SBI Holdings invests $10m in Indonesia’s Bank Index Selindo

SBI Holdings, Inc Monday said it had completed a $10 million investment into PT Bank Index Selindo, a SME-focused commercial bank in Indonesia, for a minority stake. Other details of the transaction were not disclosed.

The Singapore-based venture capital firm did the deal through its wholly-owned subsidiary SBI Ven Capital Pte Ltd, which manages the SBI FMO Emerging Asia Financial Sector Fund Pte Ltd. This fund is in partnership with the Netherlands Development Finance Company (FMO), the world’s largest development bank, and focuses on growth PE investments in the financial services and fintech areas across emerging Asian economies.

Founded in 1993, Bank Index has physical operations in 40 bank branches and cash offices. It intends to launch Internet services like online and mobile banking platforms in the next one to two years.

According to an official announcement, the bank’s “shareholders include a prominent Indonesian family”, and private equity and venture capital firms, like the aforementioned SBI-FMO fund and regional fund Creador.

The SBI-FMO fund, managed by Suramya Gupta, had recently bought a 10 per cent stake in an Indian micro-finance firm Satin Creditcare. It had also made an investment in Taraashna, an Indian bank correspondent, the company had announced.

“Financial service sector is showing strong growth in the target emerging Asian countries primary supported by growth in domestic consumption, financial and economic integration in the region, government policy to promote financial inclusion,” the announcement by SBI Holdings had added.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.