WeLab acquires Bank Jasa Jakarta in Indonesia, plans to launch second digital bank in Asia, after successful launch in Hong Kong

  • A consortium led by WeLab raised US $ 240 million – the largest fintech fundraiser in Indonesia in 2021.
  • Move is expanding its Pan-Asian digital banking services to the huge Indonesian market.
  • WeLab will become one of the first pan-Asian fintech platforms to operate multiple digital banks in the region.

HONG KONG, December 6, 2021 / PRNewswire / – WeLab, a leading pan-Asian fintech platform, today announced the acquisition of PT Bank Jasa Jakarta (BJJ), a commercial bank of Indonesia, with the intention of launching its second digital bank in Asia following the successful launch of WeLab Bank in Hong Kong.

WeLab, headquartered at Hong Kong, has generated great interest from existing and new investors who have already contributed US $ 240 million for this transaction, representing the largest fintech financing Indonesia in 2021. The funds will be used to acquire majority stakes of its existing shareholders and technology investments.

Indonesia represents a huge opportunity to provide accessible and innovative digital banking solutions. The country, which has around 180 million young tech-savvy consumers, is one of the largest financially underserved markets in Asia. It is estimated that 77% of its population is either unbanked or underbanked. WeLab aims to help fill these unmet needs and bridge the financial inclusion gap with new digital banking services.

WeLab plans to launch this second digital bank in Asia in the second half of 2022. It has a head start to be able to bring its proven technology, its operational expertise and its experience in building and operating a digital bank.

WeLab already has more than 150,000 digital banking customers since the management of WeLab Bank in Hong Kong in 2019, providing customers with a new smart banking experience through a full range of digital banking services. He also established a presence in South East Asia since 2018 through a joint venture with Astra International to operate a licensed online lending app, Maucash, which already has more than three million Indonesian users.

For this transaction, a consortium led by WeLab, Welab Sky Limited (“WeLab Sky”), has entered into a share purchase and subscription agreement with all of BJJ’s shareholders. According to the agreement, WeLab Sky will acquire the shares of BJJ to become the sole majority shareholder. As a first step, WeLab Sky has already made the strategic investment for a 24% stake in BJJ. The remaining majority stake will be finalized after obtaining the relevant regulatory approvals, including from the Financial Services Authority (“Otoritas Jasa Keuangan”) of Indonesia.

Simon loong, founder and CEO of the WeLab group, noted, “We are continuing the journey we started in 2018 to create one of the first Pan-Asian digital banking platforms, first by Hong Kong and now in Indonesia. WeLab combines its advanced digital banking technology with the BJJ network to further develop the business of the bank towards a bright digital future.

BJJ has gained an excellent reputation as a trusted retail bank in the market over the past 40 years. We look forward to building on this foundation with our expertise in FinTech and our success in operating a licensed digital bank in Hong Kong, to build a technology-driven digital bank that will be financially inclusive for the people of Indonesia. “

Handrie Wirawan, CEO of BJJ, noted, “We are delighted to welcome WeLab as a new shareholder to bring BJJ into the new era of digital banking. BJJ has been undergoing a digital transformation since 2018, this strategic initiative is aligned with our commitment and vision to deliver digital banking services to more customers.

With WeLab’s experience and expertise in digital banking and fintech, we are confident that BJJ can further improve the financial well-being of our clients through cutting-edge banking technology. “

JP Morgan acts as financial advisor to WeLab.

About WeLab

WeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as several online financial services with leading positions in Hong Kong, Mainland China and Indonesia, with over 50 million individual users and over 700 corporate clients. WeLab uses revolutionary technology to help customers access credit, save money, and enjoy their financial journey.

Leveraging proprietary risk management technology, patented privacy techniques and advanced AI capabilities, WeLab provides mobile-based consumer finance solutions and digital banking services to individuals and technological solutions for corporate clients.

WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital, Taoxinji, Wallet Gugu and Tianmian Tech in mainland China and Maucash in Indonesia.

WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM group and Sequoia Capital.

To learn more, please visit: www.welab.co, or follow WeLab on LinkedIn and Facebook.

SOURCE WeLab


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