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Sea Limited acquires Indonesian bank to gain foothold in fintech

Bloomberg
Bloomberg1/13/2021 05:28 PM GMT+08  • 2 min read
Sea Limited acquires Indonesian bank to gain foothold in fintech
The move accelerates the company’s ambition to establish itself as a leader in financial technology and services across its region
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Singapore’s Sea Ltd., the tech startup that’s become Southeast Asia’s most valuable company, has acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, according to people familiar with the matter.

Sea has gained full control of the Jakarta-based lender, better known as Bank BKE, after buying stakes from existing shareholders PT Danadipa Artha Indonesia and PT Koin Investama Nusantara through its subsidiary Turbo Cash Hong Kong Ltd., said the people who asked not to be named as the matter is private.

The move accelerates the company’s ambition to establish itself as a leader in financial technology and services across its region, much as it has done with mobile gaming and online shopping. Sea raised almost US$3 billion ($3.98 billion) in a stock offering last month, saying it intends to spend the proceeds on business expansion.

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