Singapore’s Sea Acquires Indonesian Bank to Gain Foothold in Financial Tech
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.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.Sea has gained full control of the Jakarta-based lender, better known as Bank BKE, after buying stakes from existing shareholders PT Danadipa Artha Indonesia and PT Koin Investama Nusantara through its subsidiary Turbo Cash Hong Kong Ltd., said the people who asked not to be named as the matter is private.The move accelerates the company’s ambition to establish itself as a leader in financial technology and services across its region, much as it has done with mobile gaming and online shopping. Sea raised almost $3 billion in a stock offering last month, saying it intends to spend the proceeds on business expansion.Representatives of Sea and Bank BKE declined to comment. Bank BKE began operations in 1992 with the primary goal of supporting the welfare of civil servants, according to its website.Southeast Asia’s biggest internet companies are all vying for a share of a growing digital banking arena.
Singapore’s Sea Acquires Indonesian Bank to Gain Foothold in Financial Tech
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.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.Sea has gained full control of the Jakarta-based lender, better known as Bank BKE, after buying stakes from existing shareholders PT Danadipa Artha Indonesia and PT Koin Investama Nusantara through its subsidiary Turbo Cash Hong Kong Ltd., said the people who asked not to be named as the matter is private.The move accelerates the company’s ambition to establish itself as a leader in financial technology and services across its region, much as it has done with mobile gaming and online shopping. Sea raised almost $3 billion in a stock offering last month, saying it intends to spend the proceeds on business expansion.Representatives of Sea and Bank BKE declined to comment. Bank BKE began operations in 1992 with the primary goal of supporting the welfare of civil servants, according to its website.Southeast Asia’s biggest internet companies are all vying for a share of a growing digital banking arena.