Sea Group firms up digital payments play in Indonesia with Bank BKE acquisition

Singapore-based internet major Sea Ltd has acquired Indonesia’s Bank Kesejahteraan Ekonomi (Bank BKE), with the objective of ultimately transforming the local lender into a digital bank, said three sources familiar with the matter.

According to the latest corporate filings in Indonesia and Singapore accessed by DealStreetAsia, Turbo Cash Hong Kong Ltd, a Sea Group entity, has acquired majority stakes in Bank BKE’s two major owners.

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