Malaysia’s MyEG picks 40% in Indonesian e-gov service provider Cartenz for $10m

Kuala Lumpur, Malaysia. Photo: Alex Block/Unsplash

Malaysia’s e-government services provider MyEG Services Bhd is investing $10 million in Indonesian e-government provider PT Cartenz Technology Indonesia in exchange for a 40 per cent stake, it said in a statement on Monday.

Both parties signed a memorandum of understanding (MoU) to that effect.

The strategic partnership will be carried out through MyEG’s wholly-owned Indonesian subsidiary. The deal will mark MyEG’s entry into the Indonesian e-government space. Both MyEG and Cartenz will jointly implement real-time monitoring of business transactions for tax computation purposes across Indonesia.

This is the third overseas joint venture for MyEG, who has forayed into the Philippines in 2017 and, more recently, in Bangladesh. The Kuala Lumpur-based company, set up in 2000, covers road tax renewal, foreign worker permit renewal, summons checking among other services.

“We believe that in Cartenz we have found a like-minded partner that shares our vision of harnessing the power of technology to advance government and commercial service delivery for the benefit of consumers. Obviously, Indonesia’s vast economic potential is undeniable, and we look forward to being very aggressive in deploying to one million outlets within three years,” said MyEG managing director Wong Thean Soon.

Headquartered in Jakarta, Cartenz is an information and communications technology company that is provides information systems to all levels of government agencies for more efficient management, including in the administration of regional taxes.

To date, Cartenz has deployed its tax monitoring system to 5,000 business outlets and has provided its tax revenue system to 76 local governments, including Jakarta and Bali.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.