Aditya Hadi Pratama · · 1 min readIndonesian gov’t bank pours $34m to its newly established VC firm
State-owned Bank Negara Indonesia (BNI) has invested 500 billion rupiah (around US$34.1 million) into BNI Modal Ventura, the bank’s VC arm that was established just last month.
Menara BNI / Photo credit: BNI
In the disclosure to the Indonesia Stock Exchange, BNI said that the VC firm will help its digital transformation plans. The bank currently holds a 99.98% stake in the investment vehicle, with the rest owned by another subsidiary, BNI Asset Management.
BNI recently entered the digital banking space through its acquisition of Bank Mayora and holds a 63.9% stake in the local bank.
In the process, the bank mentioned the contribution of Singapore-based tech giant Sea Group in transforming Bank Mayora into a digital bank. BNI offered Sea a 10% stake in Bank Mayora as compensation.
See also: As digibanks rise, will Indonesia’s online lenders become obsolete?
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,650 rupiah.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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