SITENAME Logo

Shopee's parent company, SEA Group, has bought a bank in Indonesia

SEA Group bought Bank Kesejahteraan Ekonomi Indonesia, a significant move into the digital banking space.


Shopee's parent company, SEA Group, has bought a bank in Indonesia | BEAMSTART News

SEA Ltd, the parent company of e-commerce giant, Shopee, has reportedly acquired a bank in Indonesia.

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 market.

Indonesia has a very large unbanked (and underbanked) market, with an estimated population of 113 million people in 2020.

In the recent years, the country has seen a rise in financial technology companies such as Gojek and Grab looking to seize this market, and Tencent-backed SEA appears to be one of them as well.

Mobile payments in Indonesia (GoPay by Gojek).

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.

ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

ALSO MENTIONED IN THIS POST


Shopee

Shopee is the leading eCommerce platform in Greater Southeast Asia.

Industry:


Grab

Grab is your everyday everything app.

Industry:

Opportunities:



Tencent

Tencent is a Chinese internet service portal offering value-added internet, mobile, telecom, and online advertising services.

Industry:

Opportunities:


Have a company of your own? Create a company profile today and easily find customers, raise funds, or hire talent.

BEAMSTART is a Hub for Startup News, Business Networking, and Entrepreneurial Resources. Expand your network, discover new possibilities, and tap into a vast database of resources that can help you go further in your business and career.

 

Download the App

The app for business networking and startup resources. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).