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WeLab unicorn will enter the Indonesian digital banking market

Tuesday 4 January 2022 10:46 CET | News

Hong Kong-based fintech unicorn WeLab has announced the launch of a digital bank in Indonesia in 2022, after spending USD 240 million on stakes in Bank Jasa Jakarta.

According to the company’s CEO, the Indonesian digital banking market is competitive but still leaves room for other players to join, even though both tech companies and traditional banks have developed their in-house digital payments solutions.

WeLab prefers to enter a market where various players are already in operation to educate consumers and facilitate overall efficiency, as competition is a good way to innovate. 

As far as the company’s achievements, in 2020 it launched its first digital bank in Hong Kong, counting for around 150,000 customers. WeLab’s most popular product remains the GoSave time deposit and aims to deliver similar products for its branch in Indonesia.

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Keywords: Unicorn, digital banking, digitalisation, expansion, online banking
Categories: Banking & Fintech
Companies: Bank Jasa Jakarta, WeLab
Countries: Hong Kong, Indonesia
This article is part of category

Banking & Fintech

Bank Jasa Jakarta

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WeLab

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