Using blockchain technology, fintech and robust proprietary mathematical algorithms
New York, NY, April 09, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB: PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, announced today that it has signed a Joint Business Cooperation Agreement with PT Mega Kencana Persada, an Indonesian company, and Smartway GmbH, a German company, to provide logistical and payment solutions for the Indonesian maritime transportation systems using blockchain technology, fintech and robust proprietary mathematical algorithms. The joint venture partners will form a Singaporean holding company and launch an ICO for this program.
Currently there are approximately 40 million passengers and 8 million motorcycles that use the Indonesian maritime transportation systems with annual turnover exceeding $1.2 billion. Our solutions will include “Waterpay Wallet,” a mobile and online digital payment mechanism for stress-free, frictionless maritime water transportation journeys in Indonesia. This system will optimize, integrate and link apps services to 215 ferry routes across Indonesia with 48 commercial routes and 170 routes under local municipalities in stages. The Waterway mobile approach will provide the necessary infrastructure and improve daily life by simplify the way people move around by using maritime transportation in Indonesia, a Southeast Asian country with approximately 18,000 islands. Our long-term objective is to capture a major market share of the 40 million passengers and 8 million motorcycles, which will continue to grow over time.
The application also targets customers operating ferry routes with a high turnover of passengers and/or vehicles, short turnaround times in the ports and where the majority of passengers do not have a reservation prior to travelling. This app is expected to be launched in the 3rd quarter of 2018 with more than 50 mobile apps development engineers and developers joining the team. The system also utilizes robust proprietary mathematical algorithms developed by Dr. Thai Pham, a Vietnamese-German mathematician, to optimize scheduling and routing for ferries across Indonesia, which will undoubtedly save tremendous amounts of time and money for the industry.
Mr. Jalani Hanifa, Director of PT Mega Kencana Persada, stated: “We at PT Mega Kencana Persada recognize the high potential growth for transportation of multi-wallets in this region, intuitive by making it easy for payment to inter-operate; we will provide a robust system of both flexibility and security by applying most advanced fintech and blockchain technologies as well as proprietary sophisticated mathematical algorithms by Smartway.”
Dr. Thai Pham, President of Smartway GmbH, said:” Modern technologies give us many tools to deal with the urbanization and globalization challenges. Our research results in the field of mathematics and artificial intelligence help to better the lives of global citizens. We look forward to working with PHI Group and Mega Kencana to provide superior solutions for both maritime and land transportation commuter service systems in Indonesia and can also replicate our models on a large scale for other geographical areas as well.”
Henry Fahman, CEO of PHI Group, concurred: “We are delighted to partner with Mega Kencana and Smartway GmbH to provide better solutions to meet the growing needs of traffic and transportation management in Indonesia, both on land and water. This is part of our continual search of innovative and breakthrough technologies that can make a big difference in people’s lives and create significant value for our shareholders and all other stakeholders.”
As mentioned in our most recent news release, PHI Group has recently been working on a number of important initiatives, including but not limited to blockchain technology, institutional funds, precious stones, major cross-border acquisitions and strategic alliances which may have positive impact on the value of our company in extraordinary ways. Also, the Gildex tokens associated with the gold reserve assets of American Pacific Resources, a subsidiary of PHI Group, have been completed and are ready for launch after April 18, 2018. We will continue to update our shareholders in the coming weeks.
About Smartway GmbH
Smartway GmbH is a German company that has successfully developed advanced algorithms for real-time dynamic bundling of individual customer’s door-to-door transfer needs and real-time dynamic controlling of existing individual transfer capacity of drivers. The technology can also be used to optimize maritime transportation routing and scheduling. The Company concurrently works on commuter services for urban areas, delivery and ride-sharing services and cooperation with PT Mega Kencana Persada, an Indonesian company, to provide logistical solutions to Indonesian waterways and roads.
About PHI Group, Inc.
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com)
Safe Harbor
This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected", which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.