Indonesia's Alpha JWC to back PayPal incubator start-ups

"PayPal began as a start-up and the entrepreneurial spirit is still deeply embedded in our DNA," Jerry Tso, general manager for PayPal Singapore Development Center, said in a statement. "We understand mentorship and connections are key to help start-ups grow and thrive, but more importantly, funding is crucial for start-ups to scale.”

The capital will be applied entirely to the incubator’s 2018 cohort, which will be selected by both Alpha JWC and PayPal executives across Singapore and the US. Start-ups that demonstrate potential in transforming cutting-edge ideas into tangible impact will also be offered funding commensurate with their business needs.

PayPal’s nine-month Singapore-based incubation program was launched in 2016 under the name Start Tank with a view to providing access to in-house executives and external experts on subjects including risk compliance, core payment networks, and channel partnering. The program also offers entrepreneurs the opportunity to work in the PayPal Singapore Development Center, a specially designed co-working space.

Singapore has emerged as a focal point for corporate innovation programs, with similar initiatives having been launched in recent months by the likes of Singtel, Hewlett Packard Enterprise, DeClout, Rakuten, and Insurance Group Australia. Much of this activity has been in the government subsidized fintech space. In November, the central bank set up a S$27 million ($20 million) grant to support fintech ecosystem development.

Alpha JWC closed its debut fund at $50 million in October 2017. The firm said at the time that the vehicle was 50% deployed and it was expecting to launch a second fund - targeting around $100 million - within a year.

 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Singapore
• seed