Singapore's Sea plans to buy another small lender in Indonesia
It will be merged with one bought recently to create digital bank that can serve Shopee customers
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The two banks acquired by Sea will be merged into a digital bank that can be used by customers on the tech firm's e-commerce marketplace subsidiary Shopee, allowing for a seamless experience and, perhaps, easier access to loans for merchants, a source involved in the planned deal told The Straits Times yesterday.
ST PHOTO: GAVIN FOO
Wahyudi Soeriaatmadja Indonesia Correspondent In Jakarta, Wahyudi Soeriaatmadja
Singapore technology start-up Sea is planning to buy another small bank in Indonesia, after news broke last week that it has acquired Bank Kesejahteraan Ekonomi, a small institution founded by Indonesian Defence Minister Prabowo Subianto's father.
The two banks will be merged into a digital bank that can be used by customers on Sea's e-commerce marketplace subsidiary Shopee, allowing for a seamless experience and, perhaps, easier access to loans for merchants, a source involved in the planned deal told The Straits Times yesterday. The person declined to give further details.