Hong Kong-based fintech platform WeLab has announced plans to buy Indonesian lender PT Bank Jasa Jakarta (BJJ) to launch a digital bank.

WeLab has raised $240m in funding from existing and new investors to support the acquisition.

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Notably, a WeLab-led consortium, Welab Sky has already bought a 24% stake in BJJ. WeLab Sky seeks to become the sole controlling shareholder in BJJ.

It will acquire the remaining stake for majority control after receiving regulatory clearance from authorities.

WeLab has been operating WeLab Bank in Hong Kong since 2019, which is one of the first fully licenced digital banks in Asia.

It plans to launch the new digital bank in the second half of 2022 in Indonesia where a large population are either unbanked or underbanked.

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WeLab founder and Group CEO Simon Loong said: “BJJ has earned an excellent reputation for being a trusted retail bank in the market over the last 40 years. We look forward to building on this foundation with our fintech expertise, and success of operating a licensed digital bank in Hong Kong, to build a tech-driven digital bank that will be financially inclusive for the people of Indonesia.”

BJJ president director Handrie Wirawan said: “We’re excited to welcome WeLab as the new shareholder to bring BJJ into the new digital banking era. With the experience and expertise of WeLab in digital banking and fintech, we are confident that BJJ can further improve our customers’ financial wellbeing with advanced banking technology.”

Earlier this year, Allianz-backed WeLab raised $75m in funding as part of its Series C-1 round.