The $400 million pre-IPO commitment by the Abu Dhabi Investment Authority will be the first principal investment by its private equity arm into a technology business in Southeast Asia and its largest deal in Indonesia, according to a statement on Wednesday.

Cryptocurrency investors have been waiting for approval of the first US ETF for bitcoin, whose recent rally has been fuelled in part by anticipation of such a move, which is seen as speeding up the mainstream adoption of digital assets.

But these days the platforms are increasingly finding themselves under fire, with politicians seeking to regulate the industry and restaurateurs accusing the likes of DoorDash, Grubhub and Uber Eats of freeloading. And they are looking for ways to do without them.

BNPL is on course to contribute 12 percent of all e-commerce sales in APAC by 2023, with a projected BNPL net revenue of up to $1.5 billion in Southeast Asia that same year. Capitalizing on this expected growth will require a strategy that reflects the local landscape as well as rapidly evolving market conditions.

The Singapore-based special purpose acquisition company is looking for start-ups that can be “successful” in Indonesia and expand in the region.

Businesses at all scales and the public sector have flocked to digital technology to manage their activities amid government-imposed mobility restrictions.

Facebook and Google undersea data cable project linking North America and the Asia-Pacific region is under way. The project, dubbed Echo, is built in collaboration with Indonesian telecommunication company PT XL Axiata.