Indonesian conglomerate PT Astra International through its subsidiary PT Sedaya Multi Investama (SMI), together with Welab Sky, a consortium led by Hong Kong digital bank WeLab, plans to jointly acquire Indonesia’s PT Bank Jasa Jakarta (BJJ).
As of last year, WeLab Sky already held a 24% stake in BJJ. Upon the completion of this transaction which is subject to obtaining relevant regulatory approvals, WeLab Sky and SMI will each hold 49.56% of BJJ.
The deal was made with plans to transform BJJ into a digital bank that aims to provide accessible and innovative digital banking solutions for Indonesians.
This partnership combines Astra’s solid business ecosystem and long-standing experience as well as vast distribution network in Indonesia’s financial services sector with WeLab’s know-how and technology in digital banking business.
This is Astra and WeLab’s second strategic partnership initiative since forming a fintech lending joint venture, PT Astra WeLab Digital Arta (AWDA) in 2018.
Featured image credit: Edited from Unsplash
The post Astra and WeLab to Acquire Close to 50% Stake in Indonesian Digital Bank Jasa appeared first on Fintech Hong Kong.