Aladin Bank Gets New Investors ZA Tech Through Rights Issue Scheme

President Director of Bank Aladin Syariah, Dyota Mahottama Marsudi, explained that later ZA Tech will participate in increasing Bank Aladin's capital through a rights issue scheme.

Aladin Bank Gets New Investors ZA Tech

Aladin Bank (BANK) has finally officially announced the insurance technology provider or InsurTech, ZA Tech Global Limited, as its new investor. President Director of Bank Aladin Syariah, Dyota Mahottama Marsudi, explained that later ZA Tech will participate in increasing capital through a new share issuance scheme with pre-emptive rights (HMETD) or rights issue.

In a press conference that took place this Wednesday afternoon (6/4), ZA Tech became the latest strategic partner to collaborate as investors and business partners and is committed to strengthening the Aladin Bank ecosystem. Previously, Aladin Bank also collaborated with Alfamart and the Hajj Financial Management Agency (BPKH).

He explained that the Covid-19 pandemic and government policies that support the digital economy have changed the landscape of various industries, including the insurance industry in Indonesia. One of these changes is to increase InsurTech's business potential in the country. Seeing this momentum, Aladin Bank and ZA Tech collaborated to take advantage of this opportunity.

“We are also proud that ZA Tech has entered as one of Aladdin Bank's investors. This will certainly strengthen Aladin Bank as a digital bank, both in terms of capital and various strategic business plans going forward," said Dyota, Wednesday (6/4).

On the same occasion, General Manager of ZA Tech Southeast Asia Young Yang said, the collaboration between ZA Tech and Aladin Bank is one of our commitments to encourage financial inclusion in Indonesia.

“Being an investor in Aladin Bank will support ZA Tech's aspiration to do business in Indonesia. By leveraging the latest technology and our experience in empowering the digital insurance ecosystem," he said.

ZA Tech is a joint venture between ZhongAn Technologies International Group Limited and SoftBank Vision Fund 1 focused on exporting cutting-edge InsurTech products and solutions to insurance companies and Internet platforms.

The parent company of ZA Tech is Shanghai-based giant online insurtech company ZhongAn Online P&C Insurance Co., Ltd founded in 2013. The insurance company was originally co-founded by Chinese multinational conglomerates, including Alibaba's Jack Ma, Pony Ma from Tencent, and Mingzhe Ma from Ping An Insurance.

Today, ZA Tech's footprint spans Japan, Singapore, Thailand and other Asian markets. In 2021, ZA Tech expands its InsurTech business to Europe. Meanwhile, in Southeast Asia, ZA Tech has collaborated with Grab, a decacorn cellular technology company, while in Indonesia it has collaborated with digital wallet company OVO.

As is known, the issuer codenamed BANK is indeed planning to add capital to the minimum bank capital set by the Financial Services Authority (OJK) of at least Rp. 3 trillion this year.

Moreover, Bank Aladin's Extraordinary General Meeting of Shareholders (EGMS) on February 10 gave the blessing to increase the company's authorized capital from Rp 2.5 trillion to Rp 5 trillion.

Based on IDX data as of February 28, 2022, the number of Bank Aladin shares is 13.26 billion shares. In detail, PT Aladin Global Ventures acts as the controlling shareholder with a share ownership of 60.21% and the rest is owned by public shareholders of 39.79%.

Towards the end of the second trading session on Wednesday, Bank Aladin's share price was observed to have strengthened 10.57% to a level of Rp 2,510 per share with a market capitalization of Rp 33.30 trillion.

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