WeLab Announces Acquisition of Indonesia’s Bank Jasa Jakarta

One of the leading Asian financial technology platforms, WeLab has expanded its presence in the Indonesian region with the acquisition of Bank Jasa Jakarta. After a successful launch in Hong Kong, WeLab is planning to introduce its second digital bank in Asia.

Indonesia is one of the fastest-growing economies in the world. With that, the country provides significant opportunities to emerging technology companies. According to an estimate, approximately 77% of its population are either unbanked or underbanked.

A consortium led by WeLab raised almost $240 million for the transaction. According to the company, the funds will be utilized to acquire the controlling stakes from its existing shareholders and tech investments. For the mentioned transaction, JPMorgan is acting as a financial advisor to WeLab.

“We continue the journey that we started in 2018 to build one of the first pan-Asian digital banking platforms, first in Hong Kong and now in Indonesia. WeLab combines its advanced digital banking technology with the BJJ network to further grow the Bank's business towards a bright digital future. BJJ has earned an excellent reputation for being a trusted retail bank in the market over the last 40 years,” Simon Loong, the Founder and Group CEO of WeLab, said.

Growth in Asia

Asia is home to some of the world’s largest fintech companies. WeLab has seen a sharp surge in demand for its services in the last few months. To accelerate its expansion, WeLab raised $75 million in a funding round led by Allianz during March 2021. Headquartered in Hong Kong, WeLab has more than 150,000 digital banking customers.

Handrie Wirawan, President Director of BJJ, said: "We're excited to welcome WeLab as the new shareholder to bring BJJ into the new digital banking era. BJJ has been undergoing digital transformation since 2018, this strategic initiative is aligned with our commitment and vision in offering digital banking services to more customers.”