Investree to acquire 18.4% stake in Indonesia’s Amar Bank
Megan Cheah
FINTECH platform Investree Singapore on Wednesday (May 11) announced it will be acquiring a 18.4 per cent stake in Indonesian digital bank PT Bank Amar Indonesia (Amar Bank), from Singapore-headquartered Tolaram Group for an undisclosed sum.
The acquisition will allow Investree Singapore, which operates in Indonesia under PT Investree Radhika Jaya, to expand access to financial services for micro, small, and medium enterprises (MSMEs), the company’s main target group, in Indonesia.
It noted that it has strong synergies with Amar Bank that will allow it to expand financing products and offer broader digital business services for MSMEs.
Formerly known as PT Anglomas International Bank when it was established in 1991, the bank relaunched as Amar Bank in 2015 and has outlets in Surabaya and Jakarta.
It is Indonesia’s first digital bank and is backed by Tolaram Group, the holding company of a global conglomerate with operations in Africa. Amar Bank launched its first digital lending product Tunaiku in 2014.
Adrian Gunadi, co-founder and chief executive officer of PT Investree Radhika Jaya, said the partnership will allow the company to expand its reach into cities that are part of Amar Bank’s network.
Navin Nahata, managing director (fintech and infrastructure) at Tolaram Group, said: “We believe Investree’s deep knowledge of the local MSME financing space will allow Amar Bank to accelerate its various product diversification efforts to tackle an important but historically underserved segment of the Indonesian economy.”
Vishal Tulsian, president director of Amar Bank, said: “The involvement and expertise of Investree will allow us to introduce new and enhanced product offerings for MSMEs in Indonesia, alongside our flagship digital lending product, Tunaiku and mobile-only bank, Senyumku.”
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