HK fintech unicorn WeLab acquires Bank Jasa Jakarta

WeLab founder and CEO Simon Loong. Photo: WeLab's LinkedIn page

WeLab, a Hong Kong fintech firm backed by billionaire Li Ka-shing, announced that it acquired Indonesian lender Bank Jasa Jakarta as it plans to launch its second digital bank in Asia.

According to the announcement, WeLab has raised $240 million from existing and new investors to finance the acquisition of controlling stakes in the Indonesian bank from existing shareholders.

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