Indonesia’s Bank Mandiri launches incubator for fintech startups
Earlier this year, the bank launched a venture capital firm specialising in fintech investments
Following the announcement of their tech-focussed investment arm Mandiri Capital, Indonesian state-owned Bank Mandiri on Thursday launched an incubator programme that specialises in fintech startups.
The programme is held in partnership with Mandiri Capital, state-owned telco giant Telkom’s Indigo Inkubator, and business development consultant ActionCoach.
The six-month programme brings in 44 startups which are finalists of several business competitions such as Bank Mandiri’s own Wirausahawan Muda Mandiri (WMM) digital category, Mandiri Hackathon, and also student members of Young Indonesian Entrepreneur Association (HIPMI).
At the end of the programme, there will be a pitching event where the startups can present their business ideas to potential investors.
“The growth of Indonesian startups … is the second biggest in ASEAN after Singapore. The [programme’s] curriculum will provide participants with technical skills and understanding of business management, discipline in executing business plan, and the ability to analyse strategy, and opportunities in business development,” said Bank Mandiri Managing Director Kartika Wirjoatmodjo as quoted by Okezone.
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During its launch, Mandiri Capital had prepared US$37 million to fund fintech startups. It aims to support tech startups working on innovative solutions for e-commerce, particularly payment gateways.
“Our hope is that, post-incubation, participants will have more secific vision and business orientation so that they can secure funding from venture capitals to implement in society,” said Wirjoatmodjo.
In Indonesia, Bank Mandiri will be the second state-owned enterprise to jump into the tech startup scene after Telkom.
Banks and governments across Southeast Asian have been showing signs of taking the digital industry more seriously, such as in Thailand where banks are looking to invest in fintech startups and fintech startups are instructed to register with central bank for regulatory purpose.
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