Thai's Siam Group Backs Up WeLab Acquisition of BJJ

Summary

Siam Commercial Bank and SCB X Group's holding company, SCB X, invested US$50 million in PT Bank Jasa Jakarta (BJJ) through WeLab Sky as part of SCB X's strategy to become a regional-scale fintech group.

The indirect investment in BJJ is part of the move to become a major digital services platform and SCB X's efforts to expand its digital banking services in Indonesia, Executive Vice President of SCB X Arak Sutivong told Bangkok Post. This week, Astra Group and WeLab announced that they had finalized the acquisition of all stakes in BJJ. After the acquisition, BJJ will be transformed into a digital bank.

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