“SCBX Group” announces US$ 50M indirect strategic investment in Bank Jasa Jakarta (BJJ) through WeLab Sky Limited
BANGKOK, THAILAND – SEPTEMBER 20, 2022 – Following SCBX Group’s strategy of becoming a regional financial technology group, SCBX Group today announced a USD 50,000,000 indirect strategic investment in Bank Jasa Jakarta (BJJ), a licensed conventional Indonesian commercial bank through a WeLab-led consortium holding company, WeLab Sky Limited, who has joint control in BJJ together with PT Astra International Tbk (Astra) through its subsidiary PT Sedaya Multi Investama (Astra Financial), with plans to re-platform and re-launch it as an innovative digital bank.
The transaction marked Southeast Asia’s largest digital bank M&A transaction in 2022, illustrating the substantial commitment to invest in, and contribute to digitizing Indonesia’s banking industry. The strategic investment highlights the massive growth of digital banking business in Indonesia and heralds a new step in the digital banking revolution.
WeLab is a leading pan-Asian fintech platform with presence in Hong Kong, Mainland China, and Indonesia. It has developed market leadership with proven successful track record of launching a digital bank, WeLab Bank, in Hong Kong. Astra is one of Indonesia’s largest public companies with diversified business model creates synergies and opportunities across industry sectors including automotive, financial services, heavy equipment, mining construction and energy, agribusiness, infrastructure and logistics, information technology, and property.
The complementary strengths of the partners, including Astra’s solid business ecosystem and long-standing experience as well as and vast distribution network in Indonesia’s financial services sector together with WeLab’s know-how and technology in building and being an operator in digital banking, are highly synergistic and key success factors to propel BJJ’s digital transformation and into an innovative digital bank to serve the digital financial needs of Indonesians with accessible and innovative banking solutions.
Dr. Arak Sutivong, Deputy CEO, SCBX said
that the group recognizes the growth opportunities in the digital banking business in Indonesia. The market is still at a nascent stage with no established presence and real established leader. It is a great opportunity to invest in a leading big data-enabled online digital bank lending platform in Indonesia to capture the great demand for digital banking services and country’s enormous underbanked and unbanked population with tech-savvy young consumers. It is SCBX Group’s strategic move to set a strong footprint in digital banking regionally.
About SCBX Group
SCBX Public Company Limited (SCBX), as the parent company of the SCBX Group, operates as a private equity investment company with a focus on strategic investments in financial and digital technology businesses that fulfill future needs. In addition to the commercial banking industry, these industries offer great growth prospects, excellent returns, and contribute to the enhancement of people’s quality of life. This strategic transformation will assist in propelling the SCBX Group to become a regional leader in financial technology, able to adapt to evolving customer needs in a timely manner and allowing governance and risk management flexibility. Ultimately, it will enable the Group to compete on an equal level with global competitors.
About WeLab
WeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers. WeLab operates in three markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and a digital bank in Indonesia. WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.
To learn more, please visit: www.welab.co, or follow WeLab on LinkedIn and Facebook.
About Astra
Astra is one of Indonesia’s largest public companies, comprising 240 subsidiaries, joint ventures, and associate companies, supported by nearly 190,000 employees. The company’s diversified business model creates synergies and opportunities across industry sectors including automotive, financial services, heavy equipment, mining construction and energy, agribusiness, infrastructure and logistics, information technology, and property. The company has a new sustainability framework which contains Astra 2030 Sustainability Aspirations. It will guide Astra in the transition journey to be a more sustainable business by 2030 and beyond. Astra wishes to contribute to the strength and resilience of the Indonesian economy while supporting an inclusive and prosperous society.
Astra has a strong record of public and social contributions through four pillars, which consist of health, education, environment, and entrepreneurships as well as nine foundations to contribute to the growth of the Indonesian economy while encouraging a more inclusive and prosperous society. Established in 2010, Astra’s Semangat Astra Terpadu Untuk (SATU) Indonesia Awards programme, has recognised the contribution of 493 young Indonesians across each of these focus areas, including 81 national level recipients and 412 provincial level recipients. The SATU Indonesia Awards programme is integrated with Astra’s wide range of community activities through 170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.
For more about Astra, visit www.astra.co.id & www.satu-indonesia.com and follow us on Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook (Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).