A virtual bank is soon coming to Indonesia. WeLab, a Hong Kong-based fintech unicorn, announced Tuesday its acquisition of Bank Jasa Jakarta (BJJ), an Indonesian commercial bank.

A consortium led by WeLab has raised $240 million from existing and new investors, which the company claimed was the largest fintech funding in Indonesia this year. The capital will go towards acquiring BJJ’s stakes and “tech investments”, the company said. The company currently operates a suite of consumer fintech products across Asia, including the virtual bank and a lending product in its home city, as well as several types of lending services in mainland China and Indonesia. Backed by Hong Kong billionaire Li Ka-Shing’s TOM Group, WeLab opened its first digital bank in Hong Kong, a global financial center, last year. In terms of user size, WeLab said it has amassed over 150,000 digital banking customers.

Hong Kong Fintech Unicorn Welab Raises $240M To Buy Indonesian Bank

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Hong Kong Fintech Unicorn Welab Raises $240M To Buy Indonesian Bank

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