PayPal Joins Indonesian Venture Firm to Develop Fintech Startups

PayPal Holdings Inc. is teaming up with Indonesian venture-capital firm Alpha JWC Ventures to back emerging financial technologies that can be developed for Southeast Asia. Under the partnership, Jakarta-based Alpha JWC will contribute as much as $5 million in funding for PayPal Incubator. After being selected by PayPal and Alpha JWC senior executives in Singapore and San Jose, startups will receive coaching and mentoring from PayPal executives. The program will aim to fund several fintech startups from Indonesia, Singapore, Vietnam, the Philippines and Thailand.

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