Singapore's tech start-up Sea acquires Indonesian bank to gain fintech foothold

SINGAPORE (Bloomberg): Singapore's Sea Ltd, the tech start-up that's become South-east Asia's most valuable company, has acquired Indonesia's Bank Kesejahteraan Ekonomi, according to people familiar with the matter.

Sea has gained full control of the Jakarta-based lender, better known as Bank BKE, after buying stakes from existing shareholders Danadipa Artha Indonesia and Koin Investama Nusantara through its subsidiary Turbo Cash Hong Kong, said the people who asked not to be named as the matter is private.