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PayPal, Indonesian venture capital firm to back ASEAN fintech startups

U.S.-based PayPal Holdings Inc. and Indonesian venture capital firm Alpha JWC Ventures will collaborate to back financial technology startups in Southeast Asia, Bloomberg News reported May 16.

The Jakarta-based firm will invest up to US$5 million in PayPal Incubator, which will select startups to receive guidance and coaching from PayPal executives, the report said, citing executives from the two companies.

The Singapore-based incubator was established in 2016 and is extending the program to other ASEAN countries, the report added.

Alpha JWC Ventures, an early-stage investor with a US$50 million fund, is now raising US$100 million in a second fund to continue investing in the region's fintech and consumer sectors.