The Jakarta Post
Private lender Bank Central Asia (BCA) steps up penetration into the country's burgeoning financial technology (fintech) business by establishing a capital venture PT Central Capital Ventura (CCV).
The shareholders of the firm are BCA and its subsidiary multifinance PT BCA Finance with a capital worth Rp 200 billion (US$15 million), making it so the country's largest private lender solely owns the venture capital.
"CCV has a plan to invest and collaborate with fintech companies and financial firms that will support BCA and its subsidiaries' financial services ecosystem to add value for customers," BCA official statement submitted to the Indonesia Stock Exchange (IDX) reads.
It says that internet and information and technology developments have opened opportunities for startups to create digital financial services through fintech.
The publicly listed lender expressed the hope that CCV's business could grow bigger on the back of fintech's big potential.
The Financial Services Authority (OJK) recorded that as many as 135 fintech startups emerged as of December last year compared to only 51 recorded in the first quarter of the year.
Total transactions within fintech platforms are forecast to reach $37.15 billion in 2021 from $15.02 billion forecast in 2016, or there will be an annual growth rate of 19.8 percent during the period, according to market statistics portal Statista. (bbn)