Indonesian banking regulator says Sea Group's Shopee acquires Bank BKE

JAKARTA (The Jakarta Post/ANN): Indonesia's Financial Services Authority (OJK) said on Thursday (Feb 18) that Sea Group's e-commerce arm Shopee had acquired local lender Bank Kesejahteraan Ekonomi (Bank BKE) with the aim of transforming it into a digital bank.

OJK official Anung Herlianto said that Shopee, Southeast Asia’s largest e-commerce platform, has yet to make an official application with the banking regulators to transform Bank BKE into a digital institution, but they are “currently preparing the infrastructure to do so.”