Hong Kong’s WeLab acquires Bank Jasa Jakarta in Indonesia to launch second digital bank in Asia

WeLab announced Monday the acquisition of PT Bank Jasa Jakarta (BJJ), a commercial bank in Indonesia, with plans to launch its second digital bank in Asia further to the successful launch of WeLab Bank in Hong Kong. WeLab said it had drawn wide-spread interest from existing and new investors who have already contributed $240 million for this transaction, representing the largest fintech funding in Indonesia in 2021.