Fatfish in strategic pact with Indonesian financial services group BPIV
By Digital News Asia August 15, 2014
- To identify, incubate and make co-investments into promising tech startups
- Partnership enables Fatfish to take more active role in Indonesia’s startup scene
SINGAPORE-based Internet venture accelerator Fatfish Internet Pte Ltd, a wholly owned subsidiary of Fatfish Internet Group Ltd, said it has entered into a Memorandum of Understanding (MoU) with Indonesia-based financial services conglomerate PT Batavia Prosperindo Investama (BPIV) to form a strategic partnership.
Under the MoU, Fatfish and BPIV will jointly explore investment opportunities in the Indonesian Internet and IT sectors by identifying and incubating new startups and making joint investments, Fatfish said in a statement.
BPIV is a subsidiary of Batavia Prosperindo Group, an established financial services group founded in 1999, specialising in consumer finance, asset management, securities brokerage and insurance through its operating companies.
The partnership would enable Fatfish to take a more active role in investing in Internet businesses with high-growth potential in Indonesia, the fourth most populous country in the world with a population of 260 million, the company said.
“Our strategic partnership enables Fatfish Internet Group to accelerate the growth and development of our investment pipeline,” Fatfish managing director Lau Kin Wai (pic).
“We are delighted to work with Batavia Prosperindo Group toward a common goal. Our partnership reinforces our strategy of creating substantial growth for our shareholders by finding and developing high reward Internet opportunities that are both scalable and economically rewarding,” he added.
Fatfish Internet Group was founded in 2011 in Singapore and has dual headquarters in Singapore and Melbourne, while also operating two regional ‘launchpad’ offices in Malaysia and Indonesia.
It listed on the Australian Securities Exchange (ASX) in July this year, and is the first Internet accelerator to be traded on ASX.
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