Sinar Mas Group invests in ex-Ant Group exec’s PE firm

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01Fintech, a private equity firm co-founded by a former Ant Group executive, has received an undisclosed amount of investment from Sinar Mas Financial Services (SMMA) through a newly established partnership.

SMMA, a subsidiary of Indonesian conglomerate Sinar Mas Group, offers various financial services such as insurance, securities, and banking. It claimed to serve more than 25 million customers daily.

This partnership is part of SMMA’s efforts to enhance its fintech capabilities within the group and in the Indonesian market.

Based in Hong Kong, 01Fintech is led by Kenny Man, who was Ant Group’s international investment and post-investment head. He previously oversaw the group’s investments in Thailand’s Ascend Money, Indonesia’s Dana, and the Philippines’ Mynt.

01Fintech, which primarily targets growth-stage fintech startups in Southeast Asia, launched a US$300 million Asia-Pacific fund in October 2022. It is backed by notable investors such as David Vélez, the Philippines’ Ayala family, and Ernest Cu, CEO of the country’s telco giant Globe.

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