Li Ka-shing-backed WeLab to launch digital bank in Indonesia

WeLab is pushing its financial services into Indonesia with a digital bank, expected to launch by the second half of 2022. — Bloomberg

WeLab Ltd., backed by investors including Sequoia Capital and billionaire Li Ka-shing, is buying a controlling stake in a commercial bank in Indonesia, securing a foothold in one of Asia’s most under-served banking markets.

A group led by WeLab bought 24% of PT Bank Jasa Jakarta and will take a majority stake subject to approvals, the lender said. The company has raised US$240mil (RM1.01bil) from existing and new investors to fund the acquisition and other investments.