FinAccel Buys Majority Stake in Indonesian Digital Bank Bisnis

FinAccel has acquired a majority stake in Indonesia-based PT Bank Bisnis, pitting itself against Southeast Asia's internet companies for a share of a digital banking arena.

The Singapore-based company, which spent a total of about USD 200 million on accumulating the holding, will have a 75% stake in the lender.

Shares of PT Bank Bisnis have more than tripled in 2021, giving it a market value of about USD 1.2 billion.

The move accelerates FinAccel's ambitions to expand beyond the online lending business into Indonesia's digital banking space.

Many small banks in Indonesia, some part-owned by local tycoons, have been looking to tech players for fresh funds after the country’s regulator raised capital requirements for banks in 2020.

The region's internet giants are using this opportunity to expand their suite of financial service products in Indonesia, a country of about 273 million people where many have limited access to bank accounts and credit cards.

(Source: The Paypers)