Dec 07, 2021 03:52 PM

BUSINESS

Online Finance Startup WeLab to Take Control of Indonesian Bank

Foreign-backed financial technology companies have bought a series of Indonesian banks in 2021. Photo: IC Photo

Foreign-backed financial technology companies have bought a series of Indonesian banks in 2021. Photo: IC Photo

(Nikkei Asia) — Hong Kong online finance group WeLab Ltd. is to acquire control of a small Jakarta bank with an eye toward launching nationwide online banking in Indonesia.

WeLab, which opened a virtual bank in Hong Kong last year, said it has raised $240 million from new and existing investors to pay for a majority shareholding in Bank Jasa Jakarta PT and for upgrading its technology.

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