FinTech Company WeLab Acquires Bank Jasa Jakarta

WeLab, a Hong Kong-based fintech platform, recently announced that it has acquired Bank Jasa Jakarta (BJJ), a commercial bank in Indonesia, to expand its presence in the Indonesian region. In addition, the company also announced its plan to introduce its second digital bank in Asia.

According to the press release, Welab Sky Limited, a WeLab-led consortium, has entered into a share purchase and subscription agreement with all the shareholders of BJJ. According to the agreement, WeLab Sky will acquire the stakes of BJJ to become the sole controlling shareholder.

"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. WeLab combines its advanced digital banking technology with the BJJ network to further grow the Bank's business towards a bright digital future,”Simon Loong, Founder and Group CEO of WeLab, said.

"We're excited to welcome WeLab as the new shareholder to bring BJJ into the new digital banking era. BJJ has been undergoing digital transformation since 2018, this strategic initiative is aligned with our commitment and vision in offering digital banking services to more customers,”Handrie Wirawan, President Director of BJJ, said.

Earlier this year, WeLab Bank has raised $75 million in Series C-1 funding​, led by Allianz X, the digital investment unit of Allianz Group.