WeLab acquires Bank Jasa Jakarta in Indonesia with plans to launch second digital bank in Asia, after successful launch in Hong Kong

A WeLab-led consortium raised US$240 million - the largest fintech fundraising in Indonesia in 2021.

Move extends pan-Asian digital banking services to huge Indonesian market.

WeLab will become one of the first pan-Asian fintech platforms running multiple digital banks in the region.

HONG KONG, Dec. 6, 2021 /PRNewswire/ -- WeLab, a leading pan-Asian fintech platform, today announced the acquisition of PT Bank Jasa Jakarta (BJJ), a commercial bank in Indonesia, with plans to launch its second digital bank in Asia further to the successful launch of WeLab Bank in Hong Kong. WeLab, headquartered in Hong Kong, has drawn wide-spread interest from existing and new investors who have already contributed US$240 million for this transaction, representing the largest fintech funding in Indonesia in 2021. The funds will be used to acquire the controlling stakes from its existing shareholders and tech investments. Indonesia represents a huge opportunity to provide accessible and innovative digital banking solutions. The country, which has around 180 million tech-savvy younger consumers, is one of the largest financially underserved markets in Asia. It is estimated that 77% of its population are either unbanked or underbanked. WeLab aims to help bridge these unmet needs and close the financial inclusion gap with the new digital banking services.WeLab plans to launch this second digital bank in Asia in the second half of 2022. It has the head-start of being able to provide its proven technology, operational expertise and experience in building and operating a digital bank. WeLab already has over 150,000 digital banking customers since running WeLab Bank in Hong Kong in 2019, offering customers a new intelligent banking experience through a full suite of digital banking services. It has also established presence in Southeast Asia since 2018 through a joint venture with Astra International to operate a licensed online lending app, Maucash, which already has more than three million Indonesian users.
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