Chinese peer-to-peer lender Hexindai Inc. said Aug. 14 it acquired a 20% stake in Indonesian online lending platform Musketeer Group Inc. for approximately US$1.6 million.

The acquisition of a minority stake in Musketeer Group, which focuses on consumption installment loans, is Hexindai's first investment outside China.

"Indonesia's youth demographics and economic development creates a significant opportunity for us to benefit from the online lending boom in Indonesia," Xinming Zhou, CEO of Hexindai, said in the same-day release.