Indonesia’s venture capital firm, Alpha JWC Ventures, announces a partnership with PayPal to host PayPal Incubator 2018. Up to $5 million (almost 70 billion Rupiah) will be invested for the program.
PayPal Incubator is SEA’s incubator program that focused on fintech (financial technology) industry. The participants will get a lucky chance to learn from PayPal and gain business and technology access to enhance their startups.
Within at least nine months, participants are provided with an opportunity to work in a co-working space of Paypal R&D center in Singapore. The incubator, which founded in 2016 has managed to develop few startups, such as Axinan, Chynge, InvoiceInterchange, Jumper.ai, PolicyPal, and TenX.
“We’re aware that mentorship and network is the key to development and improvement, but we can’t deny that access to capital has an essential part in the growth of startups. We’re glad to partner with Alpha JWC Ventures in providing capital access for the participants of PayPal 2018. The good records, the strong skill in fintech, and the vision to invest in talent and technology with commitments to create social impact have made Alpha JWC Venture the perfect partner for us,” Jerry Tso, General Manager of Paypal Singapore Development Center, explained.
Will Ongkowidjadja, Co-Founder and Managing Partner of Alpha JWC Ventures, added that Alpha JWC Ventures’s philosophy is to invest as the value-added partner. Using experience with their focus on technology and financial, Alpha JWC Ventures wants to make a positive contribution to the fintech ecosystem in Southeast Asia.
“With this partnership, Alpha JWC can also develop the future of fintech industry, grow together with the qualified fintech players in Southeast Asia, as well to make a better life for them within the reach of fintech business. We’re optimistic this partnership will provide an opportunity for Alpha JWC to find the best fintech entrepreneurs which values are in line with Alpha JWC and Paypal,” he said.
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Original article is in Indonesian, translated by Kristin Siagian