Hong Kong-based fintech platform WeLab has announced plans to buy Indonesian lender PT Bank Jasa Jakarta (BJJ) to launch a digital bank.

WeLab has raised $240m in funding from existing and new investors to support the acquisition.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Notably, a WeLab-led consortium, Welab Sky has already bought a 24% stake in BJJ. WeLab Sky seeks to become the sole controlling shareholder in BJJ.

It will acquire the remaining stake for majority control after receiving regulatory clearance from authorities.

WeLab has been operating WeLab Bank in Hong Kong since 2019, which is one of the first fully licenced digital banks in Asia.

It plans to launch the new digital bank in the second half of 2022 in Indonesia where a large population are either unbanked or underbanked.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

WeLab founder and Group CEO Simon Loong said: “BJJ has earned an excellent reputation for being a trusted retail bank in the market over the last 40 years. We look forward to building on this foundation with our fintech expertise, and success of operating a licensed digital bank in Hong Kong, to build a tech-driven digital bank that will be financially inclusive for the people of Indonesia.”

BJJ president director Handrie Wirawan said: “We’re excited to welcome WeLab as the new shareholder to bring BJJ into the new digital banking era. With the experience and expertise of WeLab in digital banking and fintech, we are confident that BJJ can further improve our customers’ financial wellbeing with advanced banking technology.”

Earlier this year, Allianz-backed WeLab raised $75m in funding as part of its Series C-1 round.