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Bloomberg has reported that Indonesia-based BCA has decided to invest USD 200 million in its digital arm to match competitors’ efforts in one of the world’s largest unbanked markets, according to techinasia.com.
As BCA prepares for an initial public offering in the next couple of years, it plans to help digital unit Blu increase its market share. The lender is also focusing on acquiring more merchants, partners, and customers for Blu. After making its stock market debut, BCA is looking to keep the majority stake in its digital arm.
The bank aims to expand Blu’s capital to 4 trillion rupiah (USD 277 million) from 1 trillion rupiah (USD 69 million). BCA is facing a strong competition from smaller digital banks like Gojek and GIC-backed Bank Jago.
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