PayPal joins Indonesian venture firm to develop fintech startups

Paypal joins an Indonesian venture capital firm to fund fintech startups in Southeast Asian countries. (Reuters photo)

PayPal Holdings is teaming up with Indonesian venture-capital firm Alpha JWC Ventures to back emerging financial technologies that can be developed for Southeast Asia.

PayPal Holdings is teaming up with Indonesian venture-capital firm Alpha JWC Ventures to back emerging financial technologies that can be developed for Southeast Asia.

Under the partnership, Jakarta-based Alpha JWC will contribute as much as US$5 million (160 million baht) in funding for PayPal Incubator, said Alpha JWC managing partner Will Ongkowidjaja.

After being selected by PayPal and Alpha JWC senior executives in Singapore and San Jose, startups will receive coaching and mentoring from PayPal executives, said Jerry Tso, general manager for PayPal Singapore Development Centre.

This is the first time PayPal Incubator, which launched in Singapore in 2016 to support financial-technology startups, is extending the programme to other parts of Southeast Asia with funding from a venture capital firm. The programme will aim to fund several fintech startups from Indonesia, Singapore, Vietnam, the Philippines and Thailand.

Alpha JWC is an early stage investor with a $50 million fund. It’s currently raising a $100 million second fund to continue investing in Southeast Asia’s burgeoning market for fintech and consumer businesses, according to Ongkowidjaja.

Startups it has backed include crowdfunding platform Funding Societies, automotive marketplace Carro, and OnlinePajak, which helps companies pay taxes online.

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