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SoftBank pulls out of Indonesia's new capital project

Vision Fund remains committed to backing Indonesian startups, tech group says

SoftBank Group is not investing in Indonesia's project to build a new capital in Borneo. (Source photo by Reuters and Jun Suzuki)

TOKYO -- SoftBank Group on Friday confirmed that it is not investing in Indonesia's project to build the new capital in Borneo, saying it remains committed to backing startups in Southeast Asia's largest economy.

"We are not investing in this project, but we continue to invest in Indonesia through SoftBank Vision Fund portfolio companies," SoftBank said in a statement to Nikkei Asia. It declined to comment further.

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