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.

Alfred Lee

13 Jan, 2021

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

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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.

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Alfred Lee

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

Based in Malaysia

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