ATMs out of roughly 200,000 in the country. (NNA/Kyodo)