WeLab-led consortium acquires Indonesian bank

Hong Kong-based digital financial firm WeLab has led a consortium that has acquired a majority stake in Bank Jasa Jakarta (BJJ), an Indonesian bank that operates 11 commercial branches. The consortium, called WeLab Sky, is also joined by Allianz X in the acquisition, which is Southeast Asia's largest digital bank by M&A transaction value this year. An Allianz X portfolio company since March 2021, WeLab is one of Asia's leading digital-native financial services companies, which operates WeLab Bank, one of Asia’s first fully licensed digital banks. WeLab has over 50 million individual users, over 700 enterprise customers, and is growing fast across Hong Kong, Mainland China, and Indonesia. BJJ, headquartered in Jakarta and founded more than 40 years ago, operates 11 commercial bank branches in the Indonesian capital, serving individuals and small and medium-sized enterprises.