WeLab to launch new digital bank in Indonesia following BJJ acquisition
WeLab has raised $240m to fund the acquisition – “the largest fintech funding in Indonesia in 2021”.
Indonesia
Indonesia’s Bank INA taps Mambu for cloud banking services
The bank says its pivot to digital will allow it to cater to the underserved and unbanked.
Standard Chartered to invest $500m in Asia’s largest BNPL platform Atome
Investment forms part of a 10-year partnership to deliver mobile financial services in the region.
UOB to spend $500m on boosting digital banking capabilities
The investment comes after the pandemic accelerated digital-first banking across Southeast Asia.
Ascend Money becomes Thailand’s first fintech unicorn with $150m fundraise
Thai fintech plans to boost financial inclusion efforts in Southeast Asia.
Oy! Indonesia raises $30m in Series A funding round
Payments firm aims to help SMEs transact digitally.
Payments infrastructure firm Xendit secures $150m funding round
Company plans to expand beyond its Indonesian and Philippines strongholds.
Indonesian digital bank Jago signs cloud banking deal with Mambu
Newly-branded digital bank seeks to capitalise on recent success with new platform.
BukuKas raises $50m Series B just four months after Series A
BukuKas’ CEO Krishnan Menon previously worked at Alibaba-owned Lazada Indonesia.
Pine Labs raises $285m in venture funding to reach $3bn valuation
Merchant payments platform Pine Labs plans regional expansion.
Amartha, Vivid Money, Expensya & a55 feature in May funding rounds
A clutch of early investment rounds from May you could have missed.
Bibit.id secures $65m funding to capitalise on Indonesian mutual fund growth
The robo-advisor is focused on Indonesia’s rapidly expanding mutual funds sector.
Jakarta wealthtech Pluang raises $20m in pre-Series B funding
Pluang wants to extend investment to poorer households in Indonesia.
Indonesian fintech Alami acquires rural bank in $10m deal
Alami is helping the bank keep up with capital requirements.
Payfazz invests $30m in Xfers to form Fazz Financial Group
FFG aims to develop solutions for the underbanked in Southeast Asia.
Fintech funding deals globally 1-7 March 2021
Featuring Klarna, Papaya Global, TaxBit, Beam Technologies, and Xendit.
Banking Tech Awards 2020 Winner: Bank BRI & Infosys Finacle – Best Use of IT for Lending
Revamping customer lending through partnerships and back-office change.
Indonesia’s BukuKas lands $10m led by Sequoia Capital’s Indian arm
BukuKas says it already serves some 3.5 million customers.
Shariah P2P fintech Alami raises $20m in debt financing
Alami hopes to distribute trillions to SMEs and micro businesses.
Grab leads $100m investment in Indonesian e-wallet LinkAja
Singaporean fintech begins investment project in Indonesia.
TrueMoney partners with Thunes to activate global remittances
Thunes claims to work with partners in more than 100 countries.
Indonesian fintech Ayoconnect raises $5m in Pre-Series B funding
Firm reaches total funding of more than $10m with new round.
Singapore’s GoBear snaps up fintech AsiaKredit
GoBear’s bank partners will be able to tap underserved consumers.
World Bank issues $300m loan to boost Indonesian financial sector
International bank seeks to support Indonesian fintech and banks.
Standard Chartered launches Banking as a Service solution in Indonesia
The white-label service was incubated at SC Ventures.
Tokopedia lines up $1.5bn funding from Alibaba and Softbank
The $1.5bn funding would value Tokopedia at between $8bn and $9bn.
Hong Kong’s fintech WeLab raises $156 million to launch WeLab Bank in 2020
Backers included Alibaba’s Hong Kong Entrepreneurs Fund and China Construction Bank.
Singapore’s FinAccel raises $90m to make financing more accessible in Southeast Asia
FinAccel hits $500 million evaluation.
Bank Mandiri selects Avaloq Banking Suite to consolidate legacy wealthtech
Major Indonesian bank wants Avaloq to power $14bn wealth division.
Indonesia’s OJK goes on fintech lender licensing spree
There are still 114 non-licensed companies registered with the OJK.
South Korea and Indonesia fintechs collaborate on accelerator lab
SFG and CoHive has officially launched the Shinhan Future’s Lab Indonesia.
Indonesian FSA launches online register to monitor fintechs
The platform will grow business through OJK’s innovation hub.
Railsbank raises $10m to expand into Southeast Asia and beyond
The open banking platform has opened an office in Singapore.
Kredivo closes up to $20m credit line for Indonesian growth
The funding will be used to diversify the Jakarta-based firm’s loan book.
WhatsApp talks to Indonesian fintechs for mobile payments launch
WhatsApp is waiting for regulatory approval in India for a similar service.
WeChat Pay and Alipay partner QFPay raises $20m
The latest funding round brings QFPay’s total to $36.5 million.
Indonesia shuts down 826 illegal fintechs in 2019
The regulator began a crackdown last year.
Axinan and Sompo Indonesia team up
The acquisition aims to provide a digitised claims management infrastructure.
Indonesia launches QR code standards
To facilitate payments across the poorer businesses in the country.
ALTO taps ACI for Indonesian alternative payments growth
ACI will provide its UP Retail Payments solution.
