Fintech Firms Scramble to Acquire Banks to Boost Growth

By Editorial Team 17/03/2023
fintech competition
Summary

GDP Venture explained why several financial technologies or fintech firms often acquire banks or vice versa.

"It is because of the offered [financial] inclusion," GDP Venture's investment partner Anthony Liem said at the Power Lunch event on Wednesday.

Indonesia's financial market is very large; therefore, the players must adjust and team up. In April 2022, for example, Investree and Ajaib bought shares of PT Bank Amar Tbk (AMAR) and PT Bank Bumi Arta Tbk (BNBA).

Xendit and Komunal also made strategic investments in PT Bank Sahabat Sampoerna and BPR in Kediri, while FinAccel acquired PT Bank Bisnis Internasional (BBSI) in March 2022.

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