Home Asian News Grab acquires a $ 274 million stake in Emtek, spurring talks on...

Grab acquires a $ 274 million stake in Emtek, spurring talks on the OVO-DANA merger: Report


Southeast Asian conglomerate Grab has bought a 4% stake in Indonesian technology and communications conglomerate Emtek, The Straits Times have report.

Citing a source, the report said the transaction was worth more than IDR 4 trillion ($ 274 million) and took place during a recent private sale of Emtek shares.

The deal is said to have been traded through an investment firm called H Holdings Inc., which joined South Korean web search giant Naver to sell up to 8.4 stakes. % capital of Emtek.

According to a filing sent to the Indonesian Stock Exchange, the new funds will go towards expanding the group’s business and financing the group’s day-to-day operations.

Also read: Why frictionless payments are key to a seller’s success in the modern world

Grab’s acquisition of Emtek sparked speculation that its digital payments companies, OVO and DANA, could consolidate. Before that in September 2019, Reuters report that Grab is in talks to reunite the entities.

Due to low bank penetration rates in Indonesia (where 52% of the population has yet to use a bank), regional giants like Grab are moving fast in an attempt to capture some of the tech banking pie. lucrative numbers.

GoPay, part of the ride-hailing giant gojek, spent $ 160 million to increase its stake in Bank Jago to 22.16%. Customers using gojek e-wallet will have the opportunity to open an account with Bank Jago, launched yesterday and is set to become the country’s first fully digital bank.

Earlier this year, Sea acquired Indonesia’s unlisted Kesejahteraan Ekonomi Bank and renamed it SeaBank, in a move to give its e-commerce users access to a suite of integrated financial services.

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Image credit: Grab

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