Indonesia’s banking sector has seen a string of acquisitions and investments in recent years on the back of regulatory updates in the areas of digital banking and multiple ownership of banks.
Tech companies have led these acquisitions as they race to create a dominant digital bank that could contribute to their overall ecosystems. At least 16 local and foreign tech companies have either acquired or invested in 14 Indonesian banks with the intention to repurpose them into digital-first banks, according to the latest report by DealStreetAsia – DATA VANTAGE.
