WeLab, backed partly by Hong Kong’s richest man, has launched a digital banking unit in Indonesia.
Bank Jasa Jakarta has launched a digital bank in Indonesia called Bank Saqu, according to a statement. The virtual lender will target young clients it calls «solopreneurs» which includes small business owners, freelancers, and full-time employees with side jobs or income streams.
According to a study commissioned by Bank Saqu, one in three Indonesians – or 117 million people – will have multiple jobs or income streams by 2030. The bank will tap into this «solopreneurs» segment in part by offering the ability for each customer to open up to 20 accounts to cater to the different income streams. There are also plans to introduce lending and fee-based products in 2024.
WeLab and Jardine Mattheson unit Astra International jointly bought Bank Jasa Jakarta last year.
Business Performance
WeLab is backed by investors including Li Ka-shing, Hong Kong’s richest, and Astra. It started as a digital bank in Hong Kong in 2020 and now has businesses in other markets such as mainland China and Malaysia, in addition to Indonesia.
In Hong Kong, WeLab Bank registered a HK$161.5 million ($2.1 million) loss in the first half of 2023, up from a HK$224 million loss during the same period last year.
