Partial Acquisition of Shares in Indonesian Subsidiary of AI Fintech Firm "Aizen Global"
JB Financial Group is entering the Indonesian financial market by acquiring a local financial company.
JB Woori Capital, a subsidiary of JB Financial Group, has acquired KB Bukopin Finance, an Indonesian specialized credit finance company, and simultaneously established a localized captive model through a strategic partnership with Aizen Global, an artificial intelligence (AI) fintech (finance + technology) company. This move applies a co-growth model through collaboration with a fintech company.
The acquisition of the Indonesian MFC and the strategic investment in Aizen are being led by JB Woori Capital, JB Financial Group’s specialized credit finance company. On July 1, JB Woori Capital signed a share purchase agreement to acquire 85% of KB Bukopin Finance for 29 billion KRW. On July 22, it completed a new share acquisition agreement to secure a 40% stake in Aizen’s Indonesian subsidiary.
KB Bukopin Finance was formerly a subsidiary of Bukopin Bank and became a sub-subsidiary of KB Financial Group in 2020. The company mainly provides vehicle and heavy equipment financing for businesses. Although it experienced a temporary downturn during the COVID-19 period, it achieved a net profit of about 1.1 billion KRW in 2024, successfully returning to profitability.
The Indonesian subsidiary of Aizen, the strategic partner, purchases electric two-wheelers (E-Bikes) and leases them to major mobility platforms such as Grab and Gojek. It also analyzes non-financial data generated during operation and provides this data to financial companies.
The Indonesian government is strongly promoting policies to expand eco-friendly mobility, which is rapidly accelerating the growth of the electric vehicle (EV) market. Noticing this trend, Aizen entered the Indonesian market in 2021 and has established a robust collaborative network with major local EV manufacturers, platform companies, and financial institutions.
KB Bukopin Finance expects to generate stable profits by supplying funds for various products, including loans for Aizen’s E-Bike purchases, E-Bike purchase and credit loans for drivers, and battery purchase loans for E-Bike manufacturers.
JB Financial Group plans to continue pursuing its unique overseas expansion strategy by simultaneously securing stakes in local financial companies and fintech firms, thereby combining existing businesses with future growth engines.
Kim Kihong, Chairman of JB Financial Group, stated, "This entry into Indonesia is more than simply expanding overseas subsidiaries; it signifies the creation of a co-growth model with domestic fintech companies that have boldly entered overseas markets." He added, "Through this, JB Financial Group will continue its success story of strategic partnerships based on co-growth with fintech companies."
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