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Gojek buys stake in Indonesian bank

Gojek buys stake in Indonesian bank

Indonesian ride-hailing app Gojek has bought a 22.1% stake in local bank Jago, with the aim of providing digital banking services on its GoPay mobile platform.

Bank Jago is one off the smallest banks in Indonesia, ranking just 45th in terms of total assets.

Gojjek paid close to $200 million for its stake in the business.

"The ultimate aim of this partnership is for Jago to provide access to digital banking services through Gojek's platform, allowing Gojek's millions of users to instantly open a bank account with Jago and better manage their finances via the Gojek app," Gojek said in a statement.

The move comes after Gojek's Asian rivals Grab and Sea recently landed digital banking licences in Singapore.

"This is the start of a new way of offering financial services to Gojek users," says Andre Soelistyo, co-CEO of Gojek. "The collaboration will enable us to develop a process through which we can work with other banks. Our aim is to leverage more partnerships like this, to ultimately make the Gojek app a reliable resource for everyone's financial needs."

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