Aditya Hadi Pratama · · 1 min readSingtel and Grab invest $70m to back Emtek digibank in Indonesia (Updated)
Update (January 21, 2:30 pm): Clarifies Grab’s investment in Bank Fama International.
Singapore telco firm Singtel and Southeast Asian super app Grab have each acquired 2.4 billion new shares in Indonesian Bank Fama International for a total of 1 trillion rupiah (around US$70 million). After the deal, both companies would each have around a 16.26% stake in the bank.
Indonesian conglomerate Emtek Group acquired bank Fama International in a bid to enter the digital banking space in the country. After the share acquisition, its stake in the bank has been diluted from 93% to 62.76%.
Before this deal, Singtel had partnered with Grab to acquire a digital full bank license from the Monetary Authority of Singapore. The consortium then also applied for a digital bank license from Malaysia’s central bank in July last year.
The Indonesian digital banking space has become crowded after prominent tech companies, such as Gojek, Sea Group, Akulaku, Bukalapak, Line, and Kredivo, acquired small banks to evolve them into digital offerings.
See also: How Emtek’s recent buy can boost Grab’s digibank ambitions
Editing by Miguel Cordon and Jaclyn Tiu
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