Indonesia: Administration of Equity Investment for Financial Wellness Holdings Pte. Ltd.

Nonsovereign Project | 55159-001

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

  • Project Officer
    Mellor, Dominic P.
    Private Sector Operations Department
    Request for information
  • Approval Date
    14 May 2021
  • Country
    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
Country Indonesia
Location Nation-wide
Type or Modality of Assistance
Equity ADB Ventures Investment Fund 1 USD 0.00 Proposed
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Finance / Finance sector development
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.
Objectives and Scope
Linkage to Country/Regional Strategy
Safeguard Categories
Environment C
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 31 Mar 2021
Credit Committee Meeting 29 Apr 2021
Approval 14 May 2021
Last PDS Update 18 May 2021

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