Indonesia’s BCA launches fintech investment unit

Central Capital Ventura (CCV), which is wholly-owned by BCA, has received paid-up capital of IDR200 billion ($15 million). The VC unit wants to invest and collaborate with fintech start-ups that will enhance the overall financial service ecosystem of BCA and its subsidiaries, while delivering added value to the bank’s customers.

“Considering the growth potential of fintech companies in this digital era, CCV is expected to develop into a growing and prospective venture capital company,” BCA said in a statement.

With about 1,200 branches and more than 17,000 automated teller machines, BCA has one of the largest retail banking operations in Indonesia. It is the largest private bank in the country, with IDR660 trillion in assets as of September.

Last year, state-owned Bank Mandiri launched its corporate VC arm Mandiri Capital to invest in fintech. The fintech industry is estimated to be worth $14.5 billion in Indonesia, and is expected to grow by up to 20% annually to reach $28.8 billion in 2020, according to Mandiri Capital.

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• Topics
• Southeast Asia
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