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    2383   KYG891101035

TOM GROUP LIMITED

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Hong Kong fintech WeLab to launch digital bank in Indonesia

12/07/2021 | 01:30am EST

(Reuters) - Hong Kong fintech WeLab said on Tuesday it will buy a controlling stake in Indonesian commercial lender PT Bank Jasa Jakarta and launch a digital bank in the country - one of Asia's fastest-growing digital economies.

WeLab, backed by Allianz and billionaire Li Ka-Shing's TOM Group, said it had secured $240 million from existing and new investors to help fund the deal.

A WeLab-led group has already picked up 24% of PT Bank Jasa Jakarta and will buy the remaining majority stake following regulatory approvals, the Hong Kong firm added.

It will launch a digital bank in the second half of 2022 in Indonesia - a country where only 52% of households have access to a bank account while most have access to internet-enabled mobile phones, according to a World Bank report.

With Indonesia's internet economy booming, regional lenders DBS Group and United Overseas Bank have launched digital offerings, while GoTo, the country's top tech firm, has invested https://www.reuters.com/business/gojek-backed-bank-jago-aims-leverage-tech-giants-data-2021-07-06 in Bank Jago.

PT Bank Jasa Jakarta has assets worth 6.6 trillion rupiah ($457.92 million), including 2.6 trillion rupiah in loans and 4.9 trillion rupiah in total savings, based on its unaudited financial report at the end of the third quarter.

The Indonesian digital bank will be WeLab's second in Asia after officially launching in Hong Kong in 2020, where the company says it now has more than 150,000 customers.

($1 = 14,413 rupiah)

(Reporting by Nikhil Kurian Nainan, Additional reporting by Gayatri Suroyo in Jakarta; Editing by Jacqueline Wong)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.38% 221.7 Delayed Quote.6.77%
DBS GROUP HOLDINGS LTD -1.22% 35.55 Delayed Quote.8.85%
PT BANK JAGO TBK 1.88% 19000 End-of-day quote.18.75%
TOM GROUP LIMITED 2.17% 0.94 End-of-day quote.2.17%
UNITED OVERSEAS BANK LIMITED 0.23% 30.37 Delayed Quote.12.90%
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Financials
Sales 2020 868 M 111 M 111 M
Net income 2020 -1 064 M -137 M -137 M
Net Debt 2020 2 863 M 368 M 368 M
P/E ratio 2020 -2,57x
Yield 2020 -
Capitalization 3 718 M 478 M 478 M
EV / Sales 2019 8,54x
EV / Sales 2020 6,44x
Nbr of Employees 1 200
Free-Float 25,2%
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Chi Wai Fong Independent Non-Executive Director
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