Bank Central Asia sets up fintech focused VC company
BCA keen to invest in fintech firms
Bank Central Asia (BCA), an Indonesian bank with over 1,100 branches and 17,000 ATMs, has established a venture capital company, Central Capital Ventura (CCV). CCV has a paid-up capital of IDR 200 billion ($15 million).
CCV intends to collaborate with and invest in fintech companies to enhance its overall ecosystem of financial services, which it says will benefit its customers and other BCA group companies.
The World Bank’s Global Findex Database, last produced in 2014, found that just 36% of Indonesia’s adult population has a bank account. As fintech firms can help make significant progress by simplifying and providing access to financial products, VC firms should be able to find plenty of opportunities to invest in 2017.
Indonesian P2P lending firms, that are now required to invest IDR 3.5 billion to register and acquire a business licence, as per a new law by the Indonesian financial services authority (the Otoritas Jasa Keuangan or OJK), will also benefit from rising interest of VCs in Indonesia.
By Soumik Roy, editorial contributor to Banking Technology
