EMPOWERING FARMERS, STUDENTS VIA AI
: Strategic AI Partnership to Evaluate Indonesia’s Food Security Program Impacting 83M Students and 13.4M Farmers
Jakarta, Indonesia, June 12, 2024 – Induk Kud Farm Fresh Industries (IFI), the commercial entity of Induk Kud (https://induk-kud.com/), and AI Venture Portfolio (AIV) the venture building arm of MyFinB Group , along with the Centre for AI Innovation (CEAI), are pleased to announce the signing of a Memorandum of Understanding (MOU) to collaborate on several strategic initiatives aimed at enhancing food security and socioeconomic development.
Induk Kud is a non-governmental organisation (NGO) dedicated to improving food security in Indonesia, closely collaborating with the Indonesian President’s initiatives to support farmers and enhance nutritional value for students nationwide.
President Prabowo Subianto supports Induk Kud’s initiatives, aligning with his administration’s focus on agricultural development and food security, enhancing the NGO’s efforts to aid farmers and improve student nutrition across Indonesia.
This collaboration comes at a pivotal time as Indonesia’s new president, Mr Prabowo Subianto, has introduced a comprehensive school meal program estimated to cost $7.7 billion in its first year. This program, which aims to provide free school lunches and milk to 82.9 million children, is expected to reach its final stage by 2029 with a total annual cost of $28.79 billion. The initiative will require significant resources, including millions of tonnes of rice, chicken, beef, fish, milk, vegetables, and fruits. Prabowo’s team emphasizes collaboration with farmers’ cooperatives and small businesses to manage costs effectively, drawing investor attention to its potential impact on fiscal discipline.
1. Establishment of the Centre for Impact Studies:
The AI Venture Group will assist Induk Kud FarmFresh Industries (IFI), the commercial arm of Induk Kud, a national cooperative, in setting up The Centre for Impact Studies. This center will address food security issues through strategic communication and analytics, engaging both Islamic and conventional funds. Additionally, it will integrate advanced technology to assess the socioeconomic impact of food programs.
2. Financing Strategy:
The AI Venture Group will support Induk Kud Farm Fresh Industries in devising a robust investment strategy. This strategy will involve sovereign guarantees, digital AI assets, and specialized financing mechanisms to ensure sustainable growth and impact.
3. Contract Structuring:
The AI Venture Group will lend its expertise in structuring contracts using AI, focusing on off-taking agreements and Service Level Agreements (SLAs) with digital AI assets. These contracts will encompass food security programs and education, which are crucial for successful fundraising efforts.
4. Diversification of Funding Sources:
The AI Venture Group will assist in diversifying Induk Kud Farm Fresh Industries’ funding sources. This includes securing NASDAQ Fund Special Purpose Vehicles (SPVs) and obtaining contributions from Waqf Funds through Zakat and CSR initiatives. Digital AI assets will be used as Waqf assets to further enhance funding diversification.
The AI Venture Group, which comprises AI Venture Portfolio LLP (AIV50), the Centre for AI Innovation (CEAI), and MyFinB Holdings Pte Ltd (MFB), will commence discussions with IFI to determine the structure and execution of the collaboration in the specified market(s). This is contingent upon a commercial contract resulting from ongoing discussions between the parties.
Prof. M Nazri, Founder and Chairman of MyFinB Holdings Pte Ltd, Centre for AI Innovation (CEAI), and AI Venture Portfolio LLP, expressed his enthusiasm for the collaboration: “We are excited to bring our expertise in AI and strategic financing to support IFI in addressing critical food security challenges. This partnership will leverage advanced technology and innovative funding strategies to create a significant socioeconomic impact.”
Dato Dr. Nasir Latiff, Chairman of FarmFresh Industries and Induk Kud Farm Fresh Industries (IFI), stated: “This collaboration with the AI Venture Group marks a significant milestone for us. By integrating cutting-edge AI solutions and diversifying our funding sources, we are confident in our ability to enhance food security and drive sustainable development.”
The MOU is executed and effective as of June 8, 2024.
Contacts:
For further details, please contact ventures@aiv50.com or Mizah, hamizah@aiv50.com
About Induk Kud – National Federation of Rural Co-operative*
Induk Kud, the National Federation of Rural Co-operatives, plays a pivotal role in national development through its network of Village Unit Cooperatives (KUD). Over time, the development model for rural cooperatives merged the Village Unit Enterprise (BUUD) and KUD frameworks, ultimately establishing KUDs that replaced BUUDs. This evolution has positioned KUDs as critical players in the agricultural sector, facilitating production, processing, and marketing efforts.
Induk Kud FarmFresh Industries (IFI) represents the commercial arm of Induk Kud, formed as a joint venture with FarmFresh Industries. This collaboration underscores Induk Kud’s commitment to enhancing its commercial capabilities and expanding its market reach.
Vision – To establish Induk Kud and its network as principled and trusted economic actors in both the national and global economy.
Mission – To foster robust business relationships with its members, ensuring sustainable growth and mutual benefit.
About AIV50
AIV50 is part of a joint venture project betweeen MyFinB Group and VSC Portfolio Holdings, a Singapore-based venture building and AI accelerator company that specializes in developing and commercializing AI technologies across 10 verticals. Our proprietary Generative AI technology stems from our expertise in Natural Language Generation and Understanding, that is able to generate predictive and prescriptive narratives to aid in decision making processes.
About Centre for AI Innovation (CEAI)
Centre for AI Innovation (CEAI) Global is a leading global company that was established in 2019 with dual-headquarters in Singapore and Malaysia. The company has established strategic partnerships with organizations in more than 20 countries worldwide. The purpose of CEAI Global is to promote inclusivity in knowledge, education, adoption, creation, venturing into AI investments and implementation of AI solutions.
The main goal of CEAI Global is to provide a platform for individuals and organizations to learn, engage and develop skills related to artificial intelligence (AI) and machine learning (ML). The company aims to target 95% of the workforce who are not skilled in AI and ML and non-technical personnel.
About MyFinB Group
MyFinB is an award-winning tech company that specializes in artificial intelligence. The company developed its own natural language platform with predictive and prescriptive narrative capabilities – a niche area that differentiates itself from any others. MyFinB helps people understand and communicate what is most important in their data.
www.myfinb.com
