WeLab Acquires Indonesian Commercial Bank

Hong Kong-headquartered virtual lender WeLab has acquired Indonesia’s PT Bank Jasa Jakarta as part of broader expansion plans across Asia.

A WeLab-led consortium Welab Sky raised $240 million which will be used to fund the transaction to acquire the Indonesian commercial bank, according to a statement, with J.P. Morgan acting as its financial advisor.

Welab Sky has entered into a share purchase and subscription agreement with all the shareholders of Bank Jasa Jakarta (BJJ) to acquire the remaining stakes to become the bank’s sole shareholder, pending regulatory approval.

Welab Sky has already completed a strategic investment for a 24 percent stake in BJJ.

Since officially launching in 2020 as Hong Kong third licensed virtual bank, Welab has expanded in the region, including in Southeast Asia where it opera rests a licensed online lending app through a joint venture with Astra International.

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, said WeLab founder and group chief executive Simon Loong.

WeLab combines its advanced digital banking technology with the BJJ network to further grow the Bank’s business towards a bright digital future.