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Hello readers,
“Synergy” is what corporate folk (and financial journalists) use to refer to the benefits of collaboration between companies. I recall beads of sweat rolling down my forehead the first time I came across the fancy word in my early days as a reporter. Fret not, though!
As per Investopedia, synergy stands for the idea that the value and performance of two companies combined will be greater than the sum of each on their own. In other words, if the situation permits, working together is better than working alone.
These synergies form a key line of reasoning behind Bukalapak’s US$83 million deal to buy a 12.05% stake in CT Corp’s Allo Bank. “The impact on Bukalapak doesn’t seem to be direct. It’s more about synergies to leverage multiple other relationships, especially for the sake of Mitra Bukalapak transactions,” says Aldi Adrian Hartanto, vice president of investments at MDI Ventures.
Bukalapak’s arrival in Indonesia’s digital banking scene has only taken the competition up a notch. In our premium story pick today, we bring you the low-down on what drove Bukalapak’s entry into the fiercely competitive digibank arena.
— Shravanth
The Big Story
Behind Bukalapak’s entry into Indonesia’s digital banking race
Allo Bank, which Bukalapak acquired in January 2022, is backed by a conglomerate with a strong retail presence. Read more.
Trending news
1. KKR leads SG proptech unicorn’s $180m round
Livspace will set aside around US$40 million and US$50 million to fuel its expansion into Vietnam, Indonesia, Malaysia, and Thailand.
2. This fintech firm’s fight with its founder may end in a courtroom
After alleged boardroom battles and claims of fraud, BharatPe’s board and its co-founder Ashneer Grover could be embroiled in a legal tussle.
3. Carousell may acquire 🇸🇬 real estate marketplace firm
Carousell could look to diversify its portfolio with the new acquisition.
4. SoftBank’s Q3 net profit plummets 97%
With regulatory hurdles still present, SoftBank will also halt its sale of Arm to Nvidia Corp., a deal that was valued at up to US$80 billion.
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