Indonesia: Administration of Equity Investment for Financial Wellness Holdings Pte. Ltd.
The transaction involves the administration by the Asian Development Bank (ADB) of an equity investment of up to $3,000,000, with an initial investment of up to $750,000 in a nonoperating
holding company called Financial Wellness Holdings Pte. Ltd. (Wagely) in Singapore to expand its operations in Indonesia (conducted through its operating Indonesian subsidiary, PT Gaji Pintar Indonesia), to be provided by the ADB Ventures Investment Fund 1 under the ADB Ventures Financing Partnership Facility. The balance of the approved equity amount may be invested in subsequent fundraising rounds that Wagely is expected to undertake. Consistent with the establishment arrangements for the fund, ADB will not invest its own capital alongside the fund.
Project Details
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Project Officer
Mellor, Dominic P.
Private Sector Operations Department
Request for information -
Approval Date
14 May 2021 -
Country/Economy
Indonesia -
Sector
- Finance
Project Name | Administration of Equity Investment for Financial Wellness Holdings Pte. Ltd. | |||||
Project Number | 55159-001 | |||||
Borrower / Company | Financial Wellness Holdings Pte Ltd |
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Country / Economy | Indonesia |
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Location | Nation-wide | |||||
Type or Modality of Assistance |
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Strategic Agendas | Environmentally sustainable growth Inclusive economic growth |
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Drivers of Change | Partnerships Private sector development |
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Sector / Subsector | Finance / Finance sector development |
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Gender Equity and Mainstreaming | Gender equity | |||||
Responsible ADB Department | Private Sector Operations Department | |||||
Responsible ADB Division | Office of the Director General, PSOD | |||||
Responsible ADB Officer | Mellor, Dominic P. | |||||
Project Sponsor(s) | ||||||
Description | The transaction involves the administration by the Asian Development Bank (ADB) of an equity investment of up to $3,000,000, with an initial investment of up to $750,000 in a nonoperating holding company called Financial Wellness Holdings Pte. Ltd. (Wagely) in Singapore to expand its operations in Indonesia (conducted through its operating Indonesian subsidiary, PT Gaji Pintar Indonesia), to be provided by the ADB Ventures Investment Fund 1 under the ADB Ventures Financing Partnership Facility. The balance of the approved equity amount may be invested in subsequent fundraising rounds that Wagely is expected to undertake. Consistent with the establishment arrangements for the fund, ADB will not invest its own capital alongside the fund. Wagely is a financial technology (fintech) company with primary operations in Indonesia that partners with employers to deliver financial wellness to employees by helping them overcome financial shortfalls between paychecks. Earned wage access enables employees to access their earned but unpaid wages, allowing them to be financially resilient when faced with income shocks. Wagely will also offer financial literacy training to raise awareness around financial risk management and ways to deal with shocks, including climate-related shocks. Wagely's mission to increase the financial inclusion of low-and-middle-income workers in Indonesia aligns with ADB's operational priorities of achieving greater financial inclusion and building climate and disaster resilience in Asia and the Pacific. |
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Objectives and Scope | ||||||
Linkage to Country/Regional Strategy |
Safeguard Categories | |
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Environment | C |
Involuntary Resettlement | C |
Indigenous Peoples | C |
Summary of Environmental and Social Aspects | |
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Environmental Aspects | |
Involuntary Resettlement | |
Indigenous Peoples | |
Stakeholder Communication, Participation, and Consultation |
Timetable for assistance design, processing and implementation | |
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Concept Clearance | 31 Mar 2021 |
Credit Committee Meeting | 29 Apr 2021 |
Approval | 14 May 2021 |
Last PDS Update | 18 May 2021 |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
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Title | Document Type | Document Date |
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Administration of Equity Investment for Financial Wellness Holdings Pte Ltd: Report and Recommendation of the President | Reports and Recommendations of the President | May 2021 |
Administration of Equity Investment for Financial Wellness Holdings Pte Ltd: Initial Poverty and Social Analysis | Initial Poverty and Social Analysis | Apr 2021 |
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
Related Publications
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
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