BNI Collaborates with Sea Group to Become a Technology Partner After Completing the Acquisition of Bank Mayora
Also opens the opportunity for Sea Group to take ownership of shares in Bank Mayora
The internet giant Sea Group is again involved in digital bank collaboration in Indonesia. This time, PT Bank Negara Indonesia Tbk (IDX: BBNI) announced that Sea Group will become Bank Mayora's technology partner.
BNI President Director Royke Tumilaar said the acquisition process of Bank Mayora has been completed and is currently preparing its business development. "Sea Group is involved in developing a business model, including designing IT for Bank Mayora," said Royke at a press conference some time ago as reported Bisnis.com.
BNI shareholders have given the green light to acquisition of Bank Mayora through the Annual GMS in March 2022. BNI acquired 63,92% of the shares or the equivalent of 1,19 billion shares of Bank Mayora of the total shares issued and paid up to Bank Mayora.
Interestingly, Royke also said that he would open up opportunities for the Shopee parent company to own a portion of Bank Mayora's shares. "Not yet, but we are open to diluting its ownership from 60 percent to 50 percent if Sea wants to take a share," he said.
For information, this is the second time the Sea Group has been involved in digital banks in Indonesia. Previously, Sea Group acquires Bank of Economic Welfare (BKE) last year. Then, Bank BKE changed its name to Seabank. Meanwhile, Sea Group has obtained a full digital bank license in Singapore in December 2020, through a joint consortium Grab-Singtel.
Sea Group Engagement
The fact that state-owned banks attract technology partners from the broadest, raises enough questions. Is this related to market share and synergy that Bank Mayora will be aiming for?
Sea group has undoubted technological capabilities, especially through Shopee's business which has a strong share and position in the market marketplace Indonesia. Shopee has a complete service ecosystem, starting from marketplace, digital wallet, food delivery, to Mart. Shopee's growth is mainly driven by mobile transactions by MSMEs. Based on Similarweb data as of March 2022, monthly visits to Shopee desktop and mobile reached 131,6 million.
In our note, Bank Mayora will later target the MSME segment and collaborate with experienced strategic partners to develop digital financial products.
As a comparison with other state-owned banks, BRI passed Royal Bank (formerly BRI Agro) will enter the market gig economy. Meanwhile, Mandiri chose to develop the product ExistingIndependent Livin', will strengthen its ecosystem as great app for the retail segment and Wholesale.
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While in the context of collaboration with marketplace local, digital bank "blu" which is also a subsidiary of BCA, is already affiliated with Blibli. Both of them are subsidiaries of the conglomerate company Djarum Group. Then, there Gojek who annexed the shares of Bank Jago, only then Gojek Not yet officially merged with Tokopedia.
Bukalapak has also been affiliated with a number of banks, including partnerships banking-as-a-service (BaaS) with Standard Chartered and as a strategic investor in Hello Bank belongs to the CT Group.