Singapore’s Sea Group acquires Indonesia’s Bank Kesejahteraan Ekonomi

South East Asia’s most valuable company Sea Group has acquired Indonesia’s PT Bank Kesejahteraan Ekonomi.

The alleged acquisition accelerates the company’s move to establish itself as a leader in the digital banking sector. Along with the Grab-Singtel Consortium, Sea Group was the only other applicant to receive a full digital bank license by the Monetary Authority of Singapore (MAS).

In 2020, the Singapore tech startup replaced DBS as the largest Singaporean company by market capitalization in July 2020, and has also been profitable for two straight quarters in 2020 on an adjusted EBITDA basis. It also raised almost $3 billion in a stock offering last month, saying it intends to spend the proceeds on business expansion.