KUALA LUMPUR: Pure play enterprise Internet of Things (IoT) solutions provider SMRT Holdings Bhd’s wholly-owned indirect subsidiary, N’osairis Technology Solutions Inc (NTSI), obtained a letter of offer from Pito AxM Platform Inc (PAPI) for the deployment of managed automated teller machine (ATM) infrastructure solution across designated ATM sites in Luzon, the Philippines.
Under the offer, SMRT will deploy its IoT solutions at ATM sites designated by PAPI by the end of 2024.
Following the deployment, SMRT will manage the sites’ network infrastructure for three years, commencing from the installation date of each site.
SMRT group managing director Maha Palan said that by building on its success in the Indonesian market, the company has successfully penetrated the Philippines market with this project.
“This is indeed a major milestone for SMRT. We will further grow our recurring income base with the additional sites we manage. Currently, more than 50 per cent of our revenue stems from recurring sources,” he said in a statement.
PAPI is a fully owned subsidiary of Seven Bank Ltd, a Japanese bank and leading global ATM network and financial service provider with some 27,000 and 17,000 ATMs installed in Japan and outside Japan, respectively.
PAPI, incorporated in the Philippines in 2019, focuses on offering ATM services such as balance inquiry, cash withdrawals, and deposits for its customers in the Philippines market.
“As we expand our footprint into the Philippines, we can replicate our proven business model in other potential markets across ASEAN.
“On balance, we remain confident in our current growth strategy and are committed to our goal of being the region’s leading provider of comprehensive end-to-end IoT services,” Maha Palan said.
