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Li Ka-shing-Backed WeLab To Launch Digital Bank in Indonesia

  • WeLab-led consortium raises $240 million for acquisition
  • WeLab plans to start engaging on initial share sale next year
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WATCH: Simon Loong, founder and chief executive officer at WeLab Ltd., discusses the company’s purchase of a bank in Indonesia.Source: Bloomberg
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WeLab, backed by investors including Sequoia Capital and billionaire Li Ka-shing, is buying a controlling stake in a commercial bank in Indonesia, securing a foothold in one of Asia’s most under-served banking markets. 

A group led by WeLab bought 24% of PT Bank Jasa Jakarta and will take a majority stake subject to approvals, the lender said. The company has raised $240 million from existing and new investors to fund the acquisition and other investments.