Binance in Talks with Indonesian Wealthiest Family for Crypto Venture: Bloomberg
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Dec. 10, 2021

Cryptocurrency exchange Binance is reportedly in talks with the largest privately-owned bank in Indonesia about a joint cryptocurrency venture. According to Bloomberg, the exchange is in talks with PT Bank Central Asia (BCA), and state-owned PT Telkom.

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The partnership might boost the adoption of cryptocurrencies in the Southeast Asian nation, the report says. However, the bank might form the partnership with Binance through another related entity, Bloomberg notes. Financial details of the partnership remain undisclosed.

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The news comes after Binance Asia Services announced plans to buy an 18% stake in Hg Exchange (HGX), a Singaporean private securities exchange powered by Zilliqa's blockchain. However, according to Binance, the deal is yet subject to regulatory approval.

Founded in 1957, PT Bank Central Asia, is the largest privately-owned bank in Indonesia controlled by sibling billionaires Budi and Michael Hartono. The Asian financial crisis in 1997 had a tremendous impact on Indonesia's entire banking system. As a result, the Indonesian Bank Restructuring Agency took over control of the bank in 1998.

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