The bank, also known as Bank Kesjahteraan Ekonomi (BKE), has been established since 1992 and was acquired through one of SEA's subsidiaries.
Indonesia has a very large unbanked (and underbanked) market, with an estimated population of 113 million people in 2020.
In December last year, SEA was granted a digital full-banking license in Singapore, together with a Grab-Singtel consortium — a move by the government that could potentially disrupt traditional financial players.
The new acquisition of BKE further solidifies SEA as a major player in the digital banking space, and allows the group to market a broader range of financial products to the country's 270 million+ population in the coming years.
Have a company of your own? Create a company profile today and easily find customers, raise funds, or hire talent.