PayPal Holdings Inc. is teaming up with Indonesian venture-capital firm Alpha JWC Ventures to back emerging financial technologies that can be developed for Southeast Asia.
Under the partnership, Jakarta-based Alpha JWC will contribute as much as $5 million in funding for PayPal Incubator, said Alpha JWC Managing Partner Will Ongkowidjaja. After being selected by PayPal and Alpha JWC senior executives in Singapore and San Jose, startups will receive coaching and mentoring from PayPal executives, said Jerry Tso, general manager for PayPal Singapore Development Center.
