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NY-listed Sea speeds digital banking push with Indonesia acquisition

Fast-growing Singapore tech group's move heats up fintech fight in ASEAN

Sea owns e-commerce platform Shopee but is expanding into digital banking after having won a license to operate in Singapore.    © Reuters

SINGAPORE -- Singapore-based internet services group Sea has acquired majority control of small Indonesian lender Bank Kesejahteraan Ekonomi, Nikkei Asia has learned, a move that will accelerate the expansion of the company's online financial services in Southeast Asia.

According to company filings to Indonesian authorities, Turbo Cash, a Hong Kong-based Sea subsidiary, first acquired a 71.94% stake in Danadipa Artha Indonesia (DAI) in January last year and has gradually increased its holding in the company to 82.19% in November.

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