In brief: Indonesian fintech startup Akulaku invests $35m in local bank

• Indonesian fintech startup Akulaku has invested IDR 500 billion (US$35.3 million) to acquire a minority stake in Bank Yudha Bhakti, an Indonesian bank.
• “This is a new kind of deal because no technology company and traditional bank have worked together the way we have,” said Akulaku CEO William Li.
• Akulaku’s investment will increase the bank’s offerings for digital banking services and other forms of financial technology, Li explained.
• It also gives Akulaku access to traditional financial services that are normally restricted to banks.

Source: Kompas