Administration of Equity Investment for Financial Wellness Holdings Pte Ltd: Report and Recommendation of the President

Reports and Recommendations of the President | May 2021

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 report and recommendation of the President to the Board of Directors (RRP) document describes the terms and conditions of a project for consideration and approval by ADB's Board of Directors.

This document dated May 2021 is provided for the ADB project 55159-001 in Indonesia.

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