JV to Pave Ways for Alibaba to become Smartfren Shareholder
PT SF Digital Commerce, a PT Smartfren Telecom Tbk (FREN) subsidiary, established a joint venture with Fonixtree Digital Singapore Ltd named PT Nuri Gaya Citra on December 22, 2021. Fonixtree is an affiliated company of Whale Cloud Technology Co Ltd, part of the Alibaba ecosystem.
According to disclosure filing on the Indonesia Stock Exchange, FREN's management explained that PT Nuri Gaya Citra's establishment is aimed at providing digital value-added services to corporate customers. "This value-added service is expected to increase customer engagement," FREN's management said on Monday.
The company is also a primary partner of Alibaba Cloud's software services ecosystem, which focuses on being a leading global company in data intelligence technology and a global leader in digital transformation. At the initial stage, the paid-in capital for the joint venture was Rp 7.25 billion.