Indonesia’s Largest Private Bank Launches $15 Million Fintech VC Firm
The private lender is establishing Central Capital Ventura (CCV), owning all 100% of the new capital venture firm.
According to an official BCA statement submitted to the Indonesia Stock Exchange (IDX), investments will directly benefit BCA and its financial services offerings in the country.
As reported by the Jakarta Post, an excerpt from the stock exchange filing reads:
“CCV has a plan to invest and collaborate with fintech companies and financial firms that will support BCA and its subsidiaries’ financial services ecosystem to add value for customers.”
BCA has a significant retail banking footprint in Indonesia, with some 1,200 branches across the country. Despite being the largest private bank in the country with 660 trillion rupiah in assets as of September 2016, it is playing catch up to a 500 billion rupiah (approx. $37.5 million) venture capital unit set up by state-owned Bank Mandiri.