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JAKARTA, 27th April 2024 – Mandiri Capital Indonesia (MCI), a Corporate Venture Capital (CVC) firm backed by Indonesia’s largest financial corporate, Bank Mandiri, proudly unveils its first overseas Xponent program in Bangkok, Thailand. Through Money 20/20 Asia, a leading global event series for the global financial ecosystem, serves as a catalyst for MCI’s global expansion efforts, providing valuable insights and networking opportunities crucial for advancing the Indonesia startup ecosystem beyond the border. It was held from April 23-25, 2024, and brought together influential industry leaders and startups from Indonesia, Thailand, Philippines, Vietnam, Singapore, Japan, Australia, China, and Hong Kong, which marked MCI’s strategic move to integrate startups and international enterprises into the Mandiri Group’s extensive network and resources.
“When collaborating, MCI employs two approaches: starting from identifying Mandiri’s internal needs to mapping the right startups, followed by introducing innovative solutions from startups to Mandiri’s business. For this, MCI ensures that the collaboration brings a value proposition and aligns with Mandiri’s business focus,” said Ronald Simorangkir, Chief Executive Officer of Mandiri Capital Indonesia.
MCI has launched the XYZ program to enhance its strategic investment impact, which includes several targeted initiatives, such as:
● Xponent Facilitates startup expansion by fostering market access and strengthening business alignment between startups and Bank Mandiri’s business units. This program has engaged 95 startups across three batches, signing 12 MoUs and involving 25 business units within Bank Mandiri and its subsidiaries;
● Xchange is an innovation benchmarking activity conducted by visiting various innovation labs abroad;
● Y-Axis provides a platform for startups to expand their networks to investors, tech communities, state-owned enterprises, and corporations;
● Zenith is a four-month acceleration program aimed at business growth for startups through a curriculum of mentoring, workshops, and synergy creation with the Mandiri Group ecosystem. It not only provides insights and networks to startups but also integrates their business-wise with the Mandiri Group.
At Money 20/20 Asia, MCI partnered with nine portfolio startups and Zenith finalists to showcase their products and pitch business ideas. These startups include Mekari, KoinWorks, AyoConnect, Delos, iSeller, Kecilin, Fishlog, Imajin, and AI Rudder.
“MCI’s presence at Money 20/20 Asia is a pivotal moment in our journey towards regional and global expansion. The Xponent event is not just an activity, but a strategic step to integrate startups and international companies with our network. Therefore, we must ensure that we bring business aspects that have a positive impact both for the Bank Mandiri group and startups, in Indonesia and globally. Going forward, MCI will continue to commit to strengthening the startup ecosystem in Indonesia,” said Dennis Pratistha, Chief Investment Officer of Mandiri Capital Indonesia.
“To solidify our position as a global VC leader, we aim to support international startups entering the Indonesia market through ecosystem and knowledge sharing,” added Dennis.
MCI’s overarching goal is to foster value creation and investment opportunities through collaborative partnerships on the global stage. Money 20/20 Asia serves as a key platform for MCI to connect with industry pioneers, explore emerging trends, and expand its international presence, ultimately accelerating the growth of innovative ventures in the global market. Currently, MCI boasts a portfolio of over 20 startups from 14 verticals, including lending, B2B value chains, and payment enablers.
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