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BTN to enter Finraya through a venture capital company

23 April 2019 07:33 AM  Company: PT. Bank Tabungan Negara (Persero) Tbk[BBTN]
Rp. 2,360  +30 (1.29%)

JAKARTA - PT Bank Tabungan Negara Tbk (BBTN) plans to enter PT Fintek Karya Nusantara which manages the LinkAja payment platform. The plan is the company will buy Finraya shares through venture capital company, because the regulation of OJK does not allow direct ownership.

"The Ministry of BUMN said that BTN has the opportunity to own 7%-10% of shares. Therefore, it must have a subsidiary (venture capital), because the OJK regulation does not allow direct ownership," said Director of Risk, Strategy and Compliance of BTN, Mahelan Prabantarikso to Kontan (22/4).

BTN prefers the option to acquire an existing venture capital company rather than establishing a new company.

"We have already bought shares in PT Permodalan Nasional Madani Investment Management (PNM IM). Then, there is venture capital in order to synergize our IT. Because if there is already venture capital, we will be more agile to work together to build a digital ecosystem," explained Maryono, Managing Director of BTN, as quoted from Kontan.

For information, BTN does not have server-based electronic money and a fast response code (QR Code) platform, so integration with LinkAja will be a momentum for BTN. (LM)

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PT. Bank Tabungan Negara (Persero) Tbk [BBTN]   Rp. 2,360   +30 (1.29%)