The Straits Times
Grab buys 4% stake in Indonesian tech firm Emtek
Grab bought a stake of around 4 per cent in a recent private placement sale of Emtek shares.PHOTO: ST FILE
https://str.sg/JyWm
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Singapore | Benzinga benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
(Adds details)
JAKARTA, Feb 18 (Reuters) - Indonesia s Financial Services Authority (OJK) said on Thursday that Sea Group s e-commerce arm Shopee had acquired local lender Bank Kesejahteraan Ekonomi (Bank BKE) IPO-KSJH.JK with the aim of transforming it into a digital bank.
OJK official Anung Herlianto said that Shopee, Southeast Asia’s largest e-commerce platform, has yet to make an official application with the banking regulators to transform Bank BKE into a digital institution, but they are “currently preparing the infrastructure to do so.” He told reporters that OJK was preparing regulations for new digital banks, which would likely be released in mid-2021, but that a digital lender like Bank BKE would be expected to prepare 3 trillion rupiah ($213.64 million) in capital.
Singapore unicorn Sea s 2020 gross profit doubles on e-commerce, gaming boom dealstreetasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealstreetasia.com Daily Mail and Mail on Sunday newspapers.
February 23, 2021
Huy Truong
The term “unicorn”, used to describe start-ups worth more than US$1 billion (S$1.3 billion), had not even been coined in 2009, when Stanford MBA graduate Forrest Li began working on his new gaming company with nearly a dozen employees – all cramped in a tiny shophouse in Singapore’s central business district.
Garena, his fledgling gaming company, kept a low-key profile, though its almost immediate success meant investment rounds and expansion plans came thick and fast.
Soon Garena outgrew its small outfit on Maxwell Road, then a move to a two-storey penthouse office beckoned.
A decade on, Garena is now one limb of the gargantuan Sea Group.