Singtel and Grab have acquired a combined 32.5% stake in the digital banking subsidiary of Emtek, diluting the latter’s to 62.8%.

Telecommunications firm Singtel and ride hailing app operator Grab each invested Rp 500bn ($35m) in Bank Fama International, an Indonesia-based digital bank owned by media group Emtek, today, indicating a rise in non-traditional banking in the country. The corporates both acquired 2.4 billion shares from Bank Fama equating to a 16.3% stake each. Emtek’s Elang…

The rest of this content is only accessible to Global Venturing Subscribers.

This content is only accessible to subscribers. If you are a subscriber, please sign in. Otherwise, if you would like to try before you buy and haven't previously taken out a free trial, you can do so below. You can also see details on subscriptions by clicking the Subscription Options button.