SINGAPORE: Singapore Telecommunications, Southeast Asia's largest telecommunications operator, said on Friday it has bought a 16.3 per cent stake in PT Bank Fama International for 500 billion rupiah S $48.0 million to pursue banking opportunities in Indonesia.
Singtel Alpha Investments, a wholly owned subsidiary of the Indonesian bank, has acquired 2.4 billion new shares, which are majority owned by a unit of the conglomerate Elang Mahkota Teknologi Tbk.
Singtel, which is looking to grow outside its traditional telco business, has a digital banking joint venture in Singapore with Grab Holdings Ltd. The joint venture has applied for a digital banking license in Malaysia.
According to Singtel, Grab, the region's biggest ride hailing and food delivery firm, is also an investor in Fama.