Jakarta. SixCap, a Singapore-based digital company, has entered into a joint-venture agreement with Gadjah Mada University to boost Indonesia's digital economy, SixCap said in a statement on Monday (17/10).
The agreement, which will involve the two parties working to create a number of initiatives, will benefit millions of Indonesians in the coming years. Signed in Singapore, the agreement is the first between the Gadjah Mada University, or UGM, and a private company to widen and deepen Indonesia's digital economy.
"The joint-venture agreement is the culmination of more than two years of discussions on finding solutions to some of the country's biggest challenges such as improving financial inclusion, expanding health care coverage and fighting the annual haze phenomenon," SixCap said in the statement.
As part of the agreement, SixCap is donating a $6 million new building to the Indonesian government called UGM - SixCap Digital Innovation Center. The center will be built at UGM's main campus in Yogyakarta. The 6,000 square meter building will feature eight floors and is inspired by the roots of the Indonesian heritage.
"SixCap brings to the table its extensive knowledge, experience and global network while UGM will incorporate its ongoing research, brainpower and local know-how to the joint venture," the Singapore-based company said.
SixCap founder, Patrick Teng explained, “Through this joint venture, [we] will cooperate in six initiatives: digital health care, big data analysis, geospatial intelligence, the vision-alpha center of excellence, Indonesian digital blockchain infrastructure and digital currency.”
He added, "These initiatives will be run through a joint venture holding company that will collaborate in the development of the digital economy Indonesia.”
UGM rector professor Dwikorita Karnawati said, “One of our most important initiatives is the creation of the NusaHealth health care application. This app is designed and built by UGM and will be the Indonesian national health care application.”
This initiative focuses on preventative health care and health data as the new asset class.
She added, “Another one of our initiatives is to mitigate the impact of haze — which is always our handicap. Through the Geospatial Intelligence Center, we will be able to map Indonesia’s peat lands, develop a sustainable peat land management strategy, and create an early warning system for haze.”
A big data intelligence center powered by HippoData and MIT Media Lab will be implemented. Other initiatives include Vision Alpha – Center of Excellence to be established at UGM campus, Yogyakarta; digital blockchain infrastructure Indonesia with MIT Media Lab, a social-economic initiative of democratizing wealth to the wider population; and digital currency with MIT Media Lab, an initiative to strengthen and stabilize the rupiah.