NEWS

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After obtaining permission from the Financial Services Authority (FSA) last August 2016, PT Capital Financial Indonesia Tbk (CASA) plans to formalize the venture capital business under the name PT Capital Global Ventura on December 2016. The launch of venture capital is part of operating a subsidiary in the field of venture capital which is still in the finalization stage.

"We hope that by the beginning of December we will be able to start operating," CASA Managing Director Hengky Setiono told Kontan.

The growing startup industry at this time in Indonesia, especially those targeting not yet bankable, is the main reason why in the end PT Capital Financial Indonesia Tbk (CASA) is interested in building venture capital.

For the initial stage, PT Capital Global Ventura will focus on providing investments for customers of the sister company CASA, Bank Capital, this is deliberately done because currently there are still many Bank Capital customers who still need aid and are considered more suitable to get financial support.

Venture capital owned by financial and banking institutions is increasingly widespread

In the middle of 2016, BCA also submitted a permit to establish a venture capital from OJK. Meanwhile Bank Mandiri, through its banking subsidiary PT Mandiri Capital Indonesia (MCI), had already set up venture capital in early 2016. MCI itself is a joint venture owned by Bank Mandiri by 99% and Mandiri Sekuritas 1 %.

Also, a securities company that has now turned into an investment company, Kresna Graha Investama (KREN), has made acquisitions to several startups over the past year to add to the company's digital business portfolio. KREN also partnered with Supra Boga Lestari to establish the grocery KeSupermarket online service.