JAKARTA - PT Pegadaian (Persero) plans to invest around US$ 35 million in three to five financial technology (fintech) startups in the fourth quarter of 2019.
“We are still in the process of evaluating the companies. There are many requirements to select companies,” said Pegadaian CEO Kuswiyoto as quoted by DealStreet Asia, Monday (30/9).
“We don’t want to partner with bogus fintech firms. They must have the OJK (Financial Services Authority) license, a large customer and capital base, and a risk management system.”
In addition, said Mr Kuswiyoto, Pegadaian also seeks to acquire a stake in Finarya, the operator of state-owned mobile wallet LinkAja. However, Finarya’s shares are currently controlled by a number of state-owned enterprises (SOEs) including Telkomsel, Bank Mandiri, BRI, and BNI.
According to Mr Kuswiyoto, Pegadaian will make direct investments into prospective startups and not through a separate VC entity. Currently the company also has no plan to establish a VC firm. (MS)