PayPal and Alpha JWC Ventures Collaborate to Provide Access to US$5 Million in Funding to FinTech Startups in Southeast Asia
HANOI, Vietnam, May 17, 2018 - (Media OutReach) - Global technology platform and digital payments leader PayPal Holdings, Inc. and Southeast Asia's leading venture capital firm Alpha JWC Ventures announced today that Alpha JWC will invest up to US$5M in 2018 participants of PayPal Incubator, a FinTech startup incubation program in Southeast Asia.
Launched in 2016, the unique nine-month PayPal Incubator program offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore's Development Center. Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders. It is the first FinTech incubation program in the Southeast Asia where startups sit side-by-side with the company's staff, making PayPal's business and engineering resources easily available to participants. Since its inception, the PayPal Incubator has successfully nurtured six FinTech startups - Axinan, Chynge, InvoiceInterchange, Jumper.ai, PolicyPal and TenX.
"PayPal began as a startup and the entrepreneurial spirit is still deeply embedded in our DNA," said Mr. Jerry Tso, General Manager for PayPal Singapore Development Center. "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." Alpha JWC has committed to invest in select PayPal Incubator participants in 2018 with up to US$5 million in funding. "At Alpha JWC Ventures our philosophy is to invest as a value-add partner. Given our FinTech sector focus and expertise, we seek to create value for the Southeast Asia FinTech ecosystem, and our collaboration with PayPal's incubator program is the best way to do so," said Will Ongkowidjaja, Alpha JWC Ventures' Co-Founder and Managing Partner. "Through this impactful collaboration, Alpha JWC can help nurture the future of FinTech industry and grow together with the region's best FinTech entrepreneurs, while at the same time improving lives touched by these entrepreneurs' business. We believe this collaboration enables us to get to know the best FinTech entrepreneurs in the region that operate with the same values as Alpha JWC and PayPal's." To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose. Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.
For more information, visit https://www.paypal-innovationlab.com/incubator/. About PayPal
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's 237 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about.
About Alpha JWC Ventures
Alpha JWC Ventures is a Southeast Asia venture capital firm with an Indonesia+ angle and a focused value-add approach. We have deep financial technology (FinTech) expertise and have established a strong reputation and clear positioning in the market as the leading venture capital firm that has the best on-the-ground team with world-class complementary skill-sets and strategic network in Indonesia, Southeast Asia, China and US. Alpha JWC is proud to be the first institutional investor of the leading FinTech companies in Southeast Asia today, such as Funding Societies / Modalku, UangTeman, OnlinePajak, Kredivo, Carro, RateX, and TaniFund. For more information on Alpha JWC, please visit www.alphajwc.com.
Contact Persons: For PayPal: Gillian Loo PR Lead, Southeast Asia E: gloo@paypal.com P: +65 9026 3323 For Alpha JWC Ventures: Adelia Anjani Putri Strategic Communications Executive E: adelia@alphajwc.com P: +6282115511991
Source: Alpha JWC Ventures and PayPal
Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
|
Latest Release
Mitsubishi Heavy Industries Increases Dividends on Back of Historically High FY2023 Results, Releases FY2024 Guidance May 08, 2024 14:27 JST
| Rome becomes the first European city to offer open loop transit payments to JCB Cardmembers May 08, 2024 12:00 JST
| NEC X Invests in Public Safety Startup Multitude Insights, Scaling AI-Powered Collaboration and Information Sharing for Law Enforcement May 08, 2024 10:24 JST
| ServiceNow and Fujitsu announce strategic commitment to launch innovative cross-industry solutions May 08, 2024 08:52 JST
| Fujitsu launches mainframe modernization automation service for the Japanese market May 07, 2024 17:53 JST
| MHI Agrees to Collaborate with Chiyoda Corporation for Licensing of CO2 Capture Technologies May 07, 2024 13:49 JST
| Four-strong TOYOTA GAZOO Racing squad to push for more Portugal success May 02, 2024 18:05 JST
| Spectacular Spa awaits TOYOTA GAZOO Racing May 02, 2024 17:46 JST
| Q&M Dental Enhances Digital Capabilities by Integrating Align Technology's Newest iTero Lumina(TM) Intraoral Scanner Across Dental Clinics in Singapore May 02, 2024 11:00 JST
| Sumitomo Metal Mining and Mitsubishi Corporation to Participate in Kalgoorlie Nickel Project - Goongarrie Hub Apr 30, 2024 19:08 JST
| New Immuno-Oncology Research Project in Partnership With Merck Starts at the BioMed X Institute in Heidelberg Apr 30, 2024 18:00 JST
| SPARX Group Establishes Space Frontiers Second Fund Apr 29, 2024 18:49 JST
| MHI Establishes Local Subsidiary "Mitsubishi Heavy Industries Vietnam" Apr 29, 2024 18:00 JST
| POSCO Future M and Honda Reach Basic Agreement on Collaboration for Production of Cathode Materials for Automotive Batteries in Canada Apr 29, 2024 14:25 JST
| Honda Plans to Establish Comprehensive Electric Vehicle Value Chain in Ontario, Canada Apr 29, 2024 14:16 JST
| JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan Apr 26, 2024 10:00 JST
| Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024 Apr 25, 2024 18:21 JST
| MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park Apr 25, 2024 17:45 JST
| GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series Apr 25, 2024 16:50 JST
| Toyota Exhibiting at Beijing Motor Show 2024 Apr 25, 2024 16:25 JST
|
More Latest Release >>
|