Grab invests in Indonesian media group Emtek; OVO and DANA payments may merge

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Grab has reportedly acquired a 4% stake in Indonesian media and technology group Emtek in a deal valued at $274 million.

The deal took place during Emtek’s most recent funding round, in which Grab invested through its H Holdings investment firm, the people said.

In this round of financing, Naver, the parent company of South Korean search engine and social media Line, also invested US$150 million in Emtek.

There is speculation that Grab’s investment in Emtek may lead to a merger of its two payment companies, OVO and DANA.

With Indonesia’s low banking penetration rate (52% of the population still does not have a bank account), giants like Grab are moving fast to try to grab a piece of the lucrative digital banking business.

GoPay, a subsidiary of Gojek, another Southeast Asian ride-hailing giant, spent US$160 million to increase its stake in Bank Jago to 22.16%.

Sea acquired Indonesian bank Kesejahteraan Ekonomi and renamed it SeaBank, aiming to provide its e-commerce users with access to comprehensive financial services.

Compile ✎     Mary /DNY123

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