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Hong Kong online platform WeLab to take control of Jakarta bank

Group to invest $240m to buy and upgrade traditional Indonesian lender

Foreign-backed financial technology companies have bought a series of Indonesian banks in 2021.   © Reuters

HONG KONG -- Hong Kong online finance group WeLab is to acquire control of a small Jakarta bank with an eye toward launching nationwide online banking in Indonesia.

WeLab, which opened a virtual bank in Hong Kong last year, said it has raised $240 million from new and existing investors to pay for a majority shareholding in Bank Jasa Jakarta and for upgrading its technology.

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