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Itochu banks on P2P lending in Indonesia

Trading house to invest $50m in local fintech startup

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Commuters use their smartphones as they wait for the train during the morning rush in Jakarta.   © Reuters

TOKYO -- Itochu will invest roughly $50 million in an Indonesia peer-to-peer lending business that sees the Southeast Asian country's underdeveloped financial infrastructure as an opportunity to spread a new generation of credit services.

The transaction, which the Japanese trading house looks to complete this summer, is expected to give Itochu at least a 30% stake in PDP, a Jakarta-based subsidiary of local conglomerate Sinar Mas Group.

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