ZA Tech, the technology venture founded by ZhongAn Online and backed by Softbank’s Vision Fund 1, has acquired a stake in Aladin Bank, an Indonesia-based Sharia digital bank. Further details of the agreement was not disclosed.

The investment will strengthen Aladin Bank as a digital bank, both in terms of capital and various strategic business plans going forward, while expanding ZA Tech’s existing footprint in Indonesia.

Aladin Bank will also be able to tap into ZA Tech’s experience in the digital insurance ecosystem with this partnership.

Additionally, both entities will be collaborating to provide financial education and planning with accessible and affordable insurance products in Indonesia.

With the scope of their partnership not limited to just products and technology, ZA Tech and Aladin Bank said in a joint statement that they will work closely together in the long term.

ZA Tech has already established strategic partnerships in Southeast Asia by collaborating with superapp Grab and with Indonesian e-wallet OVO.

Young Yang, General Manager of ZA Tech Southeast Asia said,

“The partnership between ZA Tech and Aladin Bank represents one of our commitments to promoting financial inclusion in Indonesia.

 

The collaboration of Sharia digital banking services with insurtech such as Aladin Bank and ZA Tech will provide options for the public to carry out digital and modern insurance transactions.”

Dyota Marsudi, President Director of Aladin Bank said,

“Through this collaboration, we want to increase synergies, especially in the insurance sector of Indonesia.

 

We hope through this initiative digital insurance products will be more affordable for the wider community, considering that ZA Tech is a very innovative insurtech player globally and has an excellent track record of empowering the digital transformation of insurance business.”

Featured image: Dyota Marsudi, President Director of Aladin Bank (left) and Young Yang, General Manager of ZA Tech Southeast Asia (right).