Startup Sea acquires Indonesia's Bank BKE

Thursday 14 January 2021 14:24 CET | News

Singapore-based startup Sea has acquired Indonesia’s PT Bank Kesejahteraan Ekonomi.

Sea has gained full control of the lender better known as Bank BKE, after buying stakes from existing shareholders PT Danadipa Artha Indonesia and PT Koin Investama Nusantara.

The move accelerates the company’s ambition to establish itself as an important player in financial technology and services across its region. Sea raised almost USD 3 billion in a stock offering in December 2020 month, saying it intends to spend the proceeds on business expansion.

Sea secured a license to open a digital bank in Singapore in December, joining an increasingly competitive field.

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Keywords: SEA, startup, Indonesia, Singapore, BKE, digital banking, acquisition, stakes
Categories: Banking & Fintech
Countries: South East Asia
This article is part of category

Banking & Fintech