TheJakartaPost
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Foreign venture capital funds obliged to join with local companies
Hatchlings â Startup workers share a workspace at Kejora HQ in the Barito Pacific Building in Jakarta
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Hatchlings â Startup workers share a workspace at Kejora HQ in the Barito Pacific Building in Jakarta. The government aims to see 10 unicorn startup companies in the next five years. (JP/Jerry Adiguna) (JP/Jerry Adiguna)
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span class="inline inline-center">Hatchlings ' Startup workers share a workspace at Kejora HQ in the Barito Pacific Building in Jakarta. The government aims to see 10 unicorn startup companies in the next five years. (JP/Jerry Adiguna)
The Financial Services Authority (OJK) plans to coordinate foreign venture capital funds operating in Indonesia by obliging them to cooperate with local companies in the future, in a bid to develop local entities amid a huge market.
OJK commissioner Firdaus Djaelani welcomed the fast-growing investment environment that venture capital funds had brought to support startup companies in Indonesia. However, he expressed his concern about the limited market that local venture capital funds could win.
'In 2016 we will make this institution more administered. If foreign ventures want to invest in Indonesia, they need to register with us and have to join local venture capital funds,' he said during a press conference in Jakarta on Wednesday.
The development of venture capital funds in Indonesia has been rapid because of fast-growing startup businesses and e-commerce in the most populated country in Southeast Asia.
Most of the foreign venture capital funds are from Japan, such as East Ventures (which invests in Tokopedia, SCOOP Newstand and Urbanindo), CyberAgent Ventures (Touchten Studios, VIP Plaza and Tokopedia) and Rebright Partners (IndoTrading).
Well-known startup Go-Jek received funding from Singapore-based NSI Ventures, along with Northstar. (ags)
