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JAKARTA - China's first and largest online insurer ZhongAn Online P&C is buying a stake in Indonesian tech-based syariah lender Bank Aladin, online business and economic research firm Katadata reported on Wednesday (April 6) morning. . Read more at straitstimes.com. ....
Newly established tech-based lenders are enthusiastically tapping into syariah banking in Indonesia, betting on an underpenetrated market with a potential customer base of 45 million in a country with the world's largest Muslim population. ....
GIC to invest $222m in Gojek-backed Indonesian lender Bank Jago via rights issue REUTERS/Beawiharta Singapore’s sovereign wealth fund GIC Private Limited is the latest investor in Indonesia’s Bank Jago. The fresh investment by GIC, worth Rp3.15 trillion ($222.48 million), will be made by absorbing 1.19 billion new shares of Bank Jago through a rights issue, according to a disclosure to the Indonesia Stock Exchange (IDX). Bank Jago, which is backed by the ride-hailing giant Gojek, will issue 3 billion new shares with an execution price of Rp2.350 per share. The rights issue will be conducted on March 10-17 in the regular market. ....
Gojek has acquired 22% of Indonesia’s Bank Jago as part of a strategic partnership to offer financial services in Indonesia. The investment, made through Gojek’s payments and financial services arm, will reportedly be worth 2.25 trillion Indonesian rupiah (US$159 million). The deal also does not alter the control of Jago, with Metamorfosis Ekosistem Indonesia and Wealth Track Technology continuing to be Jago’s controlling shareholders with a combined ownership of 51 percent. The aim of this partnership is for Jago to provide access to digital banking services through Gojek’s platform, allowing Gojek’s millions of users to instantly open a bank account with Jago and better manage their finances via the Gojek app. The partnership will also act as a model through which Gojek will go on to partner with other banking institutions to support them in reaching more customers. ....