Singtel said its wholly-owned subsidiary Singtel Alpha Investments has acquired 2.4 billion new shares issued by the Indonesian bank, which is majority-owned by a unit of conglomerate Elang Mahkota Teknologi Tbk.
Singtel, which is looking to expand outside of its traditional telecommunications business, has formed a Singapore digital banking joint venture with Grab Holdings Ltd. The joint venture has also applied for a digital banking license in Malaysia.
Grab, the region’s largest food transport and delivery company, is also an investor in Fama, according to Singtel.
“This latest investment in digital banking is in line with Singtel’s strategy of harnessing digital growth trends to create sustainable new businesses in Asia, particularly in markets where the group has a strong presence,” Singtel said in a statement. his press release