Sea Group offered 10% stake in Indonesian digital bank

State-owned Bank Negara Indonesia (BNI) has offered Singapore-based tech giant Sea Group a 10% stake in Bank Mayora, Bisnis reported, citing a statement from BNI president director Royke Tumilaar.

Tumilaar said Sea has helped BNI transform Bank Mayora into a digital bank by providing services to develop its tech and business model. Reports of a partnership between the two companies surfaced in December 2021.

BNI recently acquired Bank Mayora by buying 1 billion new shares, along with existing shares that were owned by current stakeholders such as local conglomerate Mayora Group and the World Bank’s International Finance Corporation (IFC).

The state-owned bank currently holds a 63.9% stake in Bank Mayora, while Mayora Group’s ownership has been diluted to 36.1%.

See also: As digibanks rise, will Indonesia’s online lenders become obsolete?