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Bank Negara Indonesia considers venture capital arm

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Bank Negara Indonesia considers venture capital arm

State-owned PT Bank Negara Indonesia (Persero) Tbk is considering starting a venture capital arm to invest in fintech startups, DealStreetAsia reported Aug. 8, citing bank director Rico Rizal Budidarmo.

Budidarmo added that the lender has already launched fintech initiatives, specifically in digital banking.

The bank's plans follow other Indonesian lenders that have already launched or are planning to acquire their own venture capital operations to explore the fintech sector, among other aims.

Investment in the Indonesian fintech industry is expected to reach US$8 billion by 2018, DealStreetAsia said, quoting market observers.