Singapore's Sea Ltd eyes digital bank market in Indonesia, possibly acquiring another small bank

The Straits Times understands Sea is eyeing a publicly-listed bank traded on the Indonesia Stock Exchange.
The Straits Times understands Sea is eyeing a publicly-listed bank traded on the Indonesia Stock Exchange.PHOTO: SEA LIMITED

JAKARTA - Singapore tech start-up Sea Ltd is planning to buy another small bank in Indonesia, after news broke last week that it had acquired Bank Kesejahteraan Ekonomi, a small institution founded by defence minister Prabowo Subianto's father.

The two banks will be merged into a digital bank which can be used by customers on its e-commerce marketplace subsidiary Shopee, allowing for a seamless experience and, perhaps, easier access to loans for merchants, a source who is involved in the planned deal, told The Straits Times on Monday (Jan 18). The person declined to give further details.

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