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(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 ....
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 ....
Indonesia’s Bukalapak raises funding from Standard Chartered for expansion Photo: Bukalapak Premium Indonesia’s Bukalapak.com has landed funding from Standard Chartered Plc as it makes progress toward raising $200 million to finance its expansion in the country, according to people familiar with the matter. Continue reading this story with a subscription to DealStreetAsia. Contact us for corporate subscriptions at [email protected]. Sign up for our newsletter - The Daily Brief Opt out of receiving The Daily Brief in your inbox everyday REGISTER stories left placeholder You have one free story left this month. You have stories left placeholder free stories left this month. ....
Singapore’s Sea Ltd, the tech startup that’s become Southeast Asia’s most valuable company, has acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, according to people familiar with the matter. ....
“It’s time for us to work from home, learn from home, worship at home,” Indonesia’s president announced in the early days of the pandemic in March. What Joko Widodo couldn’t have known back then was how social distancing would bring rivals in the country’s competitive telecommunications industry closer together. Credit for consolidation must go where it’s due: to the sprawling geography of the world’s largest archipelago. The investment required to serve Asia’s third-biggest population spread across 6,000 inhabited islands out of a total of at least 17,000 isles and atolls is already large. But with 197 million Internet users spending more time at home guzzling data, it’s pointless and wasteful for five mobile operators to seek to duplicate expensive infrastructure in a nation stretching from the Pacific Ocean to the Indian Ocean. And sure enough, Hong Kong’s CK Hutchison Holdings Ltd. is nearing a deal with Qatar’s Ooredoo QPSC to combine their I ....