Indonesia: Bank Central Asia Launches VC Unit, to Invest $15m in Fintech
Indonesia’s largest private bank Bank Central Asia (BCA) has launched a venture capital business unit called Central Capital Ventura (CCV), joining the race to use financial technology (fintech) startups to reach the otherwise “unbanked” markets.
BCA has invested Rp 200 billion ($15 million) for the initial stage of its latest venture.
“Technology advancement in the internet and telecommunication has allowed more startups to create further digital-based innovation, especially in the fintech sector. Considering fintech has a huge potential to grow, we expect CCV to thrive as a venture capital firm,” said Armand Wahyudi Hartono, BCA vice president, in a stock exchange filing last week.
CCV, 100 per cent owned by BCA, will invest in and collaborate with fintech and supporting companies that will “support BCA’s financial service ecosystem as well as that of BCA’s subsidiaries, and who will give added value to BCA’s customers.”