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Conglomerates, unicorns unite to make impact on Indonesia's digital banking sector
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Digital banking is expected to boost Indonesia's financial industry as it will target the unbanked in the country.
PHOTO: REUTERS
JAKARTA - Two major Indonesian conglomerates and two unicorns have joined forces under publicly listed Allo Bank to muscle in on the digital banking sector.
Allo Bank is set to raise 4.8 trillion rupiah (S$452 million) of fresh capital in a rights issue slated for later this month.
