PayPal partners Indonesian VC to back Southeast Asian fintech startups

PayPal partners Indonesian VC to back Southeast Asian fintech startups

PayPal is extending its Singapore fintech incubator programme to other parts of Southeast Asia after getting financial backing from Indonesian VC firm Alpha JWC Ventures.

Launched in 2016, PayPal Incubator offers fintech startups co-working space at the firm's Singapore development centre, as well as mentorship and access to potential investors.

Since its inception, the PayPal Incubator has successfully nurtured six FinTech startups -- Axinan, Chynge, InvoiceInterchange, Jumper.ai, PolicyPal and TenX.

The programme will now expand its horizons to Indonesia, Vietnam, the Philippines and Thailand, thanks in part to funding of up to $5 million from Alpha JWC.

Jerry Tso, general manager for PayPal Singapore Development Center, says: "We understand mentorship and connections are key to help the startups grow and thrive, but more importantly, funding is crucial for startups to scale. We're excited to collaborate with Alpha JWC to provide access to funding for our 2018 cohort. Alpha JWC's strong track-record, deep expertise in FinTech, and their vision of investing in people, technology, and creating real impact make them an ideal partner."

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