Danamon & ILCS Sign Partnership Agreement To Implement MyCargo and Financing Scheme

Press Release / 20 December 2018

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Jakarta, 19 December 2018. PT Bank Danamon Indonesia Tbk (Bank Danamon) and PT Integrasi Logistik Cipta Solusi (ILCS) recently signed a memorandum of understanding (MOU) to implement MyCargo and Financing Scheme.

“We appreciate the trust given by ILCS in forming a partnership with Bank Danamon. The technology solution that we have will support ILCS in creating an effective and efficient shipping and logistics ecosystem. This also opens an opportunity for Danamon to serve other similar institutions with similar types of needs and solutions,” said Mary James, Chief Information Officer Bank Danamon.

Bank Danamon provides an integrated host-to-host payment solution with MyCargo, allowing the consignee, which in this case is a Freight Forwarder, and the Logistics company to perform Delivery Order (DO) payment in real time to the shipping company through the application. This removes manual payment and locket queuing.

Jati Widagdo, ILCS President Director said that ILCS cooperates with Danamon as a payment channeling and a financial technology partner. Bank Danamon provides integrated and comprehensive online features, with payment schemes that are in line with the needs of a port ecosystem. “The partnership between ILCS and Bank Danamon will provide additional convenience to users as well as potential to develop the application to a more sophisticated usage,” said Jati. He added that the other benefit of this service is that it is entirely cashless.

MyCargo is a brand of DO online payment service from ILCS. Delivery order is a transaction between the shipping line and cargo owner. The current DO process that is conducted manually can now be performed online from any location through MyCargo, enabling users to perform transactions in a time and cost efficient manner. The service also removes the need to queue at payment lockets and traffic cost as well as the time needed for post clearance at ports.

Previously, Bank Danamon supported businesses in the port environment through its Syariah Leasing with Ijarah Muntahiyya Bit Tamlik (IMBT) scheme for customers who need investment or working capital financing for business expansion. IMBT Syariah Leasing is a lease-to-buy scheme based on Sharia principles, which culminates with the transfer of asset ownership to the customer once the term ends. Through Leasing Syariah IMBT, customers can enjoy leasing financing with Syariah principles that is more competitive and allows flexibility for customers to manage their cashflow. Leasing Syariah IMBT provides an additional value because the customer only pays rent as the sole operational cost, while taking ownership of the asset at the end of the lease term. This solution is apt for forwarder companies that have plans to develop their businesses by adding warehouses or trucks for transporting goods.