Agora, Inc. (API) shares soared 5.02% in Thursday's intraday trading session, buoyed by optimism surrounding the company's role in powering remittance solutions for Bank Mandiri, one of Indonesia's largest state-owned banks.
According to reports, Bank Mandiri's incoming remittance transactions reached nearly Rp 2 trillion (approximately $132 million) by the end of 2024, marking a 60% year-on-year increase. This surge in remittance volumes is attributed to the bank's innovative digital offerings, including the Livin' by Mandiri app, which enables migrant workers to seamlessly manage their finances through Agora's Application Programming Interface (API) integration.
Analysts view Agora's collaboration with Bank Mandiri as a strategic move that positions the company as a key enabler of Indonesia's inclusive financial ecosystem and the empowerment of its global diaspora. As the demand for digital remittance solutions continues to grow, Agora's real-time video and voice technology is expected to play a pivotal role in streamlining cross-border financial transactions.
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