WeLab Enters Digital Bank Competition through Bank Jasa Jakarta

By Editorial Team 08/12/2021
Digital bank
Summary

WeLab Ltd, a company owned by Sequoia Capital and billionaire Li Ka-Shing, reportedly acquired a 24 percent stake in PT Bank Jasa Jakarta. Bloomberg reported that WeLab managed to raise US$240 million or around Rp 3.46 trillion from existing and new investors to fund the acquisition.

The fintech plans to start operating an Indonesian digital bank in the second half of next year. This will be WeLab's second digital bank after launching a digital bank in Hong Kong in 2019.

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