In today’s top digital-first banking news, Singapore tech startup Sea has reportedly bought Indonesia’s PT Bank Kesejahteraan Ekonomi (Bank BKE), while credit union service organization (CUSO) PSCU has lengthened its payment processing collaboration with Fiserv. Plus, Vietnam’s MoMo has notched $100 million from a collection of six investors.
Sea, the Singaporean tech upstart, has reportedly purchased PT Bank Kesejahteraan Ekonomi (Bank BKE) of Indonesia for an amount that was not made known. Sea now fully controls the bank after purchasing shares through its Turbo Cash Hong Kong subsidiary. Shares were reportedly bought from current investors PT Koin Investama Nusantara Ltd. and PT Danadipa Artha Indonesia. The purchase is said to be in line with Sea’s aim to expand its position as a FinTech trailblazer throughout the region.
PSCU, the CUSO, announced on Wednesday (Jan. 13) that it has lengthened its payment processing relationship with Fiserv. Their collaboration began in 1989. Since then, PSCU has migrated from being a transaction processing service reseller to a FinTech provider helping credit unions (CUs) and their members. As it stands, PSCU works with CUs throughout the nation and helps with more than 5.4 billion transactions annually.
Vietnam’s MoMo, the digital wallet company, has raised $100 million from a collection of six investors co-led by Goodwater Capital and Warburg Pincus. MoMo reportedly intends to use the funds to bankroll plans to become a “super app” as well as to go public in 2025. Financial technology has become a quickly expanding vertical in the country of almost 100 million, with the COVID-19 health crisis having moved shopping activity online and left consumers seeking contactless payment choices.
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