Banking News

Sea Group Buys Indonesian Bank BKE

Sea Group Buys Indonesian Bank BKE

(15 January 2021 – Singapore) Singapore tech start-up Sea has acquired Indonesia’s PT Bank Kesejahteraan Ekonomi (Bank BKE) for an undisclosed amount.

Sea, which was granted a digital bank license in Singapore last month, has gained full control of the Jakarta-based lender after buying majority stakes from existing shareholders PT Danadipa Artha Indonesia and PT Koin Investama Nusantara through its subsidiary Turbo Cash Hong Kong.

The acquisition accelerates the company's ambition to establish itself as a leader in financial technology and services across its region, much as it has done with mobile gaming and online shopping. Sea has surpassed DBS in terms of market capitalisation to become Singapore's most valuable homegrown public company mid-last year.

Representatives of Sea and Bank BKE declined to comment.

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