Grab & Singtel to Pursue Banking Opportunities in Indonesia; Acquire Minority Stakes in Local Bank

Sale of Bank Fama's shares is to accelerate and expand business growth


Teckwai Saw

25 Jan, 2022

Grab & Singtel to Pursue Banking Opportunities in Indonesia; Acquire Minority Stakes in Local Bank | BEAMSTART News

- From our Sponsors -

Singapore-based telecommunications firm, Singtel and ride-hailing company, Grab have bought a 16.3% stake in PT Bank Fama International via their joint subsidiary A5-DB Holdings Pte Ltd.

The acquired stake is 2.4 billion shares which is worth a total of 1 trillion rupiah (US$70 million).

Bank Fama's majority shareholder, Indonesian conglomerate Elang Mahkota Teknologi Tbk (Emtek), mentioned that the sale is to "accelerate and expand business growth" of the bank.

Latest Jobs

Android Engineer

Ziina

Full Time

USD 80000 — USD 140000 yearly

Growth

Ergo

California,

Full Time

USD 80000 — USD 160000 yearly

Social Media Manager

Clipboard Health

Full Time

USD 100000 — USD 125000 yearly

Software Engineer

Zaymo

Utah,

Full Time

USD 95000 — USD 165000 yearly

Founding Engineer

Scritch

California,

Full Time

USD 100000 — USD 200000 yearly

Account Executive

Novoflow

California,

Full Time

USD 200000 — USD 250000 yearly

Founding Designer

Spur

New York,

Full Time

USD 140000 — USD 220000 yearly

All Eyes on Indonesia's Banking Space

End of 2021, Emtek acquired Bank Fama in hopes to penetrate Indonesia's digital banking space.

Indonesia, Southeast Asia's largest economy, with more than 1,500 operational rural banks and home to 270 million people, has been on the radar of many tech companies for the same reason as Emtek.

Southeast Asia's fastest growing e-commerce platform, Shopee acquired a bank during 2021, while Indonesia-based tech giant, Gojek bought a stake in Bank Jago, just to name a few.

Community Q&A

Doubling Down on Digital Banking

Singtel formed a consortium with Grab to acquire a digital full bank license in Singapore at the end of 2019.

Following that, the consortium also applied for a digital bank license from Malaysia’s Bank Negara in July 2021.

- From our Sponsors -

Latest Jobs

Founding engineer

Upshift

North Carolina,

Full Time

USD 120000 — USD 250000 yearly

Senior Product Engineer, AI Agents

Amplitude

California,

Full Time

USD 203000 — USD 305000 yearly

Summer 2026 ML Systems Intern

Partcl

California,

Internship

USD 6000 — USD 10000 yearly

Pearson Labs: Full Stack Engineer

Pearson Labs

California,

Full Time

USD 120000 — USD 150000 yearly

Associate Account Executive

DeepSource

California,

Full Time

USD 140000 — USD 180000 yearly

DevOps/Infrastructure Engineer for Robotics - San Francisco

Polymath Robotics

California,

Full Time

USD 120000 — USD 200000 yearly

Design Engineer, iOS - React Native

Slash

California,

Full Time

USD 175000 — USD 250000 yearly

Technical Lead, Frontend

Onyx

California,

Full Time

USD 200000 — USD 400000 yearly

Frontend Engineer

Fern

New York,

Full Time

USD 170000 — USD 210000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).