VC Plus Limited announced that the company has signed a memorandum of understanding with two Cooperative Agencies in Indonesia and Indonesian business partner PT Alpha Millennia Indonesia to provide the Koperasi and their over 2,300 members with access to a suite of technology solutions for their operations. A Cooperative Agency in Indonesia refer to people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations. The Cooperative Agency is critical to the development of a financial and economic inclusive society in Indonesia and in many other developing countries in Southeast Asia as the members of the cooperative agency generally comprise mostly unbanked and underbanked individuals and micro, small and medium enterprises.

According to data in the 2019 Google, Temasek and Bain report entitled "Fulfilling Its Promise: The Future of Southeast Asia's digital financial services"1, Indonesia had the largest unbanked and underbanked population in ASEAN. It had 92.3 million unbanked adults with no access to basic banking and 47.1 million underbanked adults who have a bank account but no access to credit or lending, are underinsured or have no access to long term savings products. Indonesia's total population was estimated at 276.3 million in 2021.

The MOU represents the first step to exploring the use and adoption of technology solutions by the Koperasi and its members, with the Company in partnership with its Indonesian business partner PT Alpha Millennia Indonesia, as their advisor on the availability and suitability of solutions to meet their respective needs. VCPlus will lead a consortium of reputable technology partners which has been curated specifically for the Underserved Community and MSMEs in the following key areas:- Financial Technology - Open API banking solutions for conventional and Islamic banks, fintechs, neobanks, lenders and start-ups. Comprehensive solutions which include core banking, RegTech and omnichannel banking and mobile wallets; Marketplace and Value Chain - End-to-End trade and supply chain solutions powered by technologies such as Artificial Intelligence, Blockchain and Cloud.

Comprehensive solutions which include management of products with short shelf life, order aggregation and consolidation, transportation load and route optimisation and farm/sea to table blockchain traceability; and Cyber Security - Cybersecurity solutions to secure and manage endpoints and IT infrastructure targeted at MSMEs and other enterprises.