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Be the first with the news that moves the market- Artificial intelligence company Loop Insights (TSXV:MTRX) plans to enter a joint venture partnership with Frontier Technology
- The two companies have signed a memorandum of understanding (MOU) about the partnership
- Loop Insights intends to use this opportunity to expand into the Indonesian retail market
- The company’s technology may see increased demand during the COVID-19 pandemic
- Loop’s share price remains steady at C$0.20 per share
Artificial intelligence company Loop Insights (TSXV:MTRX) plans to enter a joint venture partnership with Frontier Technology.
The two companies have signed a memorandum of understanding (MOU).
Loop intends to use its new relationship with Frontier to expand into the Indonesian retail market. Frontier has a large network of clients, and is currently experiencing rapid expansion in Asia.
Loop provides artificial intelligence solutions, which level the playing field between brick-and-mortar retailers and their online competitors. The company expects that, with Indonesia’s growing population of 256 million, it will gain several new revenue streams.
Loop Insights CEO, Rob Anson, said that the company’s focus is on executing and deploying its products globally.
“We intend to fully support and leverage Frontier Technology’s network of clients to gain instant traction in the Indonesian market. It is one that is very mobile-driven and hosts a large population of users.
This opportunity with Frontier Technology is a major development for Loop, and marks the first of many global partnerships to come,” Rob said.
Loop expects that during the COVID-19 pandemic, its AI technologies may see an increase in demand. Frontier Technology’s CEO, Victor Rindanaung, commented on the COVID-19 pandemic’s impact on the industry.
“Our clients are in search of transformative, cloud-based solutions. COVID-19 has turned this into an immediate need.
Loop has demonstrated to us that their products offer our clients a low-cost, high-return solution to future-proof their business. Loop’s contactless ID verification platform and wallet pass technology is particularly disruptive. We are very excited to bring it to the Indonesian market together,” Victor said.
Loop’s share price remains steady at C$0.20 per share as of 11:02am EST.
