Indonesian fintech Akulaku keen to up stake in Bank Neo to over 40%

Akulaku founder and CEO William Li

Indonesia-based digital banking and finance platform Akulaku, part of China’s Alibaba Group, is looking to enhance its stake in Bank Neo Commerce to around 40% or more from its current holding of 25.2%, founder and CEO William Li told DealStreetAsia in an interview.

This comes as Akulaku itself is raising funds ahead of a planned initial public offering, and looking to consolidate its wealth management and insurance businesses before a separate spin-off on the Indonesia Stock Exchange, Li said.

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