Private lender CIMB Niaga has teamed up with Singapore-based venture lender Genesis Alternative Venture to provide loans for startup. For the first stage, both companies prepare Rp 300 billion of fund to disburse. The collaboration is the first loan financing scheme for startup in Indonesia that combines conventional banking and venture lender.CIMB Niaga President Director Tigor M. Siahaan says the loan aims to help up-and-coming startups so they can scale up their businesses. The lender is targeting startups in fashion and retail, manufacturing, F&B, property, health, digital security and transportation business.“The loan does not work as a seed capital, because

France-based tire producer Michelin tightens its grip on Indonesia market by buying as much as 7.3 billion shares that equals with 80% shares of publicly listed national tire manufacturer PT Multistrada Arah Sarana Tbk (MASA). Both companies announced the transaction that worth $439 million on January 22.“The acquisition of Multistrada represents an excellent opportunity for Michelin to expand its operation in Indonesia, the most populous country in Southeast Asia, and immediately gain competitive good-quality production capacity without having to create any new manufacture facility,” says CEO Michelin Group Jean-Dominique Senard.Michelin will gradually shift the current Multistrada’s passenger car tire production,