Singtel Alpha Investments, a wholly-owned subsidiary of Singapore Telecommunications (Singtel), one of the four major telcos operating in Singapore, has acquired a stake in Indonesia’s Bank Fama International. The move is part of Singtel’s efforts to pursue banking opportunities in Indonesia, the world’s fourth most populous nation. In a filing, Singtel said its subsidiary has acquired a 16.3% stake in the bank for a cash consideration of IDR500bn (USD35.7m). Bank Fama is majority-owned by a unit of conglomerate Elang Mahkota Teknologi (EMTEK), which acquired the lender in November. Grab is also an investor in Bank Fama. Singtel and Grab have a digital banking joint venture in Singapore. In July 2021, the joint venture also applied for a digital banking licence in Malaysia.
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