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Tech Giants Target Indonesia's 83 Million Who Lack Bank Access

(Bloomberg) Sea Ltd. and Gojek are snapping up Indonesian lenders, betting they can make headway into one of the world’s largest unbanked markets.The buying spree is set to continue as financial technology firms set their sights on the nation’s more than 175 million Internet users, many of whom rely on online banking services. Sea has purchased PT Bank Kesejahteraan Ekonomi this year, while Gojek made its biggest fintech investment by spending about $160 million to boost its stake in PT Bank Jago in December.While Indonesia is by far the largest fintech market in Southeast Asia, it’s one of the few that don’t license digital-only banks. The U.K., Hong Kong and Singapore have allowed virtual lenders, while neighboring Thailand and the Philippines are actively studying the matter. That means acquisitions are the only way into Indonesia and the Financial Services Authority is pushing for more consolidation among its more than 1,600 commercial and rural banks ....

Hong Kong , Jakarta Raya , Gary Hanniffy , Wimboh Santoso , Bain Company , Fitch Ratings , Bloomberg Sea Ltd , Stop Shop , Pt Bank Jago , Institute For Development Of Economics , Pt Bank Kesejahteraan Ekonomi , Financial Services Authority , Kesejahteraan Ekonomi , Southeast Asia , Tamma Febrian , Big Banks Resist Pressure , Lower Lending Rates , Financial Services , ஹாங் காங் , ஜகார்த்தா ராய , பைன் நிறுவனம் , ஃபிட்ச் ரேடிஂக்ஸ் , ப்ளூம்பெர்க் கடல் லிமிடெட் , நிறுத்து கடை , ட் வங்கி ஜாகோ , நிறுவனம் க்கு வளர்ச்சி ஆஃப் பொருளாதாரம் ,

Banking on Indonesia's unbanked: Tech giants see big potential | Banks News

Sea Ltd. and Gojek are snapping up Indonesian lenders, betting they can make headway into one of the world’s largest unbanked markets.
The buying spree is set to continue as financial technology firms set their sights on the nation’s more than 175 million Internet users, many of whom rely on online banking services. Sea has purchased PT Bank Kesejahteraan Ekonomi this year, while Gojek made its biggest fintech investment by spending about $160 million to boost its stake in PT Bank Jago in December.
While Indonesia is by far the largest fintech market in Southeast Asia, it’s one of the few that don’t license digital-only banks. The U.K., Hong Kong and Singapore have allowed virtual lenders, while neighboring Thailand and the Philippines are actively studying the matter. That means acquisitions are the only way into Indonesia and the Financial Services Authority is pushing for more consolidation among its more than 1,600 commercial and rural banks in lieu of issuing ....

Hong Kong , Jakarta Raya , Gary Hanniffy , Wimboh Santoso , Bain Company , Fitch Ratings , Stop Shop , Pt Bank Jago , Institute For Development Of Economics , Sea Ltd , Pt Bank Kesejahteraan Ekonomi , Financial Services Authority , Kesejahteraan Ekonomi , Southeast Asia , Tamma Febrian , Big Banks Resist Pressure , Lower Lending Rates , ஹாங் காங் , ஜகார்த்தா ராய , பைன் நிறுவனம் , ஃபிட்ச் ரேடிஂக்ஸ் , நிறுத்து கடை , ட் வங்கி ஜாகோ , நிறுவனம் க்கு வளர்ச்சி ஆஃப் பொருளாதாரம் , கடல் லிமிடெட் , நிதி சேவைகள் அதிகாரம் ,