GoJek, Indonesia’s answer to Uber, has bought a 22.1% stake in Jago.
In Brief:
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Bank Jago is one of Indonesia’s smallest banks.
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GoJek paid around $200mn for its stake.
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It hopes to be able to provide digital banking services on its mobile platform, GoPay.
What does this mean?
The investment is part of plans for GoJek to diversify its business into a wider financial services offering. The company already has a mobile platform called GoPay, where it intends to add digital banking services.