Astra International, an Indonesian corporation, plans to invest 3.9 trillion rupiah (about US $259 million) in WeLab-supported Bank Jasa Jakarta. Regulators must still approve the transaction, which will be carried out through Sedaya Multi Investama (SMI), a subsidiary of Astra.
When the agreement is finalized, SMI will own 1.1 million shares or 49.56 percent of the local bank. WeLab will also expand its share of the bank to 49.56 percent at the same time.
To transform Bank Jasa Jakarta into a digital bank, the Hong Kong-based fintech company acquired a 24 percent share in it in December of last year. To complete the transaction, it gathered US $240 million from both new and current investors through a consortium named WeLab Sky.
At the time, Simon Loong, CEO of WeLab Group, stated that the business intended to use its expertise in establishing WeLab Bank in Hong Kong to launch the digibank app by the second half of this year.
WeLab has previously collaborated with Astra International. Additionally, in 2018, both businesses formed a joint venture to create Maucash, an online lending platform that has attracted millions of customers to date.