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Startups

Indonesian state lender BNI to set aside up to $50m for VC arm

Integrated e-wallet service LinkAja set to receive investment

BNI plans to set up its venture capital arm before the end of the year.   © Reuters

JAKARTA -- Indonesia's state-controlled lender Bank Negara Indonesia (BNI) plans to establish a venture capital arm with a corpus of between 600 billion rupiah ($42.9 million) and 700 billion rupiah ($50 million), an executive said on Tuesday.

"We will execute the plan in the second half of this year," BNI finance director Anggoro Eko Cahyo told reporters at a press conference in Jakarta.

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