PayPal, Alpha JWC Ventures collaborate invest in SEA fintech startups
By Digital News Asia May 21, 2018
- PayPal Incubator programme runs for nine months in Singapore
- Since its inception in 2016, the Incubator has nurtured six fintech startups
GLOBAL technology platform and digital payments leader PayPal Holdings, Inc and Southeast Asian venture capital firm Alpha JWC Ventures announced that Alpha JWC will invest up to US$5 million in 2018 participants of PayPal Incubator, a fintech startup incubation programme in Southeast Asia.
Launched in 2016, the nine-month PayPal Incubator programme offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore's Development Centre.
Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders.
It is the first fintech incubation programme in the Southeast Asia where startups sit side-by-side with the company's staff, making PayPal's business and engineering resources easily available to participants.
"PayPal began as a startup and the entrepreneurial spirit is still deeply embedded in our DNA," said PayPal Singapore Development Centre general manager Jerry Tso (pic, right). "We understand mentorship and connections are key to help the startups grow and thrive, but more importantly, funding is crucial for startups to scale.
“We're excited to collaborate with Alpha JWC to provide access to funding for our 2018 cohort. Alpha JWC's strong track-record, deep expertise in fintech, and their vision of investing in people, technology, and creating real impact make them an ideal partner."
Alpha JWC has committed to invest in select PayPal Incubator participants in 2018 with up to US$5 million in funding.
"At Alpha JWC Ventures our philosophy is to invest as a value-add partner. Given our fintech sector focus and expertise, we seek to create value for the Southeast Asia fintech ecosystem, and our collaboration with PayPal's incubator programme is the best way to do so," said Alpha JWC Ventures co-founder and managing partner Will Ongkowidjaja.
"Through this impactful collaboration, Alpha JWC can help nurture the future of the fintech industry and grow together with the region's best fintech entrepreneurs, while at the same time improving lives touched by these entrepreneurs' business.
“We believe this collaboration enables us to get to know the best fintech entrepreneurs in the region that operate with the same values as Alpha JWC and PayPal's."
To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose.
Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.
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